# 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-01170. 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-01170
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/golden-gate-ventures-pvt-ltd-cp-no-217-bb-2018-5f19449d

## 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) due to default in payment of outstanding dues related to a license agreement for online data services. The Operational Creditor claimed that the Corporate Debtor failed to make payments as per the agreement, leading to a total outstanding amount of Rs. 12,04,500/- plus interest of Rs. 6,26,856/-. The Corporate Debtor opposed the application, but the Adjudicating Authority found the debt and default undisputed.

## Facts

P.E. Analytics Private Limited (Operational Creditor) and Golden Gate Ventures Private Limited (Corporate Debtor) entered into a License Agreement on 14.05.2015, where the Operational Creditor would provide online data services to the Corporate Debtor. The agreement was for 12 months, with a fee of Rs. 6,00,000/- per annum, payable in quarterly installments. The agreement was renewed on 17.06.2016. The Corporate Debtor made the first quarterly payment but defaulted on subsequent payments. The Operational Creditor issued a demand notice on 15.06.2018, claiming Rs. 12,04,500/-. The Corporate Debtor acknowledged the debt in emails but failed to make payments, citing real estate market conditions. The Operational Creditor filed a Company Petition under Section 9 of the

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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, 2016 allows an operational creditor to initiate CIRP against a

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**Reasoning:** The Adjudicating Authority found that the Operational Creditor had complied with the

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**Interpretation:** Section 9 of the IBC, 2016 provides a mechanism for operational creditors to

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**Application:** In this case, the Operational Creditor provided evidence of the debt, default,

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** M/s. P.E.…
- **Respondents:** M/s. Golden Gate…; M/s.Golden Gate…
- **Advocates:** Christoph…; Ravishank…

## 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 between P.E. Analytics Private Limited and Golden Gate Ventures…

## 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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