Amidst India’s rich tapestry of flavours, colours, and aromas, Vada Pav stands as a true icon. For Mumbaikars, it has earned its place as a beloved snack that encapsulates the essence of Indian street food. Now, transport yourself to around the mid-20th century in Mumbai when the infamous Goli Vada Pav restaurant became the city’s burgeoning working-class population’s favourite fast food chain.
Insolvency Plea Against Goli Vada Pav
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For long, Goli Vada Pav has earned its place as an iconic place that continues to delight taste buds and bring people together, one delicious bite at a time.
But on another note, Vista Processed Foods Pvt. Ltd, a company operational creditor, brought Goli Vada Pav before the Mumbai bench of the National Company Law Tribunal (NCLT) after it missed payments totalling roughly ₹3.56 crore.
According to an article on MoneyControl, on September 5, the Mumbai bench of the NCLT issued the ruling in response to a petition from Vista Processed Foods Pvt Ltd. The fast food restaurant produced signed balance confirmations in 2020, 2021, and 2022, according to Vista, admitting and accepting the existence of claimed debt. According to Vista, despite numerous requests, Goli Vada Pav failed to pay the loan.
The restaurant argued that because some of the bills were older than three years, the plea was time-barred. The restaurant chain argued that neither the purchase order nor the invoices contained language allowing for the charging of interest for late payments, but Vista insisted on doing so. The chain sought the dismissal of the complaint on limitation.
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What Happens To The Restaurant?
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According to NCLT, Goli Vada Pav’s lone argument was that the plea was time-barred and the restaurant chain had not challenged or denied any other facts. However, the case is still in progress. The bankruptcy court admitted the plea and appointed Vinod Radhakrishnan Nair as the insolvency resolution professional.
Over time, Goli Vada Pav has captured the hearts and taste buds of millions. From a homegrown restaurant chain, they have grown from a single small stall to a nationwide sensation. The brand’s growth story is not just a testament to the popularity of Vada Pav but also to the entrepreneurial spirit of its founders and franchisees.
However, it is yet to know how the current times would manoeuvre the course of Goli Vada Pav and its operations.
Cover image credits: Website