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NCLT initiates insolvency proceedings against Flipkart for Rs 18 crore default

Updated : November 06, 2019 10:04 AM IST

One of Flipkart's LED TV suppliers, CloudWalker Streaming Technologies, had filed a petition under the Insolvency and Bankruptcy Code (IBC) against the company for paying only Rs 85 crore as against admitted dues of Rs 103 crores.
The petitioner alleged that Flipkart failed to collect all LED TVs after placing an order, citing a shortage of warehouse space.
Flipkart said there is no admitted debt or liability in the present case and that it has already paid Rs 85 crore to the petitioner against various invoices.
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