# In the matter of Neblio Technologies Private Limited

> NCLT judgment dated 2024-01-23. Citation: TCN-2024-NCLT-02959. Elixiray Consulting Private Limited, the Operational Creditor, filed an application under…

- **Court:** NCLT
- **Order date:** 23 Jan 2024
- **Citation:** TCN-2024-NCLT-02959
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/neblio-technologies-private-limited-619e63e4

## Summary

### Background

Elixiray Consulting Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Neblio Technologies Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for services rendered under a Service Agreement dated 04.01.2022. The Operational Creditor provided business promotion and consulting services, including promoting the Corporate Debtor's app 'CoinDCX'. Invoices were raised for services provided from January to March 2022, but payments for February and March remained outstanding.

## Facts

Elixiray Consulting Private Limited (Operational Creditor) and Neblio Technologies Private Limited (Corporate Debtor) entered into a Service Agreement on 04.01.2022. Elixiray was to provide business promotion and consulting services, including promoting Neblio's app 'CoinDCX'. Elixiray raised invoices for services provided from January to March 2022. Neblio paid the January invoice but disputed the February and March invoices, claiming fraudulent data. Elixiray issued a demand notice on 17.05.2022. Neblio replied on 25.05.2022, asserting a pre-existing dispute. Neblio appointed M/s Six Dee Netad Solutions Private Limited ('mFilterlt') to examine the data, which identified fraudulent entries. Neblio informed Elixiray to stop work on 08.03.2022. Elixiray filed an

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## Issues and analysis

### Issue 1: Whether there is an 'operational debt' as defined exceeding the threshold limit under Section 4 of …

**Ratio:** An application under Section 9 of the Code requires strict proof of debt and default. The

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**Reasoning:** The NCLT found that the Operational Creditor failed to establish the existence of a

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**Interpretation:** The existence of a genuine and pre-existing dispute negates the requirement of

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**Application:** In this case, the Corporate Debtor demonstrated a genuine dispute regarding the

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** Elixiray Consultin…
- **Respondents:** Neblio Technologie…

## Timeline

- **2022-01-04 — Service Agr…**: Elixiray Consulting Private Limited and Neblio Technologies Private Limited entered into…
- **2022-01-01 — Service Pro…**: Elixiray Consulting Private Limited started providing services to Neblio Technologies…

## 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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