Ivalua Inc. filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Wipro Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on an alleged default of Rs 2,81,63,150.18 as of 13/02/2023. Ivalua and Wipro had entered into a Master Subscription Services Agreement (SSA) on 28/07/2021, for cloud services, maintenance, and support. Wipro contested the petition, arguing that there was a pre-existing dispute regarding the invoices raised by Ivalua.
Ivalua Inc. (Operational Creditor) and Wipro Limited (Corporate Debtor) entered into a Master Subscription Services Agreement (SSA) on July 28, 2021, for cloud services, maintenance, and support. The subscription term was to commence on September 1, 2021, and continue for three years. Ivalua raised invoices as per the SSA and Order Form. Wipro was to have a Proof of Concept (PoC) period. The PoC period was delayed and commenced on October 4, 2021, ending on November 9, 2021. Ivalua issued an invoice dated September 30, 2021, for services from September 1, 2021, to August 31, 2022. Wipro disputed this invoice, stating that the PoC period was at no additional cost and that services were not provided after the PoC period. Ivalua terminated the SSA on July 5, 2022. Despite
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Ivalua Inc. and Wipro…
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Ivalua Inc. filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Wipro Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on an alleged default of Rs 2,81,63,150.18 as of 13/02/2023. Ivalua and Wipro had entered into a Master Subscription Services Agreement (SSA) on 28/07/2021, for cloud services, maintenance, and support. Wipro contested the petition, arguing that there was a pre-existing dispute regarding the invoices raised by Ivalua.
Ivalua Inc. (Operational Creditor) and Wipro Limited (Corporate Debtor) entered into a Master Subscription Services Agreement (SSA) on July 28, 2021, for cloud services, maintenance, and support. The subscription term was to commence on September 1, 2021, and continue for three years. Ivalua raised invoices as per the SSA and Order Form. Wipro was to have a Proof of Concept (PoC) period. The PoC period was delayed and commenced on October 4, 2021, ending on November 9, 2021. Ivalua issued an invoice dated September 30, 2021, for services from September 1, 2021, to August 31, 2022. Wipro disputed this invoice, stating that the PoC period was at no additional cost and that services were not provided after the PoC period. Ivalua terminated the SSA on July 5, 2022. Despite
…Ivalua Inc. and Wipro…
The subscription term…