Inventtive Systems & Automation Private Limited Vs Prolific Systems and Technologies Private Limited (NCLT Mumbai)
NCLT Mumbai admitted application u/s. 9 of the Insolvency and Bankruptcy Code [IBC] for initiating CIRP against Corporate Debtor since operational creditor duly established existence of operational debt and default.
Facts- This Company Petition was filed on 30.03.2025 under Section 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by Inventtive Systems & Automation Private Limited, the Operational Creditor (OC), for initiating Corporate Insolvency Resolution Process (CIRP) of Prolific Systems & Technologies Private Limited, the Corporate Debtor (CD). The total amount of default alleged is Rs. 5,41,66,039/-.
Conclusion- Held that any dispute as to the nature of the security deposit is not material at the stage of admission and can be adjudicated upon during the CIRP process or by the Resolution Professional. Moreover, CD is not denying receipt of goods or of security deposit.
Held that the Adjudicating Authority is satisfied that the Operational Creditor has established the existence of an operational debt exceeding the threshold of Rs. 1 Crore; there is a default in payment of such debt; a valid demand notice under Section 8 was issued and no pre-existing dispute is found that would bar admission under Section 9. Accordingly, the Company Petition is admitted under Section 9 of the Insolvency and Bankruptcy Code, 2016.
