Kellton Tech Solutions Limited, the operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Actas Technologies Private Limited, the corporate debtor, due to a default in payment of Rs. 1,82,36,619/-. The debt arose from a 'Software Development and Services Agreement' dated 17.09.2020, where Kellton Tech was to develop an e-wallet platform for Actas Technologies. The agreement was for Rs. 2,00,00,000/- plus GST. While Actas Technologies made timely payments for the first three invoices, they failed to fulfill payment obligations for the remaining two invoices.
Kellton Tech Solutions Limited (Operational Creditor) and Actas Technologies Private Limited (Corporate Debtor) entered into a 'Software Development and Services Agreement' on 17.09.2020 for the development of an e-wallet platform for Rs. 2,00,00,000/- plus GST. Actas Technologies was to use the platform for their client THIMR AL ARABIYA. Kellton Tech developed the platform up to the 14th milestone, leading to five invoices. Actas Technologies paid the first three invoices but defaulted on the remaining two, totaling Rs. 1,75,82,000/-. Kellton Tech issued a demand notice on 08.10.2021. Actas Technologies replied, raising disputes. The key fact is the existence of a pre-existing dispute, evidenced by email communications starting 20.01.2021, where Actas Technologies
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Software Development and Services Agreement…
Actas Technologies raised concerns about the…
Kellton Tech Solutions Limited, the operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Actas Technologies Private Limited, the corporate debtor, due to a default in payment of Rs. 1,82,36,619/-. The debt arose from a 'Software Development and Services Agreement' dated 17.09.2020, where Kellton Tech was to develop an e-wallet platform for Actas Technologies. The agreement was for Rs. 2,00,00,000/- plus GST. While Actas Technologies made timely payments for the first three invoices, they failed to fulfill payment obligations for the remaining two invoices.
Kellton Tech Solutions Limited (Operational Creditor) and Actas Technologies Private Limited (Corporate Debtor) entered into a 'Software Development and Services Agreement' on 17.09.2020 for the development of an e-wallet platform for Rs. 2,00,00,000/- plus GST. Actas Technologies was to use the platform for their client THIMR AL ARABIYA. Kellton Tech developed the platform up to the 14th milestone, leading to five invoices. Actas Technologies paid the first three invoices but defaulted on the remaining two, totaling Rs. 1,75,82,000/-. Kellton Tech issued a demand notice on 08.10.2021. Actas Technologies replied, raising disputes. The key fact is the existence of a pre-existing dispute, evidenced by email communications starting 20.01.2021, where Actas Technologies
…Software Development and Services Agreement…
Actas Technologies raised concerns about the…