# In the matter of Rigved Technologies Private Limited

> NCLT judgment dated 2025-06-03. Citation: TCN-2025-NCLT-00023. The case involves a petition filed by ESDA Software Solution Limited (Operational Creditor)…

- **Court:** NCLT
- **Order date:** 3 Jun 2025
- **Citation:** TCN-2025-NCLT-00023
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rigved-technologies-private-limited-7c5514fe

## Summary

### Background

The case involves a petition filed by ESDA Software Solution Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Rigved Technologies Private Limited (Corporate Debtor) for an operational debt of Rs. 2,78,88,969. The Corporate Debtor was awarded a project by SEBI to provide an Annual Maintenance Contract (AMC). The Corporate Debtor approached the Petitioner for purchase and supply of various Software related AMC services to SEBI for the said project. The Corporate Debtor issued two purchase orders to the Petitioner. The Petitioner also supplied additional services. The Corporate Debtor failed to make payments despite repeated acknowledgments of the debt

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## Facts

ESDA Software Solution Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Rigved Technologies Private Limited (Corporate Debtor). The claim is for an operational debt of Rs. 2,78,88,969. The Corporate Debtor was awarded a project by the Securities and Exchange Board of India (SEBI) for an Annual Maintenance Contract (AMC). The Corporate Debtor approached the Petitioner for software-related AMC services for the SEBI project. The Corporate Debtor issued two purchase orders to the Petitioner. The Petitioner also supplied additional services. The Corporate Debtor failed to make payments despite acknowledging the debt. The Petitioner issued a demand

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## Issues and analysis

### Issue 1: Whether the present Petition is maintainable under Section 9 of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016, allows an operational creditor to

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

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**Interpretation:** Section 9 is interpreted to mean that CIRP can be initiated only if there is an

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**Application:** The Adjudicating Authority found that the Corporate Debtor's admission of

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** ESDA Software…
- **Respondents:** Rigved Technologie…

## Timeline

- **2019-01-01 — Corporate Debtor…**: The Corporate Debtor was awarded a project by the Securities and Exchange Board of India…
- **2019-07-24 — Confirmation Letter to…**: A confirmation letter dated 24.07.2019 was issued by the Petitioner to SEBI, confirming…

## 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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