# In the matter of Credosync Infosoft Private Limited

> NCLT judgment dated 2023-12-05. Citation: TCN-2023-NCLT-00435. Bharti Airtel Limited filed a company petition seeking to initiate Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 5 Dec 2023
- **Citation:** TCN-2023-NCLT-00435
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/credosync-infosoft-private-limited-58ff2f7e

## Summary

### Background

Bharti Airtel Limited filed a company petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Credosync Infosoft Private Limited, alleging default in payment. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Debtor allegedly failed to pay Rs. 10,11,46,456/-, including a principal amount of Rs. 5,54,68,818.4 and interest of Rs. 4,56,77,639/- calculated up to 15.07.2020.

## Facts

Bharti Airtel Limited (Operational Creditor) and Credosync Infosoft Private Limited (Corporate Debtor) entered into an agreement on 30.10.2017 for VoIP services. The Corporate Debtor issued purchase orders on 30.10.2017 and 22.12.2017. Services commenced on 24.11.2017. The Operational Creditor raised invoices between 05.03.2018 and 09.05.2018. The Corporate Debtor failed to make payments. The total billed amount was Rs. 5,60,58,816.00. The Corporate Debtor made a partial payment of Rs. 500,000 towards the invoice for December 2017. The Operational Creditor issued an email on 08.03.2018 to demand payment. The Corporate Debtor issued two cheques of Rs. 50,00,000 each, dated 23.04.2018 and 27.04.2018, as security. The Corporate Debtor requested more time to make the

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational …

**Ratio:** The petition must be filed within the

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**Reasoning:** The default occurred on 05.03.2018, and the petition was filed on 06.08.2020. The court

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**Interpretation:** The limitation period for filing a petition under Section 9 of the IBC is three

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**Application:** The court applied the limitation period to the facts and found that the

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** BHARTI AIRTEL…
- **Respondents:** Credosync…
- **Advocates:** Esha M…; Nikhil C…

## Timeline

- **2017-10-30 — Agreement for VoIP…**: Corporate Debtor and Operational Creditor entered into an agreement for Voice over…
- **2017-10-30 — Purchase Orde…**: Corporate Debtor issued a purchase…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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