Insolvency Plea Filed Against FirstCry Subsidiary GlobalBees over Rs 65 Crore Dues

Insolvency plea filed against FirstCry subsidiary GlobalBees over Rs 65 crore dues

GlobalBees, which invests in and operates a portfolio of digital-first consumer brands, is actively seeking legal advice and plans to challenge the plea even at the admission stage, the company said in an exchange filing.

FirstCry Subsidiary GlobalBees Faces Insolvency Plea Over INR 65 Crore Dues

An insolvency plea has been filed against its substantial subsidiary, GlobalBees Brands, over claimed unpaid dues of almost INR 65 crore, according to Brainbees Solutions, the parent company of omnichannel baby products store FirstCry.Ashutosh Garg, Paritosh Garg, and Manju Agarwal have petitioned the National Company Law Tribunal's (NCLT) New Delhi bench under Section 7 of the bankruptcy and Bankruptcy Code (IBC) in an attempt to start bankrupt…

FirstCry Subsidiary GlobalBees Faces Insolvency Plea

Three individuals have filed a petition to initiate insolvency proceedings against GlobalBees Brands, a material subsidiary of listed kids-focussed omnichannel retailer FirstCry’s parent Brainbees Solutions, for a claim amount of INR 65 Cr.  In an exchange filing, Brainbees said that Ashutosh Garg, Paritosh Garg and Manju Agarwal have filed the plea for a claim amount of INR 64.92 Cr, excluding interest, pertaining to the period between May 9, 2…