Ramco Systems Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Spicejet Ltd. (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), Bench-III, New Delhi, dismissed the application due to inconsistency in payments and non-compliance with Section 9(3)(c), specifically the absence of a certificate from the financial institution maintaining accounts of the Operational Creditor. The Adjudicating Authority observed that the Corporate Debtor had shown certain payments.
Ramco Systems Ltd. (Operational Creditor) and Spicejet Ltd. (Corporate Debtor) entered into 'Aviation Software Solutions Agreements' on May 13, 2013. These agreements consisted of four parts: 'General Terms & Conditions', 'Software License Agreement', 'Professional Services Agreement', and 'Software Support Agreement'. On July 1, 2014, a 'Change Order Demand' was executed. The 'Software License Agreement' was amended to cover 55 Aircraft Tails and unlimited users. Ramco Systems claimed Spicejet owed Rs. 62.89 Lakhs, communicated via email on January 19, 2016, relating to documents dated May 30, 2013, and July 23, 2014. Spicejet's auditor's report was referenced. Spicejet argued that claims were based on invoices for 2013-14, including one dated July 23, 2014, due
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Appellant claimed an…
Ramco Systems Ltd. and Spicejet Ltd.…
Ramco Systems Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Spicejet Ltd. (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), Bench-III, New Delhi, dismissed the application due to inconsistency in payments and non-compliance with Section 9(3)(c), specifically the absence of a certificate from the financial institution maintaining accounts of the Operational Creditor. The Adjudicating Authority observed that the Corporate Debtor had shown certain payments.
Ramco Systems Ltd. (Operational Creditor) and Spicejet Ltd. (Corporate Debtor) entered into 'Aviation Software Solutions Agreements' on May 13, 2013. These agreements consisted of four parts: 'General Terms & Conditions', 'Software License Agreement', 'Professional Services Agreement', and 'Software Support Agreement'. On July 1, 2014, a 'Change Order Demand' was executed. The 'Software License Agreement' was amended to cover 55 Aircraft Tails and unlimited users. Ramco Systems claimed Spicejet owed Rs. 62.89 Lakhs, communicated via email on January 19, 2016, relating to documents dated May 30, 2013, and July 23, 2014. Spicejet's auditor's report was referenced. Spicejet argued that claims were based on invoices for 2013-14, including one dated July 23, 2014, due
…Appellant claimed an…
Ramco Systems Ltd. and Spicejet Ltd.…