NCLAT Directs Fresh Hearing for Belgotex Insolvency Plea Against Puneet India

• NCLAT set aside an NCLT order rejecting Belgotex India's insolvency plea against Puneet India.
• The appellate tribunal found "patent illegality" in NCLT's computation of default date and amount under Section 10A.
• Matter remanded back to NCLT New Delhi bench for a fresh order after hearing all parties.
• Belgotex India, a carpet and vinyl flooring manufacturer, sought insolvency against Puneet India over unpaid dues of Rs 1.45 crore.
• NCLT had dismissed the plea citing a pre-existing dispute and exclusion period under Section 10A.