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. The petition was filed by M/s. Indus Business Systems Limited, the Corporate Applicant, to initiate the corporate insolvency resolution process (CIRP). The Corporate Applicant stated that it is a limited company involved in the development of packaged software but has faced business challenges, including a lack of sales in the last 7 months due to a lack of funds. One of its major operational creditors, Sirus Business Solutions Private Limited, stopped purchasing software due to its own financial difficulties and began demanding a refund of trade advance. The members of the Company
…M/s. Indus Business Systems Limited, a company involved in the development of packaged software, filed a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). The company claimed it faced financial difficulties, including a lack of sales in the last 7 months due to a lack of funds. The company's major operational creditor, Sirus Business Solutions Private Limited, stopped purchasing software and demanded a refund of trade advance, with an outstanding amount of Rs.1,88,54,304/-. The company also defaulted to a service contractor to an extent of Rs.19,80,000/-. As of 31.10.2022, the company had cash and cash equivalents of Rs.7,47,092/-, fixed assets of Rs. 12,08,629/-, and an
…Sign in to view the parties.
Members of M/s. Indus Business Systems Limited…
The Adjudicating Authority admitted the…
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. The petition was filed by M/s. Indus Business Systems Limited, the Corporate Applicant, to initiate the corporate insolvency resolution process (CIRP). The Corporate Applicant stated that it is a limited company involved in the development of packaged software but has faced business challenges, including a lack of sales in the last 7 months due to a lack of funds. One of its major operational creditors, Sirus Business Solutions Private Limited, stopped purchasing software due to its own financial difficulties and began demanding a refund of trade advance. The members of the Company
…M/s. Indus Business Systems Limited, a company involved in the development of packaged software, filed a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). The company claimed it faced financial difficulties, including a lack of sales in the last 7 months due to a lack of funds. The company's major operational creditor, Sirus Business Solutions Private Limited, stopped purchasing software and demanded a refund of trade advance, with an outstanding amount of Rs.1,88,54,304/-. The company also defaulted to a service contractor to an extent of Rs.19,80,000/-. As of 31.10.2022, the company had cash and cash equivalents of Rs.7,47,092/-, fixed assets of Rs. 12,08,629/-, and an
…Members of M/s. Indus Business Systems Limited…
The Adjudicating Authority admitted the…