# In the matter of Inasra Technologies Private Limited CP-559-(IB)-CB-2017

> NCLT judgment dated 2017-09-15. Citation: TCN-2017-NCLT-00403. The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 15 Sept 2017
- **Citation:** TCN-2017-NCLT-00403
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/inasra-technologies-private-limited-cp-559-ib-cb-2017-aa34bb45

## Summary

### Background

The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by M/s. Jigsaw Solutions (Operational Creditor) against M/s. Inasra Technologies Private Limited (Corporate Debtor). The Operational Creditor claimed default in payment of outstanding debt amounting to Rs. 1,69,36,735/- along with interest at 18% p.a. The Operational Creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declaration of moratorium, and appointment of an Interim Resolution Professional (IRP). The Corporate Debtor denied the claim, alleging cheating, fraud, and forgery of documents by the

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## Facts

M/s. Jigsaw Solutions (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Inasra Technologies Private Limited (Corporate Debtor) for default in payment of Rs. 1,69,36,735/- along with interest at 18% p.a. The debt arose from advertisement campaigns conducted by the Operational Creditor for the Corporate Debtor. The Corporate Debtor denied the claim, alleging cheating, fraud, and forgery of documents. The Corporate Debtor also stated that a criminal case was pending between the parties regarding the payment of the outstanding debt. The Operational Creditor submitted proof of delivery, purchase orders, and invoices. The Corporate Debtor deposited Rs. 65 Lakhs for compliance with a bail order related to the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in making payment of the outstanding debt to the Operational …

**Ratio:** The Corporate Debtor is obligated to pay the outstanding debt as per the invoices raised

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**Reasoning:** The NCLT found that the Corporate Debtor failed to pay the outstanding debt despite the

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**Interpretation:** The I&B Code, 2016, provides a mechanism for creditors to recover

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**Application:** In this case, the Corporate Debtor failed to pay the outstanding debt of Rs.

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## Parties

- **Judges:** Ch. Mohd Sharief…; S. VIJAYARA…
- **Appellants:** M/s. Jigsaw…
- **Respondents:** M/s. Inasra…

## Timeline

- **2017-07-03 — Application…**: Application filed by the…
- **2017-05-08 — Demand N…**: Demand notice given by the Operational…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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