# 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-00316. Micromax Informatics Ltd, the Operational Creditor, filed a Company Petition under Section 9 of…

- **Court:** NCLT
- **Order date:** 5 Dec 2019
- **Citation:** TCN-2019-NCLT-00316
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/goodday-ventures-india-pvt-ltd-cp-ib-3060mb-2019-e3d8a988

## Summary

### Background

Micromax Informatics Ltd, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Good Day Ventures (India) Pvt Ltd, the Corporate Debtor, due to a default in payment of Rs. 9,88,21,579.70 for supplied products. The Corporate Debtor was appointed as an Authorized Distributor of the Operational Creditor, with agreements dated 13.04.2014 and 07.04.2017 between the parties. The Corporate Debtor purchased products from the Operational Creditor, who maintained 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 due to a default in payment of Rs. 9,88,21,579.70 for products supplied. The Corporate Debtor was an authorized distributor for the Operational Creditor. An admitted outstanding amount of Rs. 9,22,21,597.70 existed. The Corporate Debtor issued a cheque for Rs. 7,74,67,345 towards part payment, but it was dishonored. The Operational Creditor initiated proceedings under Section 138 and 142 of the Negotiable Instruments Act, 1981, which are pending. A demand notice was issued on 25.05.2019, but it was returned undelivered. A statutory demand notice was then sent on 12.06.2019. The Corporate Debtor failed to pay the

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## Issues and analysis

### Issue 1: Whether the petition filed under Section 9 of the IBC by the Operational Creditor is complete and …

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

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

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**Interpretation:** Section 9 of the IBC is interpreted to mean that if the operational debt is

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**Application:** The court applied the ratio to the facts by noting that the Corporate Debtor's

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## Parties

- **Judges:** Rajasekha…; RavikumarDu…
- **Appellants:** Micromax Informati…
- **Respondents:** Good day Ventures…

## Timeline

- **2014-04-13 — Agreement between Operational Creditor and…**: Agreement was entered into between Micromax Informatics Ltd and Good Day Ventures (India)…
- **2017-04-07 — Second Agreement between Operational Creditor…**: Another agreement was entered into between Micromax Informatics Ltd and Good Day 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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