Looks like it, but in a haphazard way, there seems to be no policy or rules in force... I also had a dozen domains cancelled registered on the 28th in my friend's account, but that account has not been suspended and is accessible.
Some people here had reported good experience with NetSol's phone support staff. I was counting on that, but no such luck. In my case, two different support agents seemed clueless. Both had me on hold for a good while, but still had no idea what caused this and how to unlock my account. Best they could do was escalate it to Billing, who were supposed to email me, but have not been forthcoming either. So far. Will see what next week brings...
Anyways, warning signs were there since mid February. I chose to ignore them, anticipating worst case a few days' domains cancellations, but hadn't planned for account suspension with no access... hopefully this is only temporary
As with interruptions in domain registrations, I'll give it a few days' grace and see how things stand late next week...