Veefin disputes Rs 1.2726543 crore Epikindifi IBC petition

Veefin Solutions Limited said on November 1, 2026, that Epikindifi Software and Solutions Private Limited filed a Section 9 insolvency petition seeking Corporate Insolvency Resolution Process over an alleged Rs 1.2726543 crore claim. Veefin disputes the claim, says it had already issued a notice of dispute, and cites ongoing arbitration concerning Epikindifi.

What has Veefin disclosed about the Epikindifi IBC petition?

Veefin disclosed that Epikindifi filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, before the National Company Law Tribunal, Mumbai Bench. In its November 1, 2026 disclosure, Veefin described Epikindifi as its disputed step-down subsidiary and said the applicant claims to be an operational creditor of Veefin.

The application seeks the initiation of Corporate Insolvency Resolution Process, or CIRP, against Veefin over an alleged Rs 1.2726543 crore claim. The disclosure reports a petition and a request for CIRP, rather than the commencement of CIRP or an order admitting the application. Veefin said the alleged debt is disputed and that it considers the Section 9 petition unsubstantiated and not maintainable.

The November 1 disclosure was made under Regulation 30 of the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements Regulations, 2015, as amended. Veefin’s filing identifies its BSE scrip code as 543931 and its International Securities Identification Number as INE0Q0M01015, while the substantive announcement concerns the Section 9 proceeding.

How is the alleged Rs 1.2726543 crore claim calculated?

Epikindifi’s alleged claim consists of an alleged invoice of Rs 90 lakh, goods and services tax, or GST, of Rs 16.20 lakh, and alleged interest of Rs 21.06543 lakh. Those three components total Rs 1.2726543 crore, according to the amount disclosed in Veefin’s November 1, 2026 filing.

The alleged invoice of Rs 90 lakh is the largest stated component, followed by alleged interest of Rs 21.06543 lakh and GST of Rs 16.20 lakh. The filing separately identifies the interest rather than including it in the invoice value, which means the amount sought exceeds the alleged invoice by Rs 37.26543 lakh.

Veefin’s disclosure provides no details on the goods or services underlying the alleged Rs 90 lakh invoice. It also does not state an invoice date, payment due date, interest rate, interest period, contract terms or whether the invoice figure represents one invoice or a group of invoices.

The filing does not concede the alleged Rs 90 lakh invoice, the Rs 16.20 lakh GST component or the Rs 21.06543 lakh interest claim. Veefin’s stated position on November 1, 2026 was that the total Rs 1.2726543 crore claim was disputed, following its response to Epikindifi’s demand notice.

Why does Veefin dispute Epikindifi’s claim?

Veefin said it strongly disputes the alleged Rs 1.2726543 crore claim and regards the Section 9 petition as unsubstantiated and not maintainable. This is Veefin’s position in its November 1, 2026 announcement, not a determination by the National Company Law Tribunal, Mumbai Bench.

The company said it had issued a detailed notice of dispute after receiving Epikindifi’s demand notice, expressly contesting the alleged liability. That response preceded the disclosure of the Section 9 application, which seeks CIRP over the stated Rs 1.2726543 crore amount.

Veefin also said the petition appears to be an afterthought against the backdrop of disputes involving Epikindifi that are already subject to ongoing arbitration proceedings. The November 1 filing does not identify the arbitral forum, the claims being arbitrated, the date arbitration began or any award or interim order.

Veefin said the Section 9 filing raises questions over the bona fides of the alleged claim. That assessment is the company’s view of the petition and its relationship with the ongoing arbitration, rather than an independent conclusion recorded in the disclosure.

What will Veefin do after the Section 9 filing?

Veefin said it will take all necessary and appropriate steps to protect its interests and those of its stakeholders, and will contest the Section 9 petition. The November 1, 2026 filing does not specify a procedural timetable, legal filing date or other action beyond the company’s stated intention to challenge the application.

The company also said it would disclose further material developments. The announcement does not provide a hearing date before the National Company Law Tribunal, Mumbai Bench, a decision on whether to admit the petition, or a timeline for resolution of the arbitration concerning Epikindifi.

The filing does not disclose a financial provision, cash payment, operational interruption or board decision connected with the alleged Rs 1.2726543 crore claim. Its stated facts are limited to Epikindifi’s Section 9 application, the three claimed monetary components, Veefin’s notice of dispute and the arbitration context.

The next disclosed milestone is therefore any material update Veefin issues on the petition or the related arbitration. Until such an update, the company’s announced position remains that it disputes the alleged Rs 1.2726543 crore claim and will contest the CIRP request.

Conclusion

Veefin’s November 1, 2026 announcement reports a filed insolvency petition, not the start of CIRP. Epikindifi seeks CIRP over an alleged Rs 1.2726543 crore claim comprising Rs 90 lakh of alleged invoice value, Rs 16.20 lakh of GST and Rs 21.06543 lakh of alleged interest, while Veefin contests each aspect of the claim.

The next point to watch is Veefin’s promised disclosure of material developments in the Section 9 matter before the National Company Law Tribunal, Mumbai Bench. The arbitration concerning Epikindifi remains unresolved in the filing and is central to Veefin’s stated rationale for contesting the petition.