Dreamfolks Services has informed that a petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Travel Food Services, an Operational Creditor of Dreamfolks Services. The petition has been submitted before the National Company Law Tribunal - New Delhi Bench (NCLT, New Delhi), alleging default in payment and alleged interest amount, towards the services rendered by the Operational Creditor and seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Company. The Company strongly disputes the claims made in the aforesaid matter amounting to approximately Rs 11.40 crore (approx.). Appropriate provisions, as considered necessary, have already been made in the books of accounts. The Company continues to maintain a strong and healthy financial position, and the aforesaid matter is not at all indicative of any financial stress relating to the Company. The Company will take all necessary and appropriate steps to protect its interests and object the allegations in the aforesaid matter.
The above information is a part of company’s filings submitted to BSE.
