India, Nov. 14 -- The Bengaluru bench of the National Company Law Tribunal (NCLT) has admitted battery tech startup Log9 Materials and its subsidiary Log9 Mobility into insolvency, marking the downfall of the startup once seen as one of India's most promising deeptech bets.

The Tribunal approved a plea filed by Mumbai-based Ghalla & Bhansali Securities, which had provided loans to both companies. The creditor said Log9 Materials defaulted on more than INR 3.33 Cr and Log9 Mobility on more than INR 3.39 Cr.

Despite repeated notices, neither company repaid the dues. The Tribunal said the evidence clearly showed a financial debt and a continuing default, and settlement discussions or arbitration clauses could not block an insolvency filing...