# In the matter of Experio Tech Private Limited

> NCLT judgment dated 2025-01-08. Citation: TCN-2025-NCLT-00650. M/s Transline Technologies Limited, claiming to be an Operational Creditor, filed an…

- **Court:** NCLT
- **Order date:** 8 Jan 2025
- **Citation:** TCN-2025-NCLT-00650
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/experio-tech-private-limited-8404d24e

## Summary

### Background

M/s Transline Technologies Limited, claiming to be an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Experio Tech Private Limited, the Corporate Debtor. The Operational Creditor claimed an outstanding amount of Rs. 3,87,90,800/- due to the supply of IT-related electronic equipment. The Corporate Debtor argued that the relationship between the parties was not that of an Operational Creditor and Corporate Debtor but rather a joint venture or profit-sharing arrangement, supported by a Memorandum of Understanding (MoU) dated 03.09.2021. The Corporate Debtor also contended that a full and final settlement had occurred on 01.06.2022.

## Facts

M/s Transline Technologies Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Experio Tech Private Limited (Corporate Debtor). The Operational Creditor claimed an outstanding amount of Rs. 3,87,90,800/- based on 5 invoices for the supply of IT-related electronic equipment. The invoices were dated 23.10.2021, 16.11.2021, 16.11.2021, 03.12.2021 and 10.12.2021. The latest date of default was 11.01.2022. The Operational Creditor issued a Demand Notice dated 12.01.2023 under Section 8 of the Code. The Corporate Debtor, in its reply dated 23.01.2023, disputed the claim and asserted that the relationship was not that of an Operational Creditor

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## Issues and analysis

### Issue 1: Whether the instant Applicant would fall under the definition of ‘Operational Creditor' within the …

**Ratio:** The ratio is based on the interpretation of Section 5(20) of the Insolvency and

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**Reasoning:** The court reasoned that the MoU dated 03.09.2021 indicated a profit-sharing arrangement

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**Interpretation:** The court interpreted Section 5(20) of the IB Code to mean that an 'Operational

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**Application:** The court applied the ratio and reasoning to the specific facts of the case,

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** M/s Transline…
- **Respondents:** Experio Tech…
- **Advocates:** Amit Kr.…; Anurag…; +2 more

## Timeline

- **2021-09-03 — Memorandum of…**: An agreement in the form of MoU was entered into between the Applicant and the Corporate…
- **2021-10-23 — Invoice…**: One of the five invoices raised…

## 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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