IN2IT Systems & Services Pvt. Ltd Vs IN2IT Technologies Private Ltd. (NCLT Cuttack)
The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by the Financial Creditor seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor based on an alleged financial debt arising from a Loan Agreement dated 30 September 2020. The Financial Creditor claimed a default of ₹16.53 crore, comprising a principal outstanding of ₹11.04 crore and contractual interest of ₹5.49 crore at 18% per annum. The date of default was stated as 18 November 2025.
According to the Financial Creditor, the Corporate Debtor had approached it for financial assistance to meet liquidity and operational requirements. Under the Loan Agreement, a loan facility of up to ₹15 crore was sanctioned, permitting disbursements either directly to the Corporate Debtor or to its vendors based on written payment requests. The agreement provided that such disbursements constituted financial debt carrying interest at 18% per annum. The Financial Creditor submitted that funds were disbursed through banking channels pursuant to payment request letters and were utilised to settle the Corporate Debtor’s liabilities, including payments to various vendors. It relied on the Loan Agreement, payment request letters, bank statements, ledger statements, and financial statements to establish the debt.
