# In the matter of Future Netwings Solutions Pvt. Ltd. C.P (IB) No.1388-KB-2020

> NCLT judgment dated 2022-07-13. Citation: TCN-2022-NCLT-01740. The case involves an application filed by Mr. Kuldeep, the sole proprietor of M/s Mahalaxmi…

- **Court:** NCLT
- **Order date:** 13 Jul 2022
- **Citation:** TCN-2022-NCLT-01740
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/future-netwings-solutions-pvt-ltd-cp-ib-no1388-kb-2020-11e36064

## Summary

### Background

The case involves an application filed by Mr. Kuldeep, the sole proprietor of M/s Mahalaxmi Electronics, against M/s Future Netwings Solutions Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the corporate insolvency resolution process (CIRP). The dispute arises from a Memorandum of Understanding (MoU) between the parties, where M/s Mahalaxmi Electronics was to facilitate the sale of M/s Future Netwings Solutions Pvt. Ltd.'s goods for the 'Re-development of ITPO Complex' project. The operational creditor claims that the corporate debtor failed to pay the agreed commission of 10% on sales, leading to a debt of Rs. 1,26,50,000/-. The operational creditor served demand notices, which were disputed by the corporate debtor.

## Facts

Mr. Kuldeep, the sole proprietor of M/s Mahalaxmi Electronics (Operational Creditor), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Future Netwings Solutions Pvt. Ltd. (Corporate Debtor). The case stems from a Memorandum of Understanding (MoU) dated 2018-06-01, where the Operational Creditor was to facilitate the sale of the Corporate Debtor's goods (Comscope passive component and Cisco Active component and telephony) for the 'Re-development of ITPO Complex' project at Pragati Maidan, New Delhi. The MoU stipulated that the Corporate Debtor would pay the Operational Creditor a 10% commission on sales. The Operational Creditor claims that the Corporate Debtor failed to pay the commission on sales amounting to Rs.

…

## Issues and analysis

### Issue 1: Whether the Operational Creditor has established a valid claim for the initiation of the Corporate …

**Ratio:** The initiation of CIRP under Section 9 of the IBC requires the establishment of an

…

**Reasoning:** The court found that the Operational Creditor has not been able to make out any case for

…

**Interpretation:** Section 9 of the IBC outlines the requirements for an operational creditor to

…

**Application:** In this case, the court determined that the Operational Creditor failed to

…

## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** Kuld…
- **Respondents:** Future Netwings…

## Timeline

- **2018-06-01 — MoU Exec…**: The Operational Creditor and Corporate Debtor executed a Memorandum of Understanding…
- **2019-02-20 — Email Commun…**: The Corporate Debtor acknowledged a supply of goods amounting to Rs. 12,65,00,000/- but…

## 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)

---

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-division-bench-court-i-chenn/future-netwings-solutions-pvt-ltd-cp-ib-no1388-kb-2020-11e36064