On November 21, the National Company Law Appellate Tribunal (NCLAT) rejected an appeal from Multiplier Brand Solutions, which had challenged the National Company Law Tribunal’s (NCLT) decision to dismiss its insolvency petition against Amazon Wholesale (India).
The Bench, led by Chairperson Justice Ashok Bhushan and technical members Barun Mitra and Arun Baroka, found nothing wrong in NCLT’s decision to set aside the corporate insolvency resolution process (CIRP), citing a pre-existing dispute between the parties as the primary reason.
Multiplier Brand Solutions had filed its insolvency petition under Section 9 of the Insolvency & Bankruptcy Code (IBC), 2016, following a novation and substitution agreement with Amazon Seller Services and…
