The case pertains to a Company Petition (IB) No. 363/10/HDB/2022 filed under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7 of the I&B (AAA) Rules, 2016. M/s. Indus Business Systems Limited, the Corporate Applicant, filed the petition to initiate corporate insolvency resolution process. The company is involved in the development of packaged software but faced business difficulties due to lack of funds and absence of sales in the preceding seven months. An operational creditor, Sirus Business Solutions Private Limited, had stopped purchasing software from the corporate debtor and started demanding a refund of trade advance.
M/s. Indus Business Systems Limited, a company involved in developing packaged software, filed a petition to initiate corporate insolvency resolution process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The company faced financial difficulties, including a lack of sales for the past seven months due to a shortage of funds. Sirus Business Solutions Private Limited, a major operational creditor, stopped purchasing software from the company and demanded a refund of trade advances, with an outstanding amount of Rs. 1,88,54,304/-. The company's cash and cash equivalents as of 31.10.2022 were Rs. 7,47,092/-, and it had fixed assets worth Rs. 12,08,629/-. The company's members passed a resolution on 26.10.2022 to initiate CIRP. The petition was
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The case pertains to a Company Petition (IB) No. 363/10/HDB/2022 filed under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7 of the I&B (AAA) Rules, 2016. M/s. Indus Business Systems Limited, the Corporate Applicant, filed the petition to initiate corporate insolvency resolution process. The company is involved in the development of packaged software but faced business difficulties due to lack of funds and absence of sales in the preceding seven months. An operational creditor, Sirus Business Solutions Private Limited, had stopped purchasing software from the corporate debtor and started demanding a refund of trade advance.
M/s. Indus Business Systems Limited, a company involved in developing packaged software, filed a petition to initiate corporate insolvency resolution process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The company faced financial difficulties, including a lack of sales for the past seven months due to a shortage of funds. Sirus Business Solutions Private Limited, a major operational creditor, stopped purchasing software from the company and demanded a refund of trade advances, with an outstanding amount of Rs. 1,88,54,304/-. The company's cash and cash equivalents as of 31.10.2022 were Rs. 7,47,092/-, and it had fixed assets worth Rs. 12,08,629/-. The company's members passed a resolution on 26.10.2022 to initiate CIRP. The petition was
…Members of Indus…
The NCLT Hyderabad…