Mobility platform Rapido has filed an insolvency petition at the National Company Law Tribunal (NCLT) against hyperlocal e-commerce platform Magicpin. Consequently, the Chandigarh Bench of the NCLT issued a notice to Magicpin, asking the company to file its response. The dispute centres on operational dues claimed by Rapido.
However, the tribunal has not yet admitted the insolvency petition or determined the merits of the claim. Magicpin’s response and the subsequent hearing will be important in establishing how the matter proceeds.
Rapido and Magicpin had earlier partnered to expand Rapido’s food delivery business, Ownly, with Magicpin providing access to its nationwide network of more than 80,000 restaurants. The partnership aimed…