Firstcry (Brainbees Solutions) subsidiary GlobalBees Brands Private Limited has extended the completion timeline for the sale of its entire 51.54% shareholding in Mush Textile Private Limited to on or before November 30, 2026.

The extension was executed via an addendum to the Memorandum of Understanding (MoU) originally signed on October 7, 2026. The initial deadline for the transaction was October 15, 2026. The parties agreed to this change at the request of the purchasers.

Transaction Details

GlobalBees Brands is selling its stake in Mush Textile, a step-down subsidiary of Brainbees Solutions, to two existing shareholders of Mush. The buyers are Nihar Gosalia and Vaishvik Brahmabhatt. They have agreed to acquire 13.45% and 38.09% of the shareholding, respectively.

Regulatory Disclosure

This development was disclosed pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company referenced its earlier intimation dated October 7, 2026, which announced the original MoU.

All other terms and conditions of the initial MoU remain unchanged, except for the revised timeline specified in the addendum dated October 16, 2026. The disclosure has also been hosted on the company's investor relations website.

Brainbees Solutions Limited announced that the National Company Law Tribunal (NCLT) has rejected an insolvency application filed against its material subsidiary, Globalbees Brands Private Limited. The order, pronounced on October 9, 2026, dismisses the petition seeking resolution of a debt claim of ₹64.92 crore.

The rejection provides relief to the e-commerce major, as the proceedings were initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application had been filed by Ashutosh Garg, Paritosh Garg, and Manju Agarwal, alleging an unpaid claim amounting to ₹64,92,38,997 along with interest at 18% per annum accruing from May 9, 2025.

Case Timeline and Details

The legal dispute dates back to June 17, 2025, when Brainbees Solutions first disclosed the filing of the application before the NCLT New Delhi Bench. The applicants sought initiation of the Corporate Insolvency Resolution Process (CIRP) against Globalbees Brands, citing the alleged default on financial obligations.

Key details of the dismissed application include:

Regulatory Disclosure

In its filing to the stock exchanges, Brainbees Solutions stated that it received communication from Globalbees regarding the NCLT's decision. The tribunal's order was uploaded to its official website on October 13, 2026, leading to the public disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company confirmed that the matter stands dismissed following the rejection of the Section 7 application. This development concludes the specific insolvency proceeding initiated by these three individuals against the subsidiary.