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

> NCLT judgment dated 2022-04-06. Citation: TCN-2022-NCLT-03347. 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-03347
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/presto-info-solutions-private-limited-ib-244nd2021-ae59694c

## Summary

### Background

M/s Compuage Infocom Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s. Presto Info Solutions Private Limited, the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The operational debt arose from the sale of computer hardware and software peripherals/products by the applicant to the corporate debtor. The applicant claimed a principal amount of Rs. 2,60,23,070/- with a default date of 23.02.2019. 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 suspends the initiation of CIRP for defaults occurring

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## Facts

M/s Compuage Infocom Limited (Operational Creditor) sold computer hardware and software peripherals/products to M/s. Presto Info Solutions Private Limited (Corporate Debtor). The total principal amount claimed by the Applicant is Rs. 2,60,23,070/-, with the date of default being 23.02.2019. The Applicant issued a Demand Notice dated 06.04.2021 under Section 8 of IBC, which was served to the Corporate Debtor via speed post on 07.04.2021. The Corporate Debtor filed its reply opposing the application, stating that the Applicant had earlier filed an application under Section 9 bearing No. (IB)-961(ND)2020 against the Corporate Debtor, which was withdrawn by the Applicant on 01.12.2020.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 dated 22.10.2020, and the Corporate

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## Issues and analysis

### Issue 1: Whether the present application is …

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

…

**Reasoning:** The NCLT observed that the date of default relied upon by the applicant is 23.02.2019,

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**Interpretation:** Section 10A is interpreted to provide a moratorium on CIRP initiation for

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**Application:** Since the default occurred on 23.02.2019, which is prior to the period

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## Parties

- **Judges:** SH. BACHU VENKAT…; SH. L. N.…
- **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 agreement was executed between the operational creditor…

## 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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