# In the matter of I Horse Technnologies Private Limited IBA-871-2020

> NCLT judgment dated 2022-03-21. Citation: TCN-2022-NCLT-03623. The case involves an application filed by G. Yoganand, an Operational Creditor, against I Horse…

- **Court:** NCLT
- **Order date:** 21 Mar 2022
- **Citation:** TCN-2022-NCLT-03623
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/i-horse-technnologies-private-limited-iba-871-2020-99fe3864

## Summary

### Background

The case involves an application filed by G. Yoganand, an Operational Creditor, against I Horse Technologies Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed a total operational debt of Rs. 7,60,368/-, comprising a principal amount of Rs. 5,71,718/- and interest of Rs. 1,88,650/-. The Corporate Debtor contested the application, arguing that there was a pre-existing dispute regarding the payment of dues, and that the Operational Creditor had not properly served the demand notice as required by the IBC. The Corporate Debtor also claimed that a full and final settlement had been made with the Operational Creditor.

## Facts

G. Yoganand, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against I Horse Technologies Private Limited, the Corporate Debtor, claiming an operational debt of Rs. 7,60,368/-. G. Yoganand was employed as a Technical Lead Software developer in the Corporate Debtor on 25.03.2016 with a standing remuneration on CTC per annum at Rs. 9,63,000/-. The Operational Creditor was relieved from employment without notice by the Corporate Debtor through relieving letter dated 15.09.2017 and the date of relieving is 03.08.2017. The Corporate Debtor argued that the Operational Creditor had personal issues, took long leaves, and did not serve the required notice period. The Corporate Debtor also claimed that a full and final

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## Issues and analysis

### Issue 1: Whether the demand notice issued by the Operational Creditor to the Corporate Debtor was made in …

**Ratio:** The Hon'ble Supreme Court in Innoventive Industries Ltd -Vs- ICICI Bank and Anr [Civil

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**Reasoning:** The Adjudicating Authority observed that the demand notice issued by the Operational

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**Interpretation:** Section 8 of the IBC mandates that an operational creditor must deliver a

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**Application:** In this case, the Adjudicating Authority found that the demand notice issued by

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## Parties

- **Judges:** R. Sucha…; SAMEER…
- **Appellants:** G. Yoga…
- **Respondents:** I HORSE TECHNOLOGI…

## Timeline

- **2016-03-25 — Appointment of…**: G. Yoganand was appointed as the Technical Lead Software development in the Corporate…
- **2017-08-03 — Date of Rel…**: The date of relieving of the…

## 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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