A corporate insolvency process has been ordered against Walmart controlled online retailer Flipkart for non-payment of the Rs 26.95 crore of dues to Mumbai based LED TV supplier CloudWalker Streaming Technologies Private Ltd. A single judge bench of the Bengaluru National Company Law Tribunal (NCLT) has ordered the process after a petition was filed by the Mumbai based company.
The single judge bench of Rajeswara Rao Vittanala said that Flipkart has committed default by the non payment of dues despite repeated requests from CloudWalker. The order was uploaded on the NCLT website on Tuesday.
Vittanala appointed Deepak Saruparia as the resolution professional in the case.
In response to a query, Flipkart said the Karnataka High Court had already stayed the NCLT order. “Karnataka High Court has stayed the order of the NCLT in favour of Flipkart. This is an ongoing commercial litigation which we are challenging. At this stage, we have no further comments,” a Flipkart spokesperson said.
Flipkart however did not reveal the date of the High Court order.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.
