Malabar Gold Ltd. has began insolvency proceedings in opposition to Flipkart Web Pvt. Ltd, owned by Walmart, on the Nationwide Firm Legislation Tribunal in Bengaluru. The case was first filed in February 2024 after which registered in April 2024. The primary listening to was held in Might this yr.
Throughout the listening to, the Bengaluru bench of NCLT issued discover to the respondent (Flipkart Web). “Registry is directed to organize the Discover and Counsel for the Petitioner is permitted to gather the discover and serve it on the Respondent Firm in addition to on the MD of the Respondent Firm together with a duplicate of the Petition and different annexures by Velocity Publish in addition to by e-mail and is directed to file an Affidavit of Service together with monitoring reportsin the Registry inside one week,” the bench mentioned.
The bench had additional mentioned the respondent is granted two weeks’ time to file objections, and one week thereafter is granted to the Petitioner to file rejoinder, if any, after duly serving the copy on the opposite facet.
“Respondent is granted two weeks’ time to file objections, and one week thereafter is granted to the Petitioner to file rejoinder, if any, after duly serving the copy on the opposite facet. In the meantime, Ld. Counsel for the Petitioner is directed to file a Memo giving the small print of due dates which are falling inside the Part 10A interval and after elimination of the identical concerning the satisfaction of the edge restrict,” the bench mentioned.
On July 3, 2024, Flipkart counsel requested for some extra time to submit objections in opposition to the Malabar Gold’s case. The following listening to can be held on August 19, 2024.