TMW Fintech to face liquidation
Mumbai-based wallet startup TMW Fintech is currently facing liquidation as per National Company Law Tribunal (NCLT) records. Pramod Dattaram Rasam has been appointed interim resolution professional to handle the insolvency process.
Previously known as The Mobile Wallet, TMW Fintech purchased goods from Manipal-based SIM-card and smart card provider and payment facilitator MCT Cards and Technology Ltd. The latter took TMW Fintech to the NCLT for defaulting on over Rs. 38 lakh worth of repayments. MCT reportedly pushed for liquidation.
As per an NCLT order dated 8 October, “The operational creditor (MCT Cards) had issued various invoices against the corporate debtor (TMW Fintech). The total amount of the invoices raised between October 2018 and August 2019 is ₹83.36 lakh,” It added, “It is clear that despite repeated assurance given by the debtor to the creditor, the debtor is unable to pay its operational debt and therefore liable to be wound up/liquidated in accordance with the law.”
TMW Fintech was founded in 2015 by Vinay Kalantri. The company does not have publicly declared external funding. It offered to its users a wallet-linked prepaid card which was powered by payments firm Mastercard.
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