Softwareone India Pvt. Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Kyara Software Solutions Pvt. Ltd., seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to the corporate debtor's inability to liquidate its debt. Softwareone provided software services to Kyara Software in 2016 and raised invoices for the work done. Despite repeated requests, the amount remained unpaid. A partial payment of Rs. 60,106 was made on November 21, 2016. Kyara Software also issued two cheques of Rs. 2 lakhs each, but the first cheque was dishonored. Despite promises to transfer the amount via RTGS, no action was taken. Softwareone issued a demand notice under Section 8 of the IBC, but received no reply.
Softwareone India Pvt. Ltd. (Operational Creditor) provided software services to Kyara Software Solutions Pvt. Ltd. (Corporate Debtor) in 2016. Invoices were raised for the services rendered, but a significant portion of the payment remained outstanding. A sum of Rs. 60,106 was paid on November 21, 2016, as partial discharge. The Corporate Debtor issued two cheques of Rs. 2 lakhs each, but the first cheque was dishonored. The Corporate Debtor promised to transfer the amount via RTGS but failed to do so. The outstanding liability under the 12 invoices amounted to Rs. 20,41,559.41. The Operational Creditor issued a demand notice under Section 8 of the IBC, but no reply was received from the Corporate Debtor. The Corporate Debtor did not appear before the NCLT despite due
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Softwareone India Pvt. Ltd. provided software…
Kyara Software Solutions Pvt. Ltd. made a…
Softwareone India Pvt. Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Kyara Software Solutions Pvt. Ltd., seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to the corporate debtor's inability to liquidate its debt. Softwareone provided software services to Kyara Software in 2016 and raised invoices for the work done. Despite repeated requests, the amount remained unpaid. A partial payment of Rs. 60,106 was made on November 21, 2016. Kyara Software also issued two cheques of Rs. 2 lakhs each, but the first cheque was dishonored. Despite promises to transfer the amount via RTGS, no action was taken. Softwareone issued a demand notice under Section 8 of the IBC, but received no reply.
Softwareone India Pvt. Ltd. (Operational Creditor) provided software services to Kyara Software Solutions Pvt. Ltd. (Corporate Debtor) in 2016. Invoices were raised for the services rendered, but a significant portion of the payment remained outstanding. A sum of Rs. 60,106 was paid on November 21, 2016, as partial discharge. The Corporate Debtor issued two cheques of Rs. 2 lakhs each, but the first cheque was dishonored. The Corporate Debtor promised to transfer the amount via RTGS but failed to do so. The outstanding liability under the 12 invoices amounted to Rs. 20,41,559.41. The Operational Creditor issued a demand notice under Section 8 of the IBC, but no reply was received from the Corporate Debtor. The Corporate Debtor did not appear before the NCLT despite due
…Softwareone India Pvt. Ltd. provided software…
Kyara Software Solutions Pvt. Ltd. made a…