# In the matter of Dragonfly Data Factory (India) Private Limited CP (IB)-131-9-AMR-2022 > NCLT judgment dated 2023-06-28. Citation: TCN-2023-NCLT-02765. The case involves a petition filed by 63 Moons Technologies Limited (Operational Creditor)… - **Court:** NCLT - **Order date:** 28 Jun 2023 - **Citation:** TCN-2023-NCLT-02765 - **Category:** IBC - **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dragonfly-data-factory-india-private-limited-cp-ib-131-9-amr-2022-4b829963 ## Summary ### Background 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. ## Facts 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 … ## Issues and analysis ### Issue 1: Whether the Company Petition is … **Ratio:** The petition is premature if … **Reasoning:** The court reasoned that the due date for the debt repayment had been extended by mutual … **Interpretation:** The court interpreted the agreements and MOUs exchanged between the parties as … **Application:** The court applied the principle that a petition is premature if filed before … ## Parties - **Judges:** TELAPROLU… - **Appellants:** 63 Moons Technolog… - **Respondents:** Dragonfly Data… ## Timeline - **2015-11-20 — Software License…**: OC and CD entered into a Software License Agreement where OC advanced Rs. 2.00 Crores to… - **2017-02-02 — Termination of…**: Software License Agreement was terminated, and CD was required to refund the advance by… ## 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) --- This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dragonfly-data-factory-india-private-limited-cp-ib-131-9-amr-2022-4b829963