NCLT Warns Dunzo Of Moratorium Over Unpaid Dues
The bench granted a week to Dunzo to reply to the notice, during which no third-party interests can be created.
The NCLT warned Dunzo Digital Pvt. on Monday that it would impose a moratorium on the startup if it failed to respond promptly to a notice regarding unpaid dues.
Betterplace Safety Solutions has filed a complaint with the Bengaluru bench of the National Company Law Tribunal. During the hearing, it emphasised that the instant-delivery firm owed Rs 4 crore, incurred substantial losses and despite receiving notices, Dunzo did not reply.
The due amount, supported by emails, was presented along with news reports detailing Dunzo's significant financial losses.
Betterplace drew parallels with the Byju's case, while Dunzo admitted to its debt and requested additional time. The company expressed concerns about the potential dissipation of Dunzo's assets due to its financial situation.
The counsel on behalf of Betterplace requested the maintenance of a status quo on Dunzo's assets to prevent any third-party interests.
Expressing concern over Dunzo's failure to file a reply, the NCLT questioned why there should be any objections to maintaining a status quo to prevent third-party interest in the company's assets and maintaining the current state of affairs. The bench granted a week to Dunzo to reply to the notice, during which no third-party interests can be created and the status quo on assets will be maintained.
The tribunal warned that failure to comply would result in adverse consequences and emphasised the need for protection during this period, ensuring no significant changes would occur with respect to Dunzo's assets. In the event of non-compliance, the NCLT warned about an immediate imposition of a moratorium.
The next hearing is scheduled for April 1.
