# In the matter of Orasi Technology (India) Private Limited CP (IB)2430-MB-C-IV-2019

> NCLT judgment dated 2020-01-01. Citation: TCN-2020-NCLT-02587. The case involves a petition filed by Smaran Enterprises LLP (Financial Creditor) under Section…

- **Court:** NCLT
- **Order date:** 1 Jan 2020
- **Citation:** TCN-2020-NCLT-02587
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/orasi-technology-india-private-limited-cp-ib2430-mb-c-iv-2019-155f33eb

## Summary

### Background

The case involves a petition filed by Smaran Enterprises LLP (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Orasi Technology (India) Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 12,50,000 as principal and Rs. 7,64,435 as interest, based on a Memorandum of Understanding (MoU) dated 08.01.2016. The Financial Creditor invested in the Corporate Debtor for developing a retail viewer, with an agreement for a 25% share in annual sale proceeds. The Corporate Debtor acknowledged the liability in an email dated 16.03.2017, offering to return Rs. 2,50,000 by 15.04.2017, with the balance considered as a

…

## Facts

Smaran Enterprises LLP (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Orasi Technology (India) Private Limited (Corporate Debtor). The Financial Creditor claimed a default of Rs. 12,50,000 as principal and Rs. 7,64,435 as interest, based on a Memorandum of Understanding (MoU) dated 08.01.2016. The MoU stipulated that the Financial Creditor would have a 25% share in the annual sale proceeds of the Corporate Debtor. The date of default was stated to be 01.04.2017. The Financial Creditor submitted bank statements showing a debit entry of Rs. 12.50 lakh from its account to the Corporate Debtor. The Corporate Debtor acknowledged the liability in an email

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority has jurisdiction to entertain the petition given the presence of …

**Ratio:** The presence of an arbitration clause does not automatically bar the Adjudicating

…

**Reasoning:** The Adjudicating Authority has the power to determine whether a default has occurred and

…

**Interpretation:** The IBC is a special law that overrides other laws, including arbitration

…

**Application:** Even though the Corporate Debtor argued that the MoU contained an arbitration

…

## Parties

- **Judges:** Rajasekha…; Ravikumar…; +1 more
- **Respondents:** Orasi Technology…

## Timeline

- **2016-01-08 — Memorandum of…**: MoU executed between Smaran Enterprises LLP and…
- **2016-01-11 — Debit En…**: Debit entry of Rs. 12.50 lakh from the account of the Financial Creditor in favour of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(11) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/orasi-technology-india-private-limited-cp-ib2430-mb-c-iv-2019-155f33eb