The NCLT has admitted a Section 9 plea against Evoq Remedies for failing to refund ₹1.95 crore for goods that were not delivered, initiating insolvency proceedings against the company.
NCLT Admits Section 9 Plea Against Evoq Remedies
The National Company Law Tribunal (NCLT) has accepted a Section 9 plea for insolvency filed against Evoq Remedies Limited for non-refund of an advance payment of ₹1.95 crore on goods that remained undelivered. This ruling signals the initiation of insolvency proceedings against the company.
The Tribunal's decision was predicated on the non-compliance of Evoq Remedies with its contractual obligations, effectively bringing to light the vulnerabilities firms may face when dealing with unresolved debts. The acceptance of the plea represents a significant step towards protecting creditor interests and facilitating recovery of funds.
This ruling instructs legal practitioners to stay vigilant in contract negotiations and ensure that robust clauses are in place regarding payment and delivery terms to mitigate potential disputes that could lead to insolvency actions.
Citations
- Evoq Remedies Limited (2026) NCLT Order
