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.

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