# In the matter of Globalone Technologies Private Limited C.P.(IB)-4466(MB)-2019

> NCLT judgment dated 2022-11-11. Citation: TCN-2022-NCLT-00469. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 11 Nov 2022
- **Citation:** TCN-2022-NCLT-00469
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/globalone-technologies-private-limited-cpib-4466mb-2019-81d43524

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Hexacom Technologies Private Limited (Operational Creditor) against Globalone Technologies Private Limited (Corporate Debtor) for default in repaying an amount of ₹36,58,000 along with 18% interest p.a., as on 06.07.2018. The Operational Creditor and Corporate Debtor had entered into a distribution agreement dated 06.08.2018, where the Operational Creditor was appointed as distributor for the GMeet range of video conferencing products for North India Region. The Corporate Debtor failed to make payments for the goods supplied.

## Facts

Hexacom Technologies Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Globalone Technologies Private Limited (Corporate Debtor) due to a default in payment. The two parties had entered into a distribution agreement on 06.08.2018, where Hexacom was appointed as a distributor for Globalone's GMeet video conferencing products in North India. As per clause 4.2 of the agreement, if Hexacom had non-moving inventory, Globalone would replace it with new products after reimbursement of interest cost @18% per annum. After the agreement, only two orders were received, one of which was placed by Globalone's sister company. Hexacom claimed that Globalone stopped communicating and did not honor a mail

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in …

**Ratio:** The principle that a debt and default must be proven for the initiation of CIRP under

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**Reasoning:** The NCLT found that the Corporate Debtor had admitted the debt through settlement offers

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**Interpretation:** The interpretation of 'default' under the IBC requires a clear admission or

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**Application:** The NCLT applied the principle by considering the Corporate Debtor's settlement

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Hexacom Technologi…
- **Respondents:** Globalone…
- **Advocates:** Himanshu Sa…; Anand…

## Timeline

- **2018-08-06 — Distribution A…**: Operational Creditor and Corporate Debtor…
- **2018-07-06 — Default…**: Date from which default is calculated with an amount of ₹36,58,000 along with 18%…

## 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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