# In the matter of Nanoyotta Technologies Pvt. Ltd. CP-575-(IB)-2018

> NCLT judgment dated 2018-10-05. Citation: TCN-2018-NCLT-00663. The case involves an application filed by the Operational Creditor, Drive Visual Data Analytics…

- **Court:** NCLT
- **Order date:** 5 Oct 2018
- **Citation:** TCN-2018-NCLT-00663
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nanoyotta-technologies-pvt-ltd-cp-575-ib-2018-c786fe53

## Summary

### Background

The case involves an application filed by the Operational Creditor, Drive Visual Data Analytics Pvt Ltd, under Section 9 of the Insolvency & Bankruptcy Code, 2016, read with Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Nanoyotta Technologies Private Limited. The Operational Creditor claimed an outstanding debt of Rs.36,27,990/- as of 31.05.2017.

## Facts

Drive Visual Data Analytics Pvt Ltd, the Operational Creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Nanoyotta Technologies Private Limited, the Corporate Debtor. The Operational Creditor claimed an outstanding debt of Rs.36,27,990 as of 31.05.2017. A Termination Agreement dated 31.05.2017 stipulated that Rs.40 Lakhs would be paid by the Corporate Debtor upon termination. The Operational Creditor presented communications showing the Corporate Debtor seeking time to make payments. After the application was filed, the Corporate Debtor paid Rs.34.78 Lakhs to the Operational Creditor. The Corporate Debtor submitted that it had paid Rs.5,21,739 as service tax to the Service Tax Department. The

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the Insolvency & …

**Ratio:** The Insolvency and Bankruptcy Code, 2016, provides a framework for the resolution of

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**Reasoning:** The court considered the submissions of both parties, including the outstanding debt, the

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**Interpretation:** The court interpreted the provisions of the Insolvency and Bankruptcy Code,

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**Application:** The court applied the provisions of the Insolvency and Bankruptcy Code, 2016,

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** Drive Visual Data…
- **Respondents:** Nanoyotta…; Nanoyotta…
- **Advocates:** Ashish Jain…; Chinna Aswathy…; +3 more

## Timeline

- **2017-05-31 — Termination A…**: A Termination Agreement was executed, stipulating that Rs.40 Lakhs would be paid by the…
- **2017-05-31 — Outstandin…**: The Operational Creditor claimed an…

## 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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