A petition by Ashutosh Garg, Paritosh Garg and Manju Agarwal, the directors of Kuber Mart Industries, has been filed to initiate insolvency proceedings against GlobalBees Brands, a material subsidiary of Brainbees Solutions Limited which is the parent company of FirstCry. The three individuals have filed an application under Section 7 of the Insolvency and Bankruptcy Code for an alleged claim amount of Rs 64.92 crore. The claim includes interest at the rate of 18 per cent p.a. accruing from May 9, 2025 until the date of actual payment. 

In a regulatory filing, Brainbees Solutions said, “…Ashutosh Garg, Paritosh Garg and Manju Agarwal, have together filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicatory Authority) Rules, 2016 (Application) against Globalbees Brands Private Limited, a material subsidiary of Brainbees Solutions Limited (Company), before the Hon’ble National Company Law Tribunal, New Delhi Bench, for an alleged claim amount of Rs 64,92,38,997 along with interest at the rate of 18% p.a. accruing from May 9, 2025 until the date of actual payment.”

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Brainbees currently owns a 51 per cent stake in GlobalBees, which invests in D2C brands and scales them. 

GlobalBees had acquired a 74 per cent stake in Kuber Mart in December 2021. At the time, Kuber Mart was involved in the business of home care products. 

Per the exchange filing, Globalbees Brands is actively seeking appropriate legal advice, and undertaking all necessary measures to oppose the application.

“The financial implication on the company cannot be ascertained and is contingent upon the final outcome of the said proceedings and subsequent legal challenges,” the company said in a statement. 

The insolvency petition comes amid a period of senior-level churn at GlobalBees. CEO Nitin Agarwal resigned in April 2025. Earlier exits include chief business officer Damandeep Soni (August 2024), senior VP Mohit Saxena (February 2025), and category head Abhishek Biswas (March 2025).