Background and Previous Intimation
The disclosure references an earlier intimation dated June 17, 2025 (Ref: FC/SE/2025-26/20). That intimation informed that an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) had been filed against Globalbees. The application was jointly filed by Ashutosh Garg, Paritosh Garg, and Manju Agarwal before the National Company Law Tribunal (NCLT), New Delhi Bench. The alleged claim amount was ₹64,92,38,997 (₹64.92 crore) along with interest at 18% per annum, accruing from May 9, 2025, until the date of actual payment.
Current Update and Outcome
The company received an email from Globalbees on October 13, 2026, informing of the NCLT's order. The Hon'ble NCLT pronounced its order on October 9, 2026. The order was uploaded to the NCLT's website on October 13, 2026. The NCLT has rejected the application filed under Section 7 of the IBC and has accordingly dismissed the matter.
Financial and Operational Impact
The disclosure does not quantify any financial impact of this development. The matter has been dismissed, resolving the insolvency petition against the material subsidiary.
Parties Involved
- Company Making Disclosure: Brainbees Solutions Limited (FirstCry, Scrip Code: 544226)
- Subject Subsidiary: Globalbees Brands Private Limited (a material subsidiary)
- Applicants: Ashutosh Garg, Paritosh Garg, Manju Agarwal
- Adjudicating Authority: Hon'ble National Company Law Tribunal (NCLT), New Delhi Bench