Ripple IP Services LLP, the Operational Creditor, filed a company petition under section 9 of the Insolvency and Bankruptcy Code, 2016 ( IBC ) to initiate Corporate Insolvency Resolution Process (CIRP) against Vubites India Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor failed to pay INR 48,51,753/-, which included a principal amount of INR 37,32,118/- and interest of INR 11,19,635.40/- at 18% p.a. The alleged date of default was April 29, 2017. The Operational Creditor stated that it provided various intellectual property (IP) services to the Corporate Debtor from June 12, 2014, to January 31, 2017, based on formal engagement terms agreed via email on November 1, 2012, and May 3, 2013. Despite rendering services and

Ripple IP Services LLP, the Operational Creditor, filed a company petition under section 9 of the Insolvency and Bankruptcy Code, 2016 ( IBC ) to initiate Corporate Insolvency Resolution Process (CIRP) against Vubites India Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor failed to pay INR 48,51,753/-, which included a principal amount of INR 37,32,118/- and interest of INR 11,19,635.40/- at 18% p.a. The alleged date of default was April 29, 2017. The Operational Creditor stated that it provided various intellectual property (IP) services to the Corporate Debtor from June 12, 2014, to January 31, 2017, based on formal engagement terms agreed via email on November 1, 2012, and May 3, 2013. Despite rendering services and