NCLT dismisses insolvency plea against Wipro by US-based cloud service provider

The National Company Law Tribunal (NCLT) dismissed an insolvency plea filed against Wipro by a US-based cloud service provider. The petitioner claimed unpaid dues for services provided to Wipro, which the latter disputed. The NCLT ruled that the petitioner's claims were invalid under the Insolvency and Bankruptcy Code (IBC) as they failed to prove the amount in dispute. The tribunal further held that the insolvency plea was filed as a coercive tactic to recover dues, which is against the spirit of the IBC.