Instriker Online Solutions Private Limited filed a company petition under Section 8 & 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Aqua Infotech Private Limited. The petitioner alleged that the corporate debtor defaulted in making payments amounting to Rs. 10,53,068/-, which included a principal amount of Rs. 9,50,000/- and interest of Rs. 1,03,068/-. The petition was based on a software development agreement between the parties.
Instriker Online Solutions Private Limited (the Petitioner) filed a petition against Aqua Infotech Private Limited (the Corporate Debtor) under Section 8 and 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Petitioner and Corporate Debtor entered into a software development agreement dated 2018-08-12. The Corporate Debtor placed a purchase order dated 2018-08-13 with the Petitioner for the development of software. The Petitioner developed and delivered the software and raised an invoice for Rs. 9,50,000/- on 2018-10-10. The invoice included an interest clause of 18% p.a. on delayed payments. The Petitioner issued a demand notice in Form 3 on 2019-06-26 under Section 8 of the Code, requesting
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Instriker Online Solutions Private Limited filed a company petition under Section 8 & 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Aqua Infotech Private Limited. The petitioner alleged that the corporate debtor defaulted in making payments amounting to Rs. 10,53,068/-, which included a principal amount of Rs. 9,50,000/- and interest of Rs. 1,03,068/-. The petition was based on a software development agreement between the parties.
Instriker Online Solutions Private Limited (the Petitioner) filed a petition against Aqua Infotech Private Limited (the Corporate Debtor) under Section 8 and 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Petitioner and Corporate Debtor entered into a software development agreement dated 2018-08-12. The Corporate Debtor placed a purchase order dated 2018-08-13 with the Petitioner for the development of software. The Petitioner developed and delivered the software and raised an invoice for Rs. 9,50,000/- on 2018-10-10. The invoice included an interest clause of 18% p.a. on delayed payments. The Petitioner issued a demand notice in Form 3 on 2019-06-26 under Section 8 of the Code, requesting
…The Petitioner and…
The Corporate Debtor…