In an exchange filing, the company informed that Ashutosh Garg, Paritosh Garg and Manju Agarwal, have filed the petition
In a matter related to alleged unpaid dues amounting to Rs 65 crore, a plea has been filed to commence insolvency proceedings against Globalbees Brands, a subsidiary of FirstCry. The petition has been filed before the National Company Law Tribunal, New Delhi bench.
In an exchange filing, the company informed that Ashutosh Garg, Paritosh Garg and Manju Agarwal, have together filed an application under section seven of the Insolvency and Bankruptcy Code, 2016 read with Rule four of the Insolvency and Bankruptcy (Application to Adjudicatory Authority) Rules, 2016 against the subsidairy, for an alleged claim amount of Rs 64,92,38,997 along with interest at the rate of 18 per cent per annum accruing from 9 May 2025 until the date of actual payment.
“Globalbees Brands is actively seeking appropriate legal advice and undertaking all necessary measures to oppose the application (including at the admission stage), in order to safeguard its interests in the aforesaid matter,” the company stated.
The financial implication on the company cannot be ascertained and is contingent upon the final outcome of the said proceedings and subsequent legal challenges, it added.
