NCLAT issues stay order on insolvency proceedings against HCL Tech

Case against HCL Tech was filed with NCLT in 2019 by Sahaj Bharti Travels, which claimed HCL Tech had continued to default on its payment under minimum guarantee clause of the agreement

The National Company Law Appellate Tribunal (NCLAT) has put a stay on the insolvency proceedings against India’s third largest IT services player HCL Technologies. The National Company Law Tribunal (NCLT) had on January 17, 2022 had initiated for insolvency proceedings against the company.

The stay order has been received after C Vijayakumar, MD & CEO filed an application in the NCLAT. A senior spokesperson only stated that a stay order has been obtained against the insolvency proceedings. The NCLAT order copy has been seen by Business Standard.

An HCL Tech spokesperson said: "The Company has appealed to the Hon’ble National