Malabar Gold Ltd. has commenced insolvency proceedings against Flipkart Internet Pvt. Ltd, owned by Walmart, at the National Company Law Tribunal (NCLT) in Bengaluru. The case, initially filed in February 2024 and formally registered in April 2024, reached its first hearing in May this year.
During the proceedings, the Bengaluru bench of NCLT issued a notice to Flipkart Internet, directing the petitioner’s counsel to serve the notice along with the petition and annexures to the respondent company and its Managing Director through Speed Post and email. The bench also instructed the filing of an Affidavit of Service with tracking reports within one week.
“The respondent is granted two weeks’ time to file objections, and one additional week is provided to the petitioner for a rejoinder, duly served to the other party,” the bench stated. Additionally, the petitioner’s counsel was directed to submit a memorandum detailing the due dates within the Section 10A period, ensuring compliance with the threshold limit.
In the latest development on July 3, 2024, Flipkart’s legal representative requested an extension to submit objections against Malabar Gold’s claims. The next hearing for the case is scheduled for August 19, 2024.