Flipkart is dragged to bankruptcy court the same day it introduces Nokia's smart TV
- The National Company Law Tribunal has initiated insolvency proceedings against Walmart-owned
Karnataka High Courthas stayed the order.
- The insolvency proceedings against Flipkart were started by Cloudwalker Streaming Technologies, which supplies LED TVs to the e-commerce company.
However, the Karnataka High Court has stayed the order.
“Karnataka High Court has stayed the order of the NCLT in favour of Flipkart. This is an ongoing commercial litigation which we are challenging. At this stage, we have no further comments.” said a Flipkart spokesperson
The insolvency proceedings against Flipkart were started by Cloudwalker Streaming Technologies, which supplies LED TVs to the e-commerce company.
According to reports that have accessed the NCLT document, the LED TV supplier has claimed that Flipkart had placed an order for TVs to the tune of ₹103 crores, while it paid just ₹85 crore.
However, the proceedings come under the public radar on the same day as Flipkart announced that it will be launching Nokia’s smart TV.
The company added that it will also facilitate domestic manufacturing and end-to-end sales of the Nokia branded Smart TVs to help create thousands of new jobs.
Business Insider India has written to Flipkart for its comments.
Meanwhile, e-commerce companies like Flipkart and Amazon have been at the receiving end of the traders’ ire lately. Recently, the Confederation of All India Traders (CAIT) also said that it will be launching a nation wide movement against Flipkart Amazon.
"Both Amazon and Flipkart still continue to sell goods on their portal at predatory pricing, deep discounting, controlling inventory, promoting preferential sellers and influencing prices,” said the CAIT according to reports.