-
Malabar Gold has filed an insolvency case against Flipkart at the National Company Law Tribunal (NCLT) in Bengaluru.
-
The case was first filed in February 2024 and a notice has been issued to Flipkart, with the next hearing scheduled for August 19, 2024.
-
Flipkart has sought additional time to submit its objections against the case.
Malabar Gold, a leading gold jewelry retailer, has initiated insolvency proceedings against Flipkart, owned by Walmart, at the NCLT in Bengaluru. The case was filed in February 2024 and registered in April 2024, with the first hearing held in May this year. The NCLT has issued a notice to Flipkart, directing it to file objections within two weeks.
The bench has granted Flipkart’s counsel additional time to submit its objections, with the next hearing scheduled for August 19, 2024. Malabar Gold’s move is seen as a significant development in the e-commerce industry, highlighting the legal disputes that can arise between businesses. The outcome of this case will be closely watched by industry stakeholders.
The insolvency case is a result of a dispute between Malabar Gold and Flipkart, with the former seeking to recover dues from the latter. The case has been filed under Section 10A of the Insolvency and Bankruptcy Code (IBC), which deals with the initiation of corporate insolvency resolution processes. The NCLT’s decision in this case will have implications for the e-commerce industry and the enforcement of contracts between businesses.
