Even as the Essar group is trying to sort out the issues relating to its failed mobile phone retail venture, The Mobile Store, it may be in for more trouble as two creditors - Ingram Micro and Bright Point India, have taken the case to the National Company Law Tribunal (NCLT) for recovery of dues worth Rs 16.5 crore.
Ingram Micro is a distributor of iPhones in India and Bright Point is an associate of Ingram. In its appeal to the NCLT, the creditors have requested that the tribunal order the disposal of the assets of The Mobile Store to settle their dues.
The Mobile Store at one point, used to be the largest retailer of mobile phones in India. The Essar group has stopped inducting fresh capital in its retail arm and has run out of working capital. They have opted to go in for winding up its operations.
Giving the details of their dues from The Mobile Store, Ingram Micro has informed the NCLT that the amount outstanding was Rs 9.58 crore and an amount of Rs 2.2 crore has accrued as interest when calculated at the rate of 24%. Besides this, Bright Point has claimed an amount of Rs 3 crore.
The case has already been taken up by the bankruptcy court and the hearing is scheduled to resume on February 27.
The Essar Group has issued a guarded reaction to the issue by stating that the dues to different vendors are being settled. But, it has given no further details on how much is owed and what kind of schedule they will follow, to sort the issue out with all of them.
Meanwhile after having closed many stores across the country, The Mobile Store is also scouting for a strategic investor who can take over the operations.