The case involves a petition filed by 63 Moons Technologies Limited (Operational Creditor) against Dragonfly Data Factory (India) Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The claim arises from a Software License Agreement where the Operational Creditor (OC) advanced Rs. 2.00 Crores to the Corporate Debtor (CD). The agreement was later terminated, and the CD was obligated to refund the advance. The OC claims a default in repayment, leading to the petition.
63 Moons Technologies Limited (Operational Creditor) filed a petition against Dragonfly Data Factory (India) Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor (OC) and Corporate Debtor (CD) entered into a Software License Agreement dated 20.11.2015, where the OC advanced Rs. 2.00 Crores to the CD for software development. The agreement was terminated on 02.02.2017, and the CD was required to refund the advance by 30.06.2017. The CD acknowledged the debt in an email dated 07.11.2019. The OC issued a demand notice on 17.11.2022. The CD claims the OC initially promised an investment of INR 10 Crores. The CD also claims the repayment timeline was extended to 30.12.2022 via MOUs. The petition was filed
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OC and CD entered into a Software License…
Software License Agreement was terminated, and…
The case involves a petition filed by 63 Moons Technologies Limited (Operational Creditor) against Dragonfly Data Factory (India) Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The claim arises from a Software License Agreement where the Operational Creditor (OC) advanced Rs. 2.00 Crores to the Corporate Debtor (CD). The agreement was later terminated, and the CD was obligated to refund the advance. The OC claims a default in repayment, leading to the petition.
63 Moons Technologies Limited (Operational Creditor) filed a petition against Dragonfly Data Factory (India) Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor (OC) and Corporate Debtor (CD) entered into a Software License Agreement dated 20.11.2015, where the OC advanced Rs. 2.00 Crores to the CD for software development. The agreement was terminated on 02.02.2017, and the CD was required to refund the advance by 30.06.2017. The CD acknowledged the debt in an email dated 07.11.2019. The OC issued a demand notice on 17.11.2022. The CD claims the OC initially promised an investment of INR 10 Crores. The CD also claims the repayment timeline was extended to 30.12.2022 via MOUs. The petition was filed
…OC and CD entered into a Software License…
Software License Agreement was terminated, and…