The case pertains to an application filed by M/s. Srius Business Solutions Pvt Ltd under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The company, engaged in developing packaged software, faced financial difficulties due to lack of sales and the loss of employees in its subsidiary company. An operational creditor, M/s. Key Solutions Inc., USA, stopped purchasing software due to the applicant's failure to deliver on time and demanded payment of outstanding dues.
M/s. Srius Business Solutions Pvt Ltd, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against itself. The company develops packaged software but experienced financial difficulties, including no sales in the last 11 months and the loss of employees in its subsidiary. M/s. Key Solutions Inc., USA, an operational creditor, stopped purchasing software due to the applicant's failure to deliver on time and demanded payment of Rs. 3,64,25,656/-. The company is also owed Rs. 1,88,54,304/- by its subsidiary, M/s. INDUS Business Solutions Limited, which has filed a CIRP application. The company's total outstanding is Rs. 3,64,25,656/-, and its members approved the CIRP application in an
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The case pertains to an application filed by M/s. Srius Business Solutions Pvt Ltd under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The company, engaged in developing packaged software, faced financial difficulties due to lack of sales and the loss of employees in its subsidiary company. An operational creditor, M/s. Key Solutions Inc., USA, stopped purchasing software due to the applicant's failure to deliver on time and demanded payment of outstanding dues.
M/s. Srius Business Solutions Pvt Ltd, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against itself. The company develops packaged software but experienced financial difficulties, including no sales in the last 11 months and the loss of employees in its subsidiary. M/s. Key Solutions Inc., USA, an operational creditor, stopped purchasing software due to the applicant's failure to deliver on time and demanded payment of Rs. 3,64,25,656/-. The company is also owed Rs. 1,88,54,304/- by its subsidiary, M/s. INDUS Business Solutions Limited, which has filed a CIRP application. The company's total outstanding is Rs. 3,64,25,656/-, and its members approved the CIRP application in an
…Members of the Company approved and authorized…
The matter was heard by…