# In the matter of Venerate Trading Private Limited CP 3520-IBC-NCLT-MAH-2018

> NCLT judgment dated 2019-03-29. Citation: TCN-2019-NCLT-04254. The case involves a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 29 Mar 2019
- **Citation:** TCN-2019-NCLT-04254
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/venerate-trading-private-limited-cp-3520-ibc-nclt-mah-2018-b353c005

## Summary

### Background

The case involves a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Infolink Solutions Private Limited (Operational Creditor) against Venerate Trading Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 14,43,93,000. The Operational Creditor advanced a principal amount of Rs. 14,43,93,000 under three purchase orders for the supply of equipment for telecom towers. The Operational Creditor cancelled all the purchase orders and sought a refund of the advanced amount. The Corporate Debtor refunded part payment. Due to non-payment of the entire amount, the Operational Creditor filed Company Petition No. 1059/2017, which was disposed of on the consent terms

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## Facts

Infolink Solutions Private Limited (Operational Creditor) filed a petition against Venerate Trading Private Limited (Corporate Debtor) under Section 9 of the IBC, claiming a default of Rs. 14,43,93,000. The Operational Creditor advanced this amount under three purchase orders dated 28.6.2013, 22.4.2015, and 4.1.2016 for supplying equipment for telecom towers. The Operational Creditor cancelled the purchase orders via letter dated 8.2.2017 and sought a refund. The Corporate Debtor refunded part of the payment. The Operational Creditor issued demand notices dated 18.4.2017 and 1.9.2017 seeking confirmation of the balance amount, to which the Corporate Debtor responded with handwritten confirmations and its seal. A demand notice dated 26.7.2018 was issued, but the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted on the consent terms agreed upon in Company Petition No. …

**Ratio:** When a party defaults on consent terms agreed upon in a previous legal proceeding, the

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**Reasoning:** The court noted that the present petition was filed due to the default of the consent

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**Interpretation:** Consent terms are legally binding agreements. Failure to comply with these

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**Application:** The Corporate Debtor's failure to meet the obligations outlined in the consent

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## Parties

- **Judges:** Mr V. P.…; Mr Ravikumar…
- **Appellants:** Infolink Solutions…
- **Respondents:** Venerate Trading…
- **Advocates:** Sunila C…

## Timeline

- **2013-06-28 — Purchase…**: Operational Creditor issued purchase order…
- **2015-04-22 — Purchase…**: Operational Creditor issued purchase order…

## 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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