New Delhi: The three judge NCLAT bench on Monday sets aside insolvency proceedings against Flipkart, denoting failure on submission of documents proving operational debt and the amount in default.
CloudWalker, which imported and retailed LED TVs on Flipkart's platform, filed NCLT last year over default of Rs 26.95 crore towards procured imported televisions. On October 24, the tribunal admitted the its application for initiation of corporate insolvency resolution process (CIRP) against Flipkart, which moved the NCLAT.
The NCLAT bench said that the the operational creditor failed to submit documents proving existence of operational debt and the default amount.
They also failed to submit copies of invoices and copies of documents referred to in the application. Further, the NCLAT noted CloudWalker Streaming Technologies filed the copy of the 'Supply Agreement', and the projections email.
"The Corporate Debtor (Flipkart) is not liable to make any payment to the Operational Creditor," said the Walmart-backed e-commerce major in its response.
