# In the matter of Taurian Engineering Private Limited C.P. IB)-33(MB)-2023

> NCLT judgment dated 2023-02-09. Citation: TCN-2023-NCLT-04674. The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 9 Feb 2023
- **Citation:** TCN-2023-NCLT-04674
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/taurian-engineering-private-limited-cp-ib-33mb-2023-5e68e565

## Summary

### Background

The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Gatik Conglomerate Private Limited (Financial Creditor) against Taurian Engineering Private Limited (Corporate Debtor) for default in repaying an amount of ₹3,00,00,000 together with interest. An earlier CIRP was initiated, but withdrawn after a consent agreement. The Corporate Debtor breached the consent terms by failing to make the agreed-upon payments.

## Facts

Gatik Conglomerate Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Taurian Engineering Private Limited (Corporate Debtor) due to a default in repayment of ₹3,00,00,000 along with interest. An earlier CIRP had been initiated but was withdrawn after both parties agreed to consent terms dated 01.08.2022, where the Corporate Debtor agreed to pay ₹3,00,00,000 in three installments. The Corporate Debtor failed to adhere to the payment schedule outlined in the consent terms, specifically Table-I, leading to a breach of the agreement. The first installment of ₹1,00,00,000 was due on or before 07.08.2022, which is considered the date of default. The Financial Creditor submitted a computation chart of

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in repaying the debt to the Financial Creditor as per the …

**Ratio:** The principle of contractual obligation dictates that parties must adhere to the terms of

…

**Reasoning:** The Corporate Debtor entered into consent terms with the Financial Creditor, agreeing to

…

**Interpretation:** The consent terms are interpreted as a binding agreement between the parties,

…

**Application:** The Corporate Debtor's failure to pay the installments as per the consent terms

…

## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Respondents:** Taurian Engineerin…

## Timeline

- **2022-02-24 — Board Reso…**: Board resolution passed authorizing Mr.…
- **2022-05-06 — Company Petiti…**: Financial Creditor filed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

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/taurian-engineering-private-limited-cp-ib-33mb-2023-5e68e565