The case pertains to a Company Petition filed by Alphasoft Technologies INC (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Cura Technologies Limited (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into a Memorandum of Understanding (MOU) for technology development and customization. The Operational Creditor transferred Rs. 98,69,214 to the Corporate Debtor as per the MOU, which was to be refunded with 12% interest in case of non-fulfillment of service. Despite reminders, the Corporate Debtor failed to pay the outstanding dues.
Alphasoft Technologies INC (Operational Creditor) filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Cura Technologies Limited (Corporate Debtor). The two parties had entered into an MOU for technology development and customization. As per the MOU dated 2017-07-12, Alphasoft transferred Rs. 98,69,214 to Cura Technologies, which was to be refunded with 12% interest if the services were not fulfilled. Cura Technologies allegedly failed to provide the agreed-upon services. As of the date of the petition, Cura Technologies owed Alphasoft Rs. 1,44,73,407, including Rs. 46,04,192 in interest. Alphasoft issued a demand notice on 2021-06-29, but Cura Technologies failed to make the payment. No notice of dispute was issued by Cura
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Operational Creditor and Corporate Debtor…
Operational Creditor…
The case pertains to a Company Petition filed by Alphasoft Technologies INC (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Cura Technologies Limited (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into a Memorandum of Understanding (MOU) for technology development and customization. The Operational Creditor transferred Rs. 98,69,214 to the Corporate Debtor as per the MOU, which was to be refunded with 12% interest in case of non-fulfillment of service. Despite reminders, the Corporate Debtor failed to pay the outstanding dues.
Alphasoft Technologies INC (Operational Creditor) filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Cura Technologies Limited (Corporate Debtor). The two parties had entered into an MOU for technology development and customization. As per the MOU dated 2017-07-12, Alphasoft transferred Rs. 98,69,214 to Cura Technologies, which was to be refunded with 12% interest if the services were not fulfilled. Cura Technologies allegedly failed to provide the agreed-upon services. As of the date of the petition, Cura Technologies owed Alphasoft Rs. 1,44,73,407, including Rs. 46,04,192 in interest. Alphasoft issued a demand notice on 2021-06-29, but Cura Technologies failed to make the payment. No notice of dispute was issued by Cura
…Operational Creditor and Corporate Debtor…
Operational Creditor…