# Alliance Advertising and Marketing Pvt. Ltd. vs. Eduisfun Technologies Pvt Ltd

> NCLT judgment dated 2026-09-24. Citation: TCN-2026-NCLT-01055. Alliance Advertising and Marketing Pvt. Ltd. (Operational Creditor) filed an application under…

- **Court:** NCLT
- **Order date:** 24 Sept 2026
- **Citation:** TCN-2026-NCLT-01055
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/alliance-advertising-and-marketing-pvt-ltd-vs-eduisfun-technologies-pvt-ltd-4sdbo

## Summary

### Background

Alliance Advertising and Marketing Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Eduisfun Technologies Pvt Ltd (Corporate Debtor). The application, filed on August 1, 2026, sought to recover an operational debt arising from advertising services provided under an agreement dated November 1, 2019. The Operational Creditor claimed a principal outstanding amount of Rs. 1,24,71,699/- from 38 overdue invoices, along with accrued interest of Rs. 2,80,53,677/- (totaling Rs. 4,05,25,376/- as of April 25, 2026), citing repeated acknowledgments of debt by the Corporate Debtor and non-payment despite a demand notice.

## Facts

Alliance Advertising and Marketing Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the IBC, 2016, against Eduisfun Technologies Pvt Ltd (Corporate Debtor).

The application, C.P. (IB) No.828/MB/2026, was filed on August 1, 2026, seeking to initiate Corporate Insolvency Resolution Process (CIRP).

The Operational Creditor provides media and advertising services, while the Corporate Debtor is engaged in online education under "STEPApp".

An agreement for advertising services was entered into between the parties on November 1, 2019, where the Operational Creditor was nominated as the Agency on Record (AOR).

Between December 2019 and May 2020, the Operational Creditor rendered advertising services worth crores of Rupees to the Corporate Debtor.

…

## Issues and analysis

### Issue 1: Whether the operational debt claimed in the application, which includes invoices falling due within …

**Ratio:** An application for CIRP under Section 9 of the IBC is not maintainable if the default, or

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**Reasoning:** Section 10A of the IBC, inserted with effect from June 5, 2020, explicitly prohibits the

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**Interpretation:** The phrase "no application shall ever be filed" in Section 10A

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**Application:** The Operational Creditor's application includes 25 invoices (Serial Nos. 14 to

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Alliance Advertisi…
- **Respondents:** Eduisfun Technolog…
- **Other parties:** Arshad Niza…; Praveen…; +1 more
- **Advocates:** Siddharth…; Kara…; +1 more

## Timeline

- **2019-11-01 — Agreement…**: Operational Creditor and Corporate Debtor entered into an agreement for advertising…
- **2019-12-01 — Service Perio…**: Operational Creditor began rendering advertising services to the 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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