# 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-02555. Instriker Online Solutions Private Limited filed a company petition under Section 8 & 9 of the…

- **Court:** NCLT
- **Order date:** 3 Jan 2020
- **Citation:** TCN-2020-NCLT-02555
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aqua-infotech-private-limited-cp-no-3252-ib-2019-a4235613

## Summary

### Background

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.

## Facts

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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## 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 IBC outline the procedure and requirements for initiating CIRP by

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**Reasoning:** The court observed that the petitioner had submitted sufficient evidence, including the

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**Interpretation:** Section 8 and 9 of the IBC are interpreted to provide a mechanism for

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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:** SUCHITRA KANUPARTH…; V. Nallasen…; +1 more
- **Appellants:** Instriker Online…
- **Respondents:** Aqua Infotech…
- **Advocates:** Pragya kh…; Mandar…; +1 more

## Timeline

- **2018-08-12 — Software Development…**: The Petitioner and Corporate Debtor entered…
- **2018-08-13 — Purchase…**: The Corporate Debtor placed a purchase order…

## 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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