NCLT initiates insolvency proceedings against Flipkart; Bengaluru HC stays order

News Network
November 7, 2019

Bengaluru, Nov 7: The National Company Law Tribunal (NCLT) initiated insolvency proceedings against the Walmart-owned e-commerce company Flipkart for defaulting on Rs 18 crore payment to one of its suppliers. However, the NCLT order was stayed by the Karnataka High Court after Flipkart approached it. 

The Bengaluru bench of the NCLT initiated Corporate Insolvency Resolution Process (CIRP) against Flipkart India under the Insolvency and Bankruptcy Code, 2016, after a case was filed by Cloudwalker Streaming Technologies seeking CIRP against Flipkart on the grounds that it has committed default on payment of Rs 26.95 crore on supply of LED TVs.

A moratorium had been placed prohibiting the pending case judgements, sale of assets and property, and the Board of Directors asked to extend full cooperation to the insolvency resolution process. 

In its petition, Cloudwalker told NCLT that Flipkart failed to collect all the TVs ordered, failed to pay the excess charges and costs as promised and failed to honour its commitment. Cloudwalker claimed that due to Flipkart's failure in fulfilling its commitment, it was forced to unload the uncollected goods at heavily marked-down price, just so it could remain afloat.

Cloudwalker said it had sent a demand notice to which there has been no reply from Flipkart, and said that it has "consistently and persistently failed, omitted and neglected to discharge its admitted and acknowledged debt and liability." Cloudwalker, in the petition, said that it is apparent that Flipkart is commercially insolvent and is unable to pay its debts. 

Flipkart argued in NCLT that the petition is not maintainable either in law or on facts and it is liable to be rejected with exemplary costs.

Flipkart said that it has already paid Rs 85.57 crore and the allegation that it has no money to pay its liabilities or debt is "baseless, frivolous, bereft of truth and filed with malafide intentions".

"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," Flipkart spokesperson said in an email response.

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News Network
March 16,2020

Bengaluru, Mar 16: Stepping up measures to curb spread of coronavirus in the state, the Karnataka government would start thermal screening of visitors at various places including the vidhana soudha, high court, secretariat, and city civil courts, from Tuesday.

In view of coronavirus scare, screening of visitors has already begun at Chief Minister B S Yediyurappa's residence at Dollar's Colony in the city.

A medical team has been deployed for the purpose, sources close to the CM told PTI. Medical screening of passengers arriving at the Kempegowda International Airport here was underway. So far seven people have been tested positive in the state while one of them died due to COVID-19 in Kalaburagi.

The Department of Health and Family Welfare said the procurement of equipment such as scanners would be completed by Monday.

"The procurement of scanners, other supplies, deputation of staff nurses and trainingshall be held and completed on March 16, Monday itself on war footing basissetting aside other works," Commissioner of Health and Family Welfare department, Pankaj Kumar Pandey said in his order to district level health officers.

The KarnatakaState Drugs Logistics and Warehousing Society (KSDLWS) would procure and give the thermal scanners to the district health and family welfare officers of Bengaluru Urban, Kalaburagi, Dharwad, it said. Sufficient virus filtering N95 masks, handgloves and sanitisers would also be provided to the officers, it added.

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News Network
June 23,2020

Bengaluru, June 23: Karnataka Congress chief D K Shivakumar has urged his party colleagues to be active on social media to counter the propaganda of Bharatiya Janata Party.

Speaking to media persons, the KPCC president said that no more than 20 out of the 68 Congress MLAs are active on social media.

“All those MLAs who are doing well need to be projected. We want leaders, not mere followers. They all should be the face of Congress in Karnataka. Party should not depend on just my face or Siddaramaiah’s,” he said.

Shivakumar’s diktat has resulted in the party’s social media unit scrambling to get leaders to create their accounts.

“We’re pressuring all the party MLAs and leaders. We’re asking their personal assistants or gunmen to operate their accounts if they are not savvy with social media,” KPCC social media chief A N Nataraj Gowda said.

He pointed out that the 20 MLAs who are active on social media include U T Khader, Dinesh Gundu Rao, Priyank Kharge, Krishna Byre Gowda among others.

“We’re also trying to get the accounts verified of those who are beginning to get active. For example, it was only recently that we got the accounts of S R Patil and Vijay Singh verified,” Gowda said.

Tapping the full potential of social media is crucial for the Congress because the BJP has found much success in reaching out to voters through various online platforms.

In fact, ahead of the 2018 Assembly elections, the Congress found that there were 10 ministers and some 40 MLAs who had turned a blind eye towards social media.

Shivakumar said he was also working on putting in place a system in the party under which all developments related to the state and country will be communicated to all party leaders at 10 am every day.

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News Network
January 22,2020

Bengaluru, Jan 22: The Bengaluru Police on Wednesday said that the procedure is being followed to hand-over to the Mangaluru Police a suspect who surrendered before it two days after planting an improvised explosive device (IED) at the Mangaluru International Airport.

"He [the suspect] surrendered before police claiming to be responsible for the Mangaluru airport incident. He is being medically examined and we are preparing procedure to hand him over to the Mangaluru team which is already on their way," Bengaluru Deputy Commissioner of Police (DCP), Chetan Singh Rathore told the media persons.

Aditya Rao surrendered before Bengaluru Police today, days after a bag of IED was recovered from Mangaluru airport. He hails from Udupi and has engineering and MBA degrees.

An investigation team of Mangaluru police is flying to Bengaluru to question him. "Mangaluru city police investigation team is flying to Bengaluru shortly to investigate the developments in connection with MIA case..the team will question the suspect and will initiate further necessary legal action," Commissioner of Police, Mangaluru City, tweeted.

According to the police, the IED was recovered from a bag at Mangaluru airport on January 20. It was later defused in an open field by the personnel of the bomb disposal squad.

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Fairman
 - 
Wednesday, 22 Jan 2020

Soon he should be rewarded a seat MLA or MLC.

 

 

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