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NCLT admits plea against Flipkart; company says got Karnataka HC stay, Retail News, ET Retail

NCLT admits plea against Flipkart; company says got Karnataka HC stay MUMBAI: A single judge bench of the Bengaluru National Company Law Tribunal (NCLT) has ordered an corporate insolvency process 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 after a petition by the Mumbai based company.

In an order uploaded on the NCLT website on Tuesday 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. 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 say reveal the date of the high court order.

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