Rapido has approached the National Company Law Tribunal (NCLT) against hyperlocal e-commerce company Magicpin over alleged unpaid operational dues of close to ₹10 crore, Business Standard reported.
The insolvency application was filed by Roppen Transportation Services Private Limited, the entity that operates Rapido, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The provision allows an operational creditor to seek initiation of insolvency proceedings over an alleged default.
The Chandigarh Bench of the NCLT has issued notice to Magicpin seeking its response. The tribunal has not admitted the insolvency petition at this stage and has not ruled on the merits of Rapido’s claim.
Dispute linked to payments and logistics…