# In2IT Systems & Services Private Limited vs. In2IT Technologies Private Limited

> NCLT judgment dated 2026-06-18. Citation: TCN-2026-NCLT-00578. This application was filed by In2IT Systems & Services Private Limited (Applicant/Financial…

- **Court:** NCLT
- **Order date:** 18 Jun 2026
- **Citation:** TCN-2026-NCLT-00578
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-cuttack/in2it-systems-services-private-limited-vs-in2it-technologies-private-limited-avr7o

## Summary

### Background

This application was filed by In2IT Systems & Services Private Limited (Applicant/Financial Creditor) against In2IT Technologies Private Limited (Respondent/Corporate Debtor) on 13.01.2026 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The alleged financial debt stemmed from a Loan Agreement dated 30.09.2020, with a sanctioned limit of Rs. 15 Crores to meet the Corporate Debtor's liquidity needs. Disbursements were made to the Corporate Debtor or its vendors, carrying 18% interest per annum. The Corporate Debtor acknowledged its liability through various communications and made part-payments but consistently defaulted on repayment obligations despite assurances and an undertaking to repay the entire outstanding liability within two months (dated

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## Facts

The application, CP(IB) No. 9/CB/2026, was filed on 13.01.2026, under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

The application was filed by In2IT Systems & Services Private Limited (formerly Alpha Codes IT Solutions Private Limited), identified as the 'Applicant/Financial Creditor', against In2IT Technologies Private Limited, the 'Respondent/Corporate Debtor'.

The application is filed in respect of an alleged financial debt arising out of a Loan Agreement dated 30.09.2020, executed at Noida, for a sanctioned limit of Rs. 15 Crores.

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## Issues and analysis

### Issue 1: Whether the loan disbursements to the Corporate Debtor constituted 'financial debt' as defined …

**Ratio:** Disbursements made directly to a Corporate Debtor or its vendors on its behalf, pursuant

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**Reasoning:** The Loan Agreement explicitly provided for an 18% per annum interest rate on

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**Interpretation:** Section 5(8) of the Code, 2016 encompasses any debt disbursed against the

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**Application:** Given that the Applicant's disbursements were made under a loan agreement

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## Parties

- **Judges:** Sh. Cheekati…; Banwari Lal…
- **Appellants:** In2IT Systems &…
- **Respondents:** In2IT Technologies…
- **Other parties:** Insolvency and…; Corporate…; +68 more
- **Advocates:** BIJESH…; HARSHIT…; +4 more

## Timeline

- **2020-09-30 — Loan Agreement…**: The Loan Agreement was executed between In2IT Systems & Services Private Limited and…
- **2021-03-31 — Repayment by Corporate…**: Corporate Debtor made a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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