Brainbees Faces Insolvency Plea Against Globalbees Arm

Brainbees Solutions Ltd. on Tuesday said Ashutosh Garg, Paritosh Garg, and Manju Agarwal have jointly filed an insolvency application against its subsidiary Globalbees Brands Pvt. Ltd. under the Insolvency and Bankruptcy Code, 2016.

The plea, filed with the New Delhi bench of the National Company Law Tribunal, involves a claim of ₹649.24 million with 18% annual interest accruing from May 9, the company said in an exchange filing.

Globalbees is currently taking legal advice and said it’s putting in all necessary efforts to contest the application. The financial impact, Brainbees added, can’t be determined yet and will depend on how the proceedings and any legal appeals unfold.