# In the matter of Ikontel Solutions Pvt. Ltd. CP (IB) No. 144-BB-2020

> NCLT judgment dated 2022-03-08. Citation: TCN-2022-NCLT-03852. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 8 Mar 2022
- **Citation:** TCN-2022-NCLT-03852
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ikontel-solutions-pvt-ltd-cp-ib-no-144-bb-2020-6da3a09e

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. Gupshup Technology India Pvt Ltd (Operational Creditor/Petitioner) against M/s. Ikontel Solutions Pvt Ltd (Corporate Debtor/Respondent) seeking to initiate Corporate Insolvency Resolution Process. The Operational Creditor claims a default amount of Rs.2,71,24,800/- as of 30.04.2016. The Petitioner and Respondent entered into a business agreement on 17.01.2014 for providing services. The Petitioner alleges that the Respondent intentionally misled them regarding their registration status with the ROC. The Petitioner raised invoices totaling Rs.57,022,183/-, out of which the Respondent made part payment of Rs.38,141,950/-, leaving a balance of Rs.1,88,80,233/- along

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## Facts

M/s. Gupshup Technology India Pvt Ltd (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Ikontel Solutions Pvt Ltd (Corporate Debtor) for a default amount of Rs.2,71,24,800/- as of 30.04.2016. The parties entered into a business agreement on 17.01.2014. The Operational Creditor claims the Corporate Debtor misled them regarding ROC registration. Invoices totaling Rs.57,022,183/- were raised, with part payment of Rs.38,141,950/-, leaving a balance of Rs.1,88,80,233/- plus interest of Rs.82,44,567/-. The Corporate Debtor failed to clear the outstanding amount despite reminders and a demand notice dated 26.05.2018. The Corporate Debtor admitted liability and proposed a payment plan, which was not fulfilled. A

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor under Section 9 of the Insolvency and …

**Ratio:** The petition can be admitted if the debt and default are proven, and the application is

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**Reasoning:** The Adjudicating Authority carefully examined the CP averments and documents, finding

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**Interpretation:** Section 9 of the IBC allows an operational creditor to initiate CIRP against a

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**Application:** The Adjudicating Authority found that the Operational Creditor had proven the

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## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Appellants:** M/s. Gupshup…
- **Respondents:** M/s. Ikontel…

## Timeline

- **2014-01-17 — Business Ag…**: Petitioner and Respondent…
- **2016-04-30 — Default…**: The default amount was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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