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Zomato faces insolvency plea over alleged Rs 1.64 crore unpaid dues

Economic Times

Economic Times · 5m ago

Zomato faces insolvency plea over alleged Rs 1.64 crore unpaid dues

Food delivery service Zomato faces an insolvency plea from Nona Lifestyle over alleged unpaid dues of Rs 1.64 crore for uniforms and merchandise, including ICC World Cup jerseys. Nona claims Zomato delayed payments and used pressure tactics; Zomato denies this, citing missed delivery deadlines by Nona, resulting in penalties. The National Company Law Tribunal has delayed proceedings to April 3 for further clarification. Zomato argues it only paid for delivered items after deductions.

Related News

Why Zomato Is Facing Insolvency Plea? Story Behind The Unpaid Dues

OutlookIndia

OutlookIndia · 5m ago

Why Zomato Is Facing Insolvency Plea? Story Behind The Unpaid Dues

Zomato is facing an insolvency plea from Nona Lifestyle, a uniform supplier, over unpaid dues of Rs 1.64 crore. Nona Lifestyle claims Zomato owes them for uniforms and World Cup jerseys. The National Company Law Tribunal (NCLT) has adjourned the case, requesting further clarifications. Zomato denies the allegations, citing delays on Nona Lifestyle's part, which caused reputational harm. The plea was initially dismissed but later revived by Nona Lifestyle for resolution.

Payments firm AGS Transact Technologies faces insolvency over alleged unpaid dues

VCCircle

VCCircle · 5m ago

Payments firm AGS Transact Technologies faces insolvency over alleged unpaid dues

AGS Transact Technologies, a payments firm, faces insolvency proceedings initiated by creditor Maxwel Aircon India Pvt Ltd over alleged unpaid dues. The company defaulted on dues totalling Rs 7.26 billion, leading to credit rating downgrades and the resignation of independent directors. Poor liquidity and failure to meet customer service agreements caused missed loan interest payments, with shares plummeting 62.4%. AGS Transact is seeking legal advice but faces doubts over its future viability.

EY-backed RP sues Byju’s Dubai-based marketing agent for Rs 1,597 crore - The Economic Times

Economic Times

Economic Times · 1m ago

EY-backed RP sues Byju’s Dubai-based marketing agent for Rs 1,597 crore - The Economic Times

Think and Learn, facing insolvency, has sued Dubai-based More Ideas General Trading for Rs 1,597 crore over alleged unpaid dues. Byju Raveendran and other former directors are also implicated. Byju's founders dispute these claims, arguing the resolution professional is deflecting from their own challenges to the insolvency proceedings and GLAS Trust's authority. The dispute involves marketing rights for Byju's products in several Middle Eastern countries under a revenue-sharing arrangement.

Karnataka HC rejects Byju’s plea in BCCI case; edtech firm to move NCLAT on Monday

Economic Times

Economic Times · 1y ago

Karnataka HC rejects Byju’s plea in BCCI case; edtech firm to move NCLAT on Monday

Edtech firm Byju's has moved the Karnataka High Court to challenge the National Company Law Tribunal (NCLT) order on the Board of Control for Cricket in India's (BCCI) insolvency plea. However, the court did not admit the plea, and Byju's plans to approach the National Company Law Appellate Tribunal (NCLAT) on Monday. Byju's has been admitted into insolvency over unpaid dues of ₹158 crore related to sponsorship rights from the BCCI. Founder Byju Raveendran stated that the insolvency process could lead to a total shutdown of services and halt operations.

BYJU’S Settles Dispute With Teleperformance, Plea To Be Withdrawn: Report

Inc42 · 1y ago

BYJU’S Settles Dispute With Teleperformance, Plea To Be Withdrawn: Report

BYJU'S has reached a settlement with French company Teleperformance Business Services. The National Company Law Tribunal (NCLT) instructed Teleperformance to withdraw its insolvency plea against BYJU'S and requested a memo to be filed to finalize the case closure. The dispute arose from Teleperformance claiming that BYJU'S owed them around INR 3-4 crore in unpaid dues.

NCLAT stays insolvency proceedings against Dream11

Inshorts · 1y ago

NCLAT stays insolvency proceedings against Dream11

The National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed NCLT's order admitting an insolvency plea against Dream11-parent Sporta Technologies. It further directed the NCLT-appointed interim resolution professional to take no action till further order. The insolvency plea was filed against Sporta by an operational creditor over dues worth ₹7.61 crore.

SpiceJet settles with Raymach Technologies, vendor to withdraw insolvency case

Livemint

Livemint · 1y ago

SpiceJet settles with Raymach Technologies, vendor to withdraw insolvency case

Budget airline SpiceJet has reached a settlement with vendor Raymach Technologies over pending dues. Raymach had filed an insolvency petition against SpiceJet for a default of ₹2.7 crore ($363,324) in November 2023. However, SpiceJet denied having availed of its services. Raymach presented email exchanges between the two companies that showed SpiceJet acknowledging the services. The National Company Law Tribunal has granted Raymach time to withdraw the insolvency case, adjourning the matter until August. SpiceJet has faced multiple insolvency pleas over unpaid dues from other parties.

Byju's Vs BCCI case: NCLT likely to pronounce the order on March 20

IndianStartupNews

IndianStartupNews · 1y ago

Byju's Vs BCCI case: NCLT likely to pronounce the order on March 20

The National Company Law Tribunal (NCLT) in Bengaluru will soon decide on the insolvency plea filed by the BCCI against BYJU'S, the edtech giant. The dispute revolves around alleged outstanding dues of around Rs 160 crore from BYJU'S jersey sponsorship deal with the Indian cricket team. BYJU'S argued that the claim should go to arbitration and that the dispute is related to the period after the contract ended. The NCLT is expected to deliver its verdict on March 20. BYJU'S is facing financial challenges, including a dispute with investors over a rights issue and delayed salary payments.

Can a dismissed employee seek insolvency over unpaid dues? This ex-CEO has.

Livemint

Livemint · 23d ago

Can a dismissed employee seek insolvency over unpaid dues? This ex-CEO has.

Amit Bansal, former CEO of Standard Chartered Research and Technology India, has approached the National Company Law Tribunal seeking insolvency proceedings against his previous employer for alleged wrongful termination and unpaid dues totaling nearly ₹26 crore. His claim includes salary, notice period pay, leave encashment, and compensation for vested employee stock options. Bansal argues that Solv acknowledged some liabilities but refused to settle fully, challenging this in a Bengaluru court.

Amtek ex-boss Arvind Dham's interim bail plea dismissed by SC in Rs 2,700-crore fraud case

Economic Times

Economic Times · 2m ago

Amtek ex-boss Arvind Dham's interim bail plea dismissed by SC in Rs 2,700-crore fraud case

The Supreme Court of India denied interim bail to ex-Amtek Group chairman Arvind Dham in a Rs 2,700 crore bank fraud case. Dham's previous plea was rejected, and the court expressed dissatisfaction over his repeated bail attempts. Arrested by the ED for alleged money laundering, Dham's companies defaulted on significant loans, with investigations revealing undisclosed properties. Insolvency proceedings showed the group's financial exposure at approximately Rs 30,000 crore.

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