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, amounting to Rs.3,57,09,315/- as of 10.11.2022, including interest. The CD disputes the claim, arguing that the debt is not an operational debt and that the repayment timeline was extended via subsequent agreements.
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 dispute originated from 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, with the CD agreeing to refund the advance by 30.06.2017. The OC claims the CD defaulted, with the outstanding amount being Rs.3,57,09,315/- as of 10.11.2022, including interest. The CD argues that the initial agreement was linked to a proposed investment that failed due to regulatory hurdles. They claim the software agreement was an alternative funding mechanism. The CD also
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63 Moons Technologies Limited (OC) and…
The Software License Agreement is terminated,…
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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, amounting to Rs.3,57,09,315/- as of 10.11.2022, including interest. The CD disputes the claim, arguing that the debt is not an operational debt and that the repayment timeline was extended via subsequent agreements.
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 dispute originated from 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, with the CD agreeing to refund the advance by 30.06.2017. The OC claims the CD defaulted, with the outstanding amount being Rs.3,57,09,315/- as of 10.11.2022, including interest. The CD argues that the initial agreement was linked to a proposed investment that failed due to regulatory hurdles. They claim the software agreement was an alternative funding mechanism. The CD also
…63 Moons Technologies Limited (OC) and…
The Software License Agreement is terminated,…
Sign in to view related legal provisions.