The case involves a petition filed by Hardik Pankaj Jotangia, an Operational Creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC), to initiate the Corporate Insolvency Resolution Process (CIRP) against Nilltech Software Private Limited, the Corporate Debtor. The Operational Creditor claims that the Corporate Debtor defaulted on a payment of ₹8,50,000.00 as principal and ₹1,01,441.00 as interest, totaling ₹9,51,441.00. The Corporate Debtor acknowledged the debt but cited economic slowdown as the reason for non-payment.
Hardik Pankaj Jotangia, an Operational Creditor, filed a petition under Section 9 of the IBC to initiate CIRP against Nilltech Software Private Limited, the Corporate Debtor. The Corporate Debtor was incorporated on 25.03.2010 under the Companies Act, 1956. The Operational Creditor and Corporate Debtor entered into an agreement dated 20.06.2018 for software development. The Corporate Debtor issued a purchase order dated 21.06.2018. The Operational Creditor raised an invoice dated 28.09.2018 for ₹8,50,000.00, which remained unpaid. The Operational Creditor issued notices for payment on 30.11.2018 and 08.01.2019. The Corporate Debtor acknowledged the debt in a letter dated 30.01.2019 and confirmed the liability in a ledger account confirmation dated 01.04.2019. A demand
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Nilltech Software…
The Operational Creditor and Corporate Debtor…
The case involves a petition filed by Hardik Pankaj Jotangia, an Operational Creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC), to initiate the Corporate Insolvency Resolution Process (CIRP) against Nilltech Software Private Limited, the Corporate Debtor. The Operational Creditor claims that the Corporate Debtor defaulted on a payment of ₹8,50,000.00 as principal and ₹1,01,441.00 as interest, totaling ₹9,51,441.00. The Corporate Debtor acknowledged the debt but cited economic slowdown as the reason for non-payment.
Hardik Pankaj Jotangia, an Operational Creditor, filed a petition under Section 9 of the IBC to initiate CIRP against Nilltech Software Private Limited, the Corporate Debtor. The Corporate Debtor was incorporated on 25.03.2010 under the Companies Act, 1956. The Operational Creditor and Corporate Debtor entered into an agreement dated 20.06.2018 for software development. The Corporate Debtor issued a purchase order dated 21.06.2018. The Operational Creditor raised an invoice dated 28.09.2018 for ₹8,50,000.00, which remained unpaid. The Operational Creditor issued notices for payment on 30.11.2018 and 08.01.2019. The Corporate Debtor acknowledged the debt in a letter dated 30.01.2019 and confirmed the liability in a ledger account confirmation dated 01.04.2019. A demand
…Nilltech Software…
The Operational Creditor and Corporate Debtor…