Nakumatt CEO Atul Shah [Photo/Business Daily]
As Nakumatt Supermarket continues to sort out their current financial arrears, Chandaria Industries has announced that they will be demanding liquidation of the retailer.
According to reports, Chandaria filed an application seeking to recover Sh353 million debt currently owed to them by Nakumatt.
“Take notice that Chandaria Industries Limited, a creditor of Sh353,801,207.98 of Nakumatt Holdings Limited, the respondent debtor herein, intends to appear at the hearing of the petition, and to support such petition,” the firm said in a notice filed in court on September 18.
Chandaria is on a list of 90 credits who have joined the petition to recover over Sh4 million from the company.
According to Nakumatt, they owe approximately Sh40 million to their creditors, however, they say they are still able to recover the money.
The company is currently in negotiating a buyout with Tuskys supermarket that would see Tuskys buyout 51 per cent of the company as Nakumatt attempts to make a major turnaround.