Key Event Details
A petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Epikindifi Software and Solutions Private Limited, which is described as a disputed step-down subsidiary of VeeFin Solutions Limited. The petitioner claims to be an operational creditor of the company.
Financial Claim Details
The alleged claim amount is INR 1,27,26,543 (₹1.27 crore), which comprises:
- Alleged invoice amount: INR 90,00,000
- GST on alleged invoice: INR 16,20,000
- Alleged interest: INR 21,06,543
Legal Proceedings
The petition has been filed before the National Company Law Tribunal - Mumbai Bench (NCLT, Mumbai). The petitioner is seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against VeeFin Solutions Limited.
Company's Position and Response
VeeFin Solutions Limited strongly disputes the alleged claim and considers the petition to be unsubstantiated and not maintainable. The company has already issued a detailed notice of dispute in response to the demand notice served by Epikindifi, expressly disputing the alleged claim.
Context and Background
The company states that the filing appears to be an afterthought in the backdrop of ongoing disputes concerning Epikindifi, which are already the subject matter of ongoing arbitration proceedings. The company questions the bona fides of the alleged claim.
Future Course of Action
VeeFin Solutions Limited will take all necessary and appropriate steps to protect its and its stakeholders' interests and will contest the petition. The company has committed to disclosing further material developments as they occur.