# In the matter of FUSION CX LIMITED

> NCLT judgment dated 2026-02-04. Citation: TCN-2026-NCLT-00115. Parsvatech Workspaces Private Limited, the Operational Creditor/Applicant, filed a Company…

- **Court:** NCLT
- **Order date:** 4 Feb 2026
- **Citation:** TCN-2026-NCLT-00115
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/fusion-cx-limited-6d768d8d

## Summary

### Background

Parsvatech Workspaces Private Limited, the Operational Creditor/Applicant, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Xplore-Tech Services Private Limited, the Corporate Debtor/Respondent.

## Facts

Parsvatech Workspaces Private Limited is the Operational Creditor and Applicant.

Xplore-Tech Services Private Limited is the Corporate Debtor and Respondent.

The Operational Creditor provided office space to the Corporate Debtor under two Business Centre Agreements.

The Corporate Debtor allegedly defaulted on payments for the services rendered.

The Operational Creditor issued a notice under Section 8 of the IBC demanding a sum of Rs 5,10,33,292.25/-.

The Corporate Debtor raised disputes regarding the quality of service and terminated the agreements.

The Corporate Debtor lodged a police complaint against the Operational Creditor.

The Operational Creditor disconnected electricity and removed employees of the Corporate Debtor from the Mumbai premises.

…

## Issues and analysis

### Issue 1: Whether the present application is above the …

**Ratio:** The total outstanding monthly fee payable by the Corporate Debtor for both the Chennai

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**Reasoning:** The NCLT determined that the outstanding debt exceeded the minimum threshold required for

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**Interpretation:** The threshold limit under Section 4 of the IBC is a prerequisite for admitting

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**Application:** The NCLT applied the facts to Section 4 of the IBC and determined that the

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## Parties

- **Judges:** BIDISHA BA…; Siddharth…
- **Appellants:** Parsvatech…
- **Respondents:** Xplore-Tech…
- **Other parties:** Mamta B…
- **Advocates:** Manju Bhu…; Tanvi Luha…; +4 more

## Timeline

- **2021-02-11 — Business Centre…**: Business Centre Agreement dated 11th February 2021(Hereinafter referred to as First…
- **2021-08-31 — Business Centre…**: Business Centre Agreement dated 31 August 2021 (Hereinafter referred to as Second…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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