Voltas Share Price in Focus as NCLAT Upholds NCLT Decision and Declines Insolvency Plea Against Voltas

The National Company Law Appellate Tribunal (NCLAT) has affirmed a decision of the Mumbai bench of the National Company Law Tribunal (NCLT), which declined to admit an insolvency application filed against Voltas. 

The matter involved disagreements over payments and documentation between the operational creditor and the Tata Group firm.

Background of the Dispute

Air Wave Technocrafts had provided operation and maintenance services for Voltas at several client sites, particularly for HVAC systems. 

The arrangement required the creditor to submit invoices supported by documents including wage records and statutory challans. 

Voltas reviewed these documents before forwarding them to its clients, and payments were released once funds were received, after TDS and retention deductions.

Over time, Air Wave claimed that payments remained outstanding. The company issued a demand notice in February 2024, stating dues of around ₹1.20 crore. 

Voltas responded by disputing the claims, referring to issues with verification, documents and the age of the invoices.

NCLT’s Decision

Air Wave filed a Section 9 application under the Insolvency and Bankruptcy Code in August 2024. The NCLT dismissed the petition in May 2025 after reviewing emails exchanged between the parties. 

The tribunal held that the correspondence indicated unresolved questions around work certification and supporting paperwork, amounting to a dispute that existed prior to the insolvency filing.

NCLAT’s Findings

On appeal, the NCLAT examined the NCLT’s reasoning and agreed with its conclusion. The appellate body noted that the ongoing exchange of communications showed clear disagreement on essential aspects of the claimed debt. 

With these issues already present, the tribunal found no basis to initiate insolvency proceedings and dismissed the appeal.

Voltas Share Price Performance

Voltas Ltd traded marginally higher in early dealings on 1 December 2025, with the share price quoted at ₹1,379.90 around 9:24 AM, marking an increase of ₹3.60 or 0.26% from the previous close of ₹1,376.30.

The stock opened slightly lower at ₹1,375.00 before moving within a range of ₹1,371.60 to ₹1,383.50.

Read More: Jaiprakash Associates IBC Update: Adani Enterprises’ Resolution Plan Submitted To NCLT Allahabad Bench.

Conclusion

The NCLAT’s order maintains the position taken by the NCLT, confirming that insolvency proceedings cannot move forward where disputes are evident. The matter highlights the importance of clear documentation and agreement between parties before approaching the insolvency forum.

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