# In the matter of KARVY DIGIKONNECT LIMITED

> NCLT judgment dated 2026-03-24. Citation: TCN-2026-NCLT-00249. Telenetix Private Limited filed a Section 9 application under the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 24 Mar 2026
- **Citation:** TCN-2026-NCLT-00249
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/karvy-digikonnect-limited-fc459998

## Summary

### Background

Telenetix Private Limited filed a Section 9 application under the Insolvency and Bankruptcy Code, 2016, against Karvy Digikonnect Limited, claiming default on operational debt.

## Facts

Telenetix Private Limited ('Operational Creditor') filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Karvy Digikonnect Limited ('Corporate Debtor').

The Operational Creditor claimed a default amount of Rs. 2,58,66,900/- based on an Arbitral Award dated 28.03.2022.

The Corporate Debtor utilized the services of the Operational Creditor but failed to make payments for the period from October 2019 to February 2020.

The Operational Creditor filed a reference under Section 18(1) of the MSMED Act, 2006 before the MSEFC, Mysore on 16.02.2021, which was registered as Case No. 110/2020.

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## Issues and analysis

### Issue 1: Whether the alleged date of default lies within the period of suspension as defined under Section …

**Ratio:** The Hon'ble Supreme Court clarified that where a Creditor approaches the Adjudicating

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**Reasoning:** The liability of the Corporate Debtor stood finally adjudicated by the Arbitral Award

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**Interpretation:** The date of default for the purposes of the present petition is 28.03.2022,

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**Application:** The NCLT held that since the Arbitral Award was passed on 28.03.2022, the

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Anu Jagmoha…
- **Appellants:** Telenetix Private…
- **Respondents:** Karvy Digikonnect…
- **Other parties:** Ashu G…
- **Advocates:** Geetanjali…; Amit Agg…; +1 more

## Timeline

- **28.03.2022 — Arbitral…**: Sole Arbitrator passed an Arbitral Award…
- **25.04.2024 — Demand N…**: Operational Creditor issued a Demand…

## 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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