NCLAT sets aside insolvency proceedings against Flipkart

Flipkart's office in Bangalore
Flipkart's office in Bangalore

The National Company Law Appellate Tribunal (NCLAT) has set aside an order initiating insolvency proceeding against e-commerce platform Flipkart.

While doing so, the NCLAT has held that Section 8 of the Insolvency & Bankruptcy Code does not provide Operational Creditors with the discretion to choose between Form 3 and Form 4 for sending demand notice as per its convenience.

The NCLAT has clarified that the choice of format depended on the nature of Operational Debt.

Want to read the full story?

We’re glad you’re enjoying this story. Subscribe to any of our plans to continue reading the story.

Already have an account? Sign In

Related Stories

No stories found.
Bar and Bench - Indian Legal news
www.barandbench.com