Ingram Micro, the iPhone distributor, and its partner Bright Point India have pulled The Mobile Store (the Essar Group-controlled company) to the NCLT (National Company Law Tribunal), looking for the insolvency or sale of assets of what was once the biggest retailer of mobile handsets in the country. In their plea filed in front of Mumbai bench for NCLT, Bright Point and Ingram Micro claimed total amount overdue worth Rs 16.5 Crore from The Mobile Store. The media had a look on the copy of the appeal.
This is the newest blow to the company, which is wrapping up processes as it encounters an operating capital crisis with the parent generating no new fund addition. The Indian wing of US-located distribution firm Ingram Micro has put exceptional amount from The Mobile Store worth Rs 9.58 Crore, in addition to the Rs 2.2 Crore of interest at 24% each year till September 30, 2017. Bright Point India has made an individual request of Rs 3 Crore, comprising interest. Total debts till now are expected at almost Rs 16.5 Crore.
Appeals were heard by the nominated bankruptcy court previously this month even though they were filed in December 2017. The subsequent date of hearing is February 27, 2018, claimed sources well known with the matter to the media in an interview.
“The Mobile Store ended the processes some time back and they are in the procedure of speaking to all merchants for an untimely resolution for issues associated to supplies,” an Essar Group company’s spokesperson claimed to the media in an interview. Bright Point India and Ingram Micro India did not answer on the issue until the media approached late last week.
As per the petitions, the company is going through a “harsh fiscal crisis” and recognized that it was unable to pay debts and was in a bankrupt state.