# In the matter of Goodday Ventures India Pvt. Ltd. C.P. (IB)-3060(MB)-2019

> NCLT judgment dated 2019-12-05. Citation: TCN-2019-NCLT-00313. The case involves a Company Petition filed by Micromax Informatics Ltd, the Operational…

- **Court:** NCLT
- **Order date:** 5 Dec 2019
- **Citation:** TCN-2019-NCLT-00313
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/goodday-ventures-india-pvt-ltd-cp-ib-3060mb-2019-99f5eba4

## Summary

### Background

The case involves a Company Petition filed by Micromax Informatics Ltd, the Operational Creditor, against Good Day Ventures (India) Pvt Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Debtor allegedly defaulted in payment of Rs. 9,88,21,579.70/- for supplied products. An agreement was in place between the parties where the Corporate Debtor was appointed as an Authorized Distributor. The Operational Creditor maintains a running account of the transactions.

## Facts

Micromax Informatics Ltd (Operational Creditor) filed a petition against Good Day Ventures (India) Pvt Ltd (Corporate Debtor) under Section 9 of the IBC for defaulting on a payment of Rs. 9,88,21,579.70/- for supplied products. The Corporate Debtor was appointed as an Authorized Distributor of the Operational Creditor. The Operational Creditor maintained a running account of the transactions. The Corporate Debtor issued a cheque for Rs. 7,74,67,345/- towards part-payment, which was dishonored. The Operational Creditor initiated proceedings under the Negotiable Instruments Act. A demand notice was issued but returned undelivered. The Corporate Debtor failed to pay the outstanding amount and did not raise any dispute despite receiving the Statutory Demand Notice. The

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in payment of debt exceeding the minimum amount prescribed …

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

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**Reasoning:** The court noted that the Corporate Debtor failed to make its outstanding debt to the

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**Interpretation:** The IBC specifies a minimum threshold for initiating CIRP. The court

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**Application:** The court applied this ratio to the fact that the Corporate Debtor's

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## Parties

- **Judges:** Rajasekha…; Ravikumar…; +1 more
- **Appellants:** Micromax Informati…
- **Respondents:** Good day Ventures…

## Timeline

- **2014-04-13 — Agreement…**: Corporate Debtor was appointed as Authorized Distributor of Operational Creditor vide…
- **2017-04-07 — Agreement…**: Another agreement dated 07.04.2017 was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 138 — Discharge order](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-138)

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