# Marvel Industries & Services Pvt Ltd vs. Flexituff Technology International Ltd

> NCLT judgment dated 2026-09-09. Citation: TCN-2026-NCLT-00987. Marvel Industries & Services Pvt Ltd (Operational Creditor) filed an application under Section…

- **Court:** NCLT
- **Order date:** 9 Sept 2026
- **Citation:** TCN-2026-NCLT-00987
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/marvel-industries-services-pvt-ltd-vs-ms-flexituff-technology-international-limi-ty281

## Summary

### Background

Marvel Industries & Services Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Flexituff Technology International Ltd (Corporate Debtor). The claim is for an operational debt of Rs. 1,14,70,580/-, including interest. The debt originated from a Memorandum of Understanding (MOU) dated 08.09.2022 between the Operational Creditor and Flexituff Ventures International Limited (FVIL), where the Operational Creditor acted as an export intermediary. The Corporate Debtor subsequently assumed FVIL's liability through a letter dated 09.09.2024, made a part-payment, and issued four post-dated cheques, three of which were dishonoured.

## Facts

M/s Marvel Industries and Services Private Limited (Applicant/Operational Creditor) filed a Company Petition under Section 9 of the IBC, 2016.

The petition seeks initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Flexituff Technology International Limited (Corporate Debtor/Respondent).

The alleged default is in payment of an operational debt of Rs. 1,14,70,580/-, inclusive of interest.

The debt is traced to a Memorandum of Understanding (MOU) dated 08.09.2022 between the Applicant and M/s Flexituff Ventures International Limited (FVIL).

Under the MOU, the Applicant acted as an export intermediary for FVIL.

Upon reconciliation, Rs. 1,92,95,580/- was found due from FVIL.

The Corporate Debtor expressly assumed this liability vide a Letter dated 09.09.2024.

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## Issues and analysis

### Issue 1: Whether an operational debt exceeding the …

**Ratio:** A Corporate Debtor's own letter admitting a net payable sum, making part-payment, and

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**Reasoning:** The Corporate Debtor's Letter dated 09.09.2024 explicitly admitted a net payable sum of

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**Interpretation:** An express admission of liability by the Corporate Debtor, coupled with

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**Application:** The Corporate Debtor's letter and subsequent actions directly acknowledge the

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## Parties

- **Judges:** Brajendra Mani…; Man Mohan…
- **Appellants:** Marvel Industries…; M/s Marvel…
- **Respondents:** M/s Flexituff…; Flexituff…
- **Other parties:** Committee of…; Saurabh K…; +1 more
- **Advocates:** Aryan G…; Akshat Ag…

## Timeline

- **2022-09-08 — MOU Exec…**: Memorandum of Understanding (MOU) executed between Marvel Industries and Services Pvt Ltd…
- **2024-09-07 — Part-payment by…**: Corporate Debtor…

## 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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