# In the matter of Bunt Solar India Private Ltd. C.P. (IB) No. 72-BB-2019

> NCLT judgment dated 2019-06-14. Citation: TCN-2019-NCLT-02913. M/s. Rashmika Info Technologies Private Limited, the operational creditor, filed a petition…

- **Court:** NCLT
- **Order date:** 14 Jun 2019
- **Citation:** TCN-2019-NCLT-02913
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bunt-solar-india-private-ltd-cp-ib-no-72-bb-2019-61e5c39f

## Summary

### Background

M/s. Rashmika Info Technologies Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Bunt Solar India Private Ltd., the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on a total outstanding amount of Rs. 13,57,260 as of 30.09.2018. The corporate debtor had approached the operational creditor to develop and supply various websites/softwares for its business, and the operational creditor developed the websites/softwares as per the requirements. After developing the websites/softwares and providing services amounting to Rs. 19,76,906/-, the operational creditor received Rs. 6,19,646/-, and the

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## Facts

M/s. Rashmika Info Technologies Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Bunt Solar India Private Ltd. (Corporate Debtor). The Operational Creditor claimed a default of Rs. 13,57,260 as of 30.09.2018. The Corporate Debtor engaged the Operational Creditor to develop websites/softwares. The Operational Creditor provided services worth Rs. 19,76,906/-, but only received Rs. 6,19,646/-, leaving a balance of Rs. 13,57,260/-. The Operational Creditor issued demand notices, but the Corporate Debtor failed to respond or regularize the outstanding balances. The Corporate Debtor cited demonetization, GST implementation, and reduced

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a default in repayment of the outstanding amount to the …

**Ratio:** The Insolvency and Bankruptcy Code, 2016 defines 'default' as non-payment of debt when

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**Reasoning:** The court observed that the Corporate Debtor had failed to repay the outstanding amount

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**Interpretation:** The term 'default' under the IBC is interpreted strictly to mean non-payment of

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**Application:** In this case, the Corporate Debtor's failure to repay the outstanding amount to

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** Rashmika Info…
- **Respondents:** Bunt Solar India…

## Timeline

- **2018-09-30 — Default…**: Corporate Debtor defaulted on a total…
- **2018-11-11 — Demand N…**: Operational Creditor issued a demand notice in…

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