Crayon Software Experts India Pvt. Ltd., the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Vas Data Services Pvt. Ltd., the Corporate Debtor (CD), for initiation of the Corporate Insolvency Resolution Process (CIRP). The OC claimed that the CD defaulted on payments for software licenses provided based on purchase orders placed in 2015. Despite providing licenses and raising invoices, a balance of Rs. 80,41,269.76 remained outstanding, along with an additional claim of Rs. 12,21,195 as interest. A post-dated cheque issued by the CD bounced due to insufficient funds. The OC issued a demand notice, but no payment or response was received from the CD.
Crayon Software Experts India Pvt. Ltd. (Operational Creditor) filed an application against Vas Data Services Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating CIRP. The Corporate Debtor was in the business of operating an online retailing brand known as "YEPME". The Operational Creditor provided software licenses to the Corporate Debtor based on purchase orders dated 18.11.2015, 01.12.2015, and 17.12.2015. The aggregate amount raised by way of invoices was Rs. 1,48,14,795.76, against which Rs. 67,73,526.00 was paid, leaving an outstanding balance of Rs. 80,41,269.76. An additional Rs. 12,21,195 was claimed as interest. A post-dated cheque for Rs. 65,66,354 issued by the Corporate Debtor bounced due to
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The Corporate Debtor…
Crayon Software Experts India Pvt. Ltd., the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Vas Data Services Pvt. Ltd., the Corporate Debtor (CD), for initiation of the Corporate Insolvency Resolution Process (CIRP). The OC claimed that the CD defaulted on payments for software licenses provided based on purchase orders placed in 2015. Despite providing licenses and raising invoices, a balance of Rs. 80,41,269.76 remained outstanding, along with an additional claim of Rs. 12,21,195 as interest. A post-dated cheque issued by the CD bounced due to insufficient funds. The OC issued a demand notice, but no payment or response was received from the CD.
Crayon Software Experts India Pvt. Ltd. (Operational Creditor) filed an application against Vas Data Services Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating CIRP. The Corporate Debtor was in the business of operating an online retailing brand known as "YEPME". The Operational Creditor provided software licenses to the Corporate Debtor based on purchase orders dated 18.11.2015, 01.12.2015, and 17.12.2015. The aggregate amount raised by way of invoices was Rs. 1,48,14,795.76, against which Rs. 67,73,526.00 was paid, leaving an outstanding balance of Rs. 80,41,269.76. An additional Rs. 12,21,195 was claimed as interest. A post-dated cheque for Rs. 65,66,354 issued by the Corporate Debtor bounced due to
…The Corporate Debtor…
The Corporate Debtor…