# In the matter of Presto Info Solutions Private Limited (IB)-244(ND)2021

> NCLT judgment dated 2022-04-06. Citation: TCN-2022-NCLT-03354. M/s Compuage Infocom Limited, an operational creditor, filed an application under Section 9 of…

- **Court:** NCLT
- **Order date:** 6 Apr 2022
- **Citation:** TCN-2022-NCLT-03354
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/presto-info-solutions-private-limited-ib-244nd2021-ab3f5085

## Summary

### Background

M/s Compuage Infocom Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Presto Info Solutions Private Limited, the corporate debtor. The operational debt arose from the sale of computer hardware and software peripherals by the applicant to the corporate debtor. The applicant claimed a principal amount of Rs. 2,60,23,070/- with interest, totaling Rs. 10,34,92,071/- as of 30.04.2021. The corporate debtor opposed the application, citing a settlement agreement dated 22.10.2020, and argued that the default occurred during the period when Section 10A of the IBC was in force, which suspended the initiation of CIRP for

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## Facts

M/s Compuage Infocom Limited (Operational Creditor) sold computer hardware and software peripherals to M/s. Presto Info Solutions Private Limited (Corporate Debtor). The total principal amount claimed by the Operational Creditor is Rs. 2,60,23,070/-. The date of default relied upon by the Operational Creditor is 23.02.2019. The Operational Creditor issued a Demand Notice dated 06.04.2021 under Section 8 of IBC to the Corporate Debtor. The Corporate Debtor had earlier filed its reply and opposed the application. The Corporate Debtor submitted that the Applicant had earlier also filed an application under Section 9 bearing No. (IB)-961(ND)2020 against the Corporate Debtor, which was withdrawn by the Applicant on 01.12.2020. The parties had executed a settlement agreement

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## Issues and analysis

### Issue 1: Whether the present application is barred by Section 10A of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 10A of the IBC suspends the initiation of CIRP for defaults occurring between

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**Reasoning:** The tribunal observed that the date of default relied upon by the applicant was

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**Interpretation:** Section 10A provides a bar on filing applications for defaults occurring during

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**Application:** The tribunal determined that the original date of default was 23.02.2019, which

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## Parties

- **Judges:** BACHU VENKAT…; L. N. G…
- **Appellants:** M/s Compuage…
- **Respondents:** M/s. Presto Info…

## Timeline

- **2019-02-23 — Date of D…**: The date on which the corporate debtor defaulted on its payment obligations to the…
- **2020-10-22 — Settlement Ag…**: The date on which the settlement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(12) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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