# In the matter of Cura Technologies Limited CP (IB) No. 224-9-HDB-2021

> NCLT judgment dated 2022-03-16. Citation: TCN-2022-NCLT-03705. The case pertains to a Company Petition filed by Alphasoft Technologies INC (Operational…

- **Court:** NCLT
- **Order date:** 16 Mar 2022
- **Citation:** TCN-2022-NCLT-03705
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cura-technologies-limited-cp-ib-no-224-9-hdb-2021-b006fbd8

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the Insolvency and …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016, allows an operational creditor to

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**Reasoning:** The Adjudicating Authority considered the submissions made by the Operational Creditor

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

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**Application:** The Adjudicating Authority found that the Operational Creditor had met the

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## Parties

- **Judges:** Bhaskara Pantula…; Veera Brahma Rao…
- **Appellants:** Alphasoft…
- **Respondents:** Cura Technologies…; Cura Technologies…

## Timeline

- **2017-07-12 — MOU between Operational Creditor and Corporate…**: Operational Creditor and Corporate Debtor entered into a Memorandum of Understanding…
- **2021-06-29 — Demand Notice…**: Operational Creditor issued a demand…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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