NCLAT revokes insolvency proceedings against Flipkart for alleged default

The National Firm Regulation Appellate Tribunal (NCLAT) has established apart the get of the NCLT to initiate insolvency proceedings from e-commerce big Flipkart.

A three-member bench of the NCLAT produced Flipkart from the company insolvency resolution approach and directed the Interim Resolution Experienced (IRP) appointed by NCLT to handover the information and assets of the firm again to its promoter quickly.

Before, on October 24, 2019, the Bengaluru Bench of the National Firm Regulation Tribunal (NCLT) had admitted the insolvency plea submitted by Cloudwalker Streaming Systems, an operational creditor of Flipkart.

“We established apart the impugned get dated October 24,

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