# In the matter of Golden Gate Ventures Pvt. Ltd. C.P. No. 217-BB-2018

> NCLT judgment dated 2019-09-30. Citation: TCN-2019-NCLT-01151. The case involves an application filed by P.E. Analytics Private Limited (Operational Creditor)…

- **Court:** NCLT
- **Order date:** 30 Sept 2019
- **Citation:** TCN-2019-NCLT-01151
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/golden-gate-ventures-pvt-ltd-cp-no-217-bb-2018-12d55d66

## Summary

### Background

The case involves an application filed by P.E. Analytics Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Golden Gate Ventures Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for services provided under a License Agreement. The Corporate Debtor opposed the application, but the NCLT admitted the petition.

## Facts

P.E. Analytics Private Limited (Operational Creditor) and Golden Gate Ventures Private Limited (Corporate Debtor) entered into a License Agreement on May 14, 2015, for the provision of online data services. The agreement was for a period of 12 months, with a fee structure of Rs. 6,00,000 per annum, exclusive of service tax, payable in quarterly installments. The agreement was renewed on June 17, 2016. The Corporate Debtor made payments for the first quarter but defaulted on subsequent payments. The Operational Creditor issued a demand notice on June 15, 2018, claiming Rs. 12,04,500. The Corporate Debtor did not reply to the notice or make the payment. The Operational Creditor filed a petition under Section 9 of the IBC. The Corporate Debtor, in its emails, admitted to

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor is maintainable under Section 9 of the …

**Ratio:** Section 9 of the IBC allows an operational creditor to initiate CIRP against a corporate

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**Reasoning:** The court found that the Operational Creditor had provided services to the Corporate

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**Interpretation:** Section 9 of the IBC provides a mechanism for operational creditors to recover

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**Application:** The court applied Section 9 of the IBC to the facts of the case and found that

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Respondents:** M/s. Golden Gate…; M/s.Golden Gate…

## Timeline

- **2015-05-14 — License Agr…**: P.E. Analytics Private Limited and Golden Gate Ventures Private Limited entered into a…
- **2016-06-17 — License Agreement…**: The License Agreement was…

## 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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