# 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-02590. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 1 Jan 2020
- **Citation:** TCN-2020-NCLT-02590
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/orasi-technology-india-private-limited-cp-ib2430-mb-c-iv-2019-e9644229

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Smaran Enterprises LLP (Financial Creditor) against Orasi Technology (India) Private Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). 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 as of 01.04.2017, based on a Memorandum of Understanding (MoU) dated 08.01.2016. The Financial Creditor and Corporate Debtor entered into an MoU for developing and creating viewers & report machines for Diamond. The Financial Creditor invested Rs. 12.5 Lakhs in the Corporate Debtor. The Corporate Debtor failed to repay the amount, leading to the filing

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## Facts

Smaran Enterprises LLP (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Orasi Technology (India) Private Limited (Corporate Debtor). The Financial Creditor and Corporate Debtor entered into a Memorandum of Understanding (MoU) dated 08.01.2016 for developing and creating viewers & report machines for Diamond. As per the MoU, the Financial Creditor invested Rs. 12,50,000/- in the Corporate Debtor. The Corporate Debtor was to pay interest at 18% p.a. The Corporate Debtor failed to make the payment of Rs. 12,50,000/- as principal and Rs. 7,64,435/- as interest as of 01.04.2017. The date of default is stated to be 01.04.2017. The Financial Creditor sent an email on 13.12.2016, regarding the timely execution

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## Issues and analysis

### Issue 1: Whether the petition filed by the Financial …

**Ratio:** The Hon'ble Supreme Court in Innoventive Industries Limited V. ICICI Bank &

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**Reasoning:** The Adjudicating Authority observed that the Corporate Debtor admitted the liability in

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**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a

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**Application:** In this case, the Financial Creditor demonstrated the existence of a financial

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## Parties

- **Judges:** Rajasekha…; RavikumarDu…
- **Appellants:** Smaran Enterprises…
- **Respondents:** Orasi Technology…

## Timeline

- **2016-01-08 — Execution of Memorandum…**: The Financial Creditor and Corporate Debtor executed a Memorandum of Understanding (MoU)…
- **2017-04-01 — Date of D…**: The Corporate Debtor defaulted on a payment of Rs. 12,50,000/- as principal and Rs.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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