Malabar Gold starts insolvency case against Walmart-owned Flipkart

Malabar Gold Ltd. has started insolvency proceedings against Flipkart Internet Pvt. Ltd, owned by Walmart, at the National Company Law Tribunal in Bengaluru. The case was first filed in February 2024 and then registered in April 2024.  The first hearing was held in May this year.

During the hearing, the Bengaluru bench of NCLT issued notice to the respondent (Flipkart Internet). "Registry is directed to prepare the Notice and Counsel for the Petitioner is permitted to collect the notice and serve it on the Respondent Company as well as on the MD of the Respondent Company along with a copy of the Petition and other annexures by Speed Post as well as by e-mail and is directed to file an Affidavit of Service along with tracking reports
in the Registry within one week," the bench said.

The bench had further said 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 other side.

"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 other side. Meanwhile, Ld. Counsel for the Petitioner is directed to file a Memo giving the details of due dates that are falling within the Section 10A period and after removal of the same regarding the satisfaction of the threshold limit," the bench said.

On July 3, 2024, Flipkart counsel asked for some additional time to submit objections against the Malabar Gold's case. The next hearing will be held on August 19, 2024.