Goli Vada Pav to face insolvency proceedings after defaulting on Rs3.56 crore dues
Goli Vada Pav, the Mumbai-based fast food chain, will undergo corporate insolvency resolution process after the NCLT admitted an insolvency petition against it by Vista Processed Foods Pvt. Ltd., a supplier of food ingredients.
Vista claims that Goli Vada Pav owes it a total of Rs. 3.56 crore for goods and services supplied over the past few years. The company has also provided signed balance confirmations to Vista admitting the debt.
Goli Vada Pav has denied the allegations, saying that the debt is barred by limitation. The company has also challenged the authenticity of the balance confirmations. However, the NCLT in its order observed that the insolvency application has been filed within the limitation.
The National Company Law Tribunal (NCLT) has appointed Vinod Radhakrishnan Nair as the Insolvency Resolution Professional (IRP) for the case. The IRP will now oversee the insolvency proceedings and try to find a solution that is acceptable to both parties.
If the insolvency proceedings are successful, Goli Vada Pav could be taken over by a new management or restructured. The company could also be liquidated if no viable solution can be found.
The insolvency proceedings are a major setback for Goli Vada Pav, which is one of the most popular fast food chains in India. The company has over 300 outlets across the country and employs thousands of people.
The insolvency proceedings could have a significant impact on Goli Vada Pav’s operations and could lead to job losses. The company will need to take urgent steps to address the debt issue and avoid liquidation.
About Goli Pada Pav
Goli Vada Pav is a popular Indian fast food chain based in Mumbai, Maharashtra. It was founded in 2004 by Venkatesh Iyer, who started the business with a single outlet in Kalyan, a suburb of Mumbai. The company has since expanded to over 300 outlets across India, with a presence in over 100 cities.
It is known for its signature vada pav, a fried lentil patty served in a bun with a variety of chutneys. The company also offers a range of other fast food items, including wraps, rolls, and desserts.
The fast food chain has been praised for its affordable prices and convenient locations. The company has also been recognized for its commitment to quality and hygiene.
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