# In the matter of M/s Born Unicorn Tech Prise Pvt. Ltd.

> NCLT judgment dated 2025-01-10. Citation: TCN-2025-NCLT-00632. The case involves an application filed by Big Barter Private Limited (Operational Creditor)…

- **Court:** NCLT
- **Order date:** 10 Jan 2025
- **Citation:** TCN-2025-NCLT-00632
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ms-born-unicorn-tech-prise-pvt-ltd-b59fe727

## Summary

### Background

The case involves an application filed by Big Barter Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Born Unicorn Tech Prise Pvt. Ltd. (Corporate Debtor) for defaulting on a payment of Rs. 1,05,49,200/-. The Operational Creditor and Corporate Debtor entered into an agreement on 03.10.2024, where the Corporate Debtor agreed to avail media services. The Operational Creditor completed the work and raised invoices, but the Corporate Debtor failed to make payments despite reminders. The Corporate Debtor acknowledged the debt but cited financial constraints.

## Facts

Big Barter Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Born Unicorn Tech Prise Pvt. Ltd. (Corporate Debtor). On 03.10.2024, the parties entered into an agreement for media services. The Operational Creditor completed the work and raised invoices numbered 64 (dated January 3, 2024) for Rs. 56,64,000/- and 65 (dated April 3, 2024) for Rs. 48,85,200/-. As per the agreement, the Corporate Debtor was obligated to clear payments within 10 days of receiving the invoices. Despite follow-ups, the Corporate Debtor failed to settle the dues. On 14.04.2024, the Operational Creditor notified the Corporate Debtor about the completion of work

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating …

**Ratio:** The Hon'ble Supreme Court in Mobilox Innovations Pvt. Ltd. v. Kirusa Software Pvt. Ltd.,

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**Reasoning:** The Adjudicating Authority considered the submissions of both parties and found that the

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**Interpretation:** The legal issue concerns the admissibility of an application under Section 9 of

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**Application:** In this case, the Corporate Debtor acknowledged the debt and did not raise a

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** Big Barter…
- **Respondents:** Born Unicorn Tech…
- **Advocates:** Akash Chat…; DaminiSr…; +2 more

## Timeline

- **2021-09-29 — Incorporation of…**: Born Unicorn Tech Prise…
- **2024-10-03 — Agreement between Operational Creditor and…**: The Operational Creditor and the Corporate Debtor entered into an agreement for media…

## 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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