Malabar Gold Initiates Insolvency Against Walmart's Flipkart
Malabar Gold Ltd. has initiated insolvency proceedings against Walmart-owned Flipkart Internet Pvt. at the National Company Law Tribunal in Bengaluru. The case, filed earlier this year on Feb. 7 and officially registered on April 29, finally saw its first hearing in May before a bench comprising K Biswal and Manoj Kumar Dubey.
According to details available on the NCLT website, the tribunal's initial directive included issuing a notice to Flipkart. Malabar Gold's counsel was authorised to serve the notice, along with a copy of the petition and annexures, to both the company and its managing director via speed post and email. The tribunal had also mandated filing an affidavit of service within a week, including tracking reports.
During Wednesday's proceedings, Flipkart requested additional time to submit their objections. The tribunal has rescheduled the next hearing for Aug. 19, allowing the respondent company more time to file their objections.
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