# In the matter of Aqua Infotech Private Limited C.P. No. 3252-I&B-2019

> NCLT judgment dated 2020-01-03. Citation: TCN-2020-NCLT-02547. Instriker Online Solutions Private Limited filed a company petition under Section 8 and 9 of…

- **Court:** NCLT
- **Order date:** 3 Jan 2020
- **Citation:** TCN-2020-NCLT-02547
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aqua-infotech-private-limited-cp-no-3252-ib-2019-716e87ba

## Summary

### Background

Instriker Online Solutions Private Limited filed a company petition under Section 8 and 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Aqua Infotech Private Limited. The petition alleges that Aqua Infotech defaulted on a payment of Rs. 10,53,068/-, comprising Rs. 9,50,000/- principal and Rs. 1,03,068/- interest, related to a software development agreement. The petitioner and corporate debtor entered into a software development agreement dated 12.08.2019. The corporate debtor placed a purchase order dated 13.08.2018.

## Facts

Instriker Online Solutions Private Limited (Petitioner) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Aqua Infotech Private Limited (Corporate Debtor) due to a default in payment. The Corporate Debtor allegedly defaulted on a payment of Rs. 10,53,068/-, which includes a principal amount of Rs. 9,50,000/- and interest of Rs. 1,03,068/-. The default arises from a software development agreement between the Petitioner and the Corporate Debtor. The Petitioner developed and delivered software and raised an invoice for Rs. 9,50,000/- on 10.10.2018, which included an interest clause of 18% p.a. on delayed payments. The Petitioner issued a demand notice on 26.06.2019, but the Corporate Debtor failed to respond. The Corporate Debtor, in a

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## Issues and analysis

### Issue 1: Whether the petition filed by Instriker Online Solutions Private Limited is in compliance with the …

**Ratio:** Section 8 and 9 of the Insolvency and Bankruptcy Code, 2016, outline the requirements for

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**Reasoning:** The court examined the petition and the documents submitted by the Petitioner to

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**Interpretation:** Section 8 and 9 of the IBC are interpreted to mean that if a debt exists, a

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**Application:** The court applied the provisions of Section 8 and 9 to the facts of the case,

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## Parties

- **Judges:** SUCHITRAKAN…; V. Nallasen…
- **Appellants:** Instriker Online…
- **Respondents:** Aqua Infotech…

## Timeline

- **2018-08-12 — Software Development…**: Petitioner and Corporate Debtor entered…
- **2018-08-13 — Purchase…**: Corporate Debtor placed a purchase order with the Petitioner for the development of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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