# In the matter of Futuretimes Technology India Private Limited

> NCLT judgment dated 2025-07-22. Citation: TCN-2025-NCLT-01153. Delhivery Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 22 Jul 2025
- **Citation:** TCN-2025-NCLT-01153
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/futuretimes-technology-india-private-limited-5c990e78

## Summary

### Background

Delhivery Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Futuretimes Technology India Private Limited for defaulting on a payment of Rs. 1,88,72,046/-.

## Facts

Delhivery Limited (Operational Creditor) filed an application under Section 9 of the IBC to initiate CIRP against Futuretimes Technology India Private Limited (Corporate Debtor).

The Corporate Debtor defaulted on a payment of Rs. 1,88,72,046/- to the Operational Creditor.

The Corporate Debtor availed courier and logistical services from the Operational Creditor since the Financial Year 2018-19.

A Service Agreement was entered into between the parties on 08.10.2018, and two supplementary agreements were executed on 29.08.2019 and 23.01.2020.

The Corporate Debtor was previously known as Globemax Technology India Private Limited and underwent a change of name on 12.11.2019.

The last invoice was raised by the Operational Creditor on 06.04.2022.

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## Issues and analysis

### Issue 1: Whether the demand notice issued under section 8 of the Insolvency and Bankruptcy Code, 2016 (“IBC” …

**Ratio:** Issuance and service of demand notice under Section 8(1) of the IBC is a mandatory

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**Reasoning:** The Hon'ble Supreme Court in Macquarie Bank Limited v. Shilpi Cable Technologies Ltd.

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**Interpretation:** Where a demand notice is returned unserved with the remark “addressee has left

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**Application:** In the present case, the demand notice was issued via registered post but

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## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Appellants:** Delhivery L…
- **Respondents:** Futuretimes…
- **Advocates:** Rahu…; Vardaan…; +5 more

## Timeline

- **2018-10-08 — Service Agr…**: The Corporate Debtor entered into a Service…
- **2019-08-29 — Addendum…**: The parties executed a…

## 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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