# In the matter of Hyretail Technologies Private Limited

> NCLT judgment dated 2025-05-09. Citation: TCN-2025-NCLT-00084. Kiranakart Technologies Pvt. Ltd. filed a petition under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 9 May 2025
- **Citation:** TCN-2025-NCLT-00084
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hyretail-technologies-private-limited-bd7fd708

## Summary

### Background

Kiranakart Technologies Pvt. Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Hyretail Technologies Pvt. Ltd. Kiranakart, an operational creditor, claimed that Hyretail, the corporate debtor, defaulted on payments for the supply of dairy products. The corporate debtor initially agreed to pay Rs. 1 crore by September 30, contingent on the operational creditor resuming business. However, disputes arose regarding the actual amount due, with the corporate debtor claiming that payments were made through third-party entities for business expansion and that the operational creditor owed them Rs. 7 crore subject to reconciliation. The operational creditor refuted these

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## Facts

Kiranakart Technologies Pvt. Ltd. (Operational Creditor) filed a petition against Hyretail Technologies Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming default on operational debt. Kiranakart supplied dairy products to Hyretail, and disputes arose regarding payments. The total outstanding principal amount claimed was Rs. 7,57,60,073, along with interest. Hyretail acknowledged a liability of Rs. 5,90,77,540.12 via email on 07.09.2023. Hyretail claimed that payments were made through third-party entities (Interropac Pvt. Ltd. and Nehat Tech Solutions) for business expansion, totaling Rs. 16.7 crore. Kiranakart argued these were payment platforms for settling dues. Hyretail also claimed Kiranakart owed them Rs. 7 crore

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## Issues and analysis

### Issue 1: Whether the petition was filed …

**Ratio:** The petition must be filed within 3 years from the date of default as per the Insolvency

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**Reasoning:** The court noted that the date of default was mentioned as 07.09.2023 and the petition was

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**Interpretation:** The limitation period for filing an insolvency petition is 3 years from the

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**Application:** Since the petition was filed within 3 years of the date of default, it was

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## Parties

- **Judges:** Sh. Harnam Singh…; Sh. Ashish…
- **Appellants:** Kiranakart…
- **Respondents:** Hyretail Technolog…

## Timeline

- **2020-10-15 — Incorporation of…**: Hyretail Technologies…
- **2022-07-30 — Discussions for…**: Operational Creditor entered into discussions with the Corporate Debtor for procuring…

## 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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