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

> NCLT judgment dated 2023-02-09. Citation: TCN-2023-NCLT-04703. 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-04703
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/taurian-engineering-private-limited-cp-ib-33mb-2023-c4ac2ab3

## 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 An earlier CIRP was initiated, but withdrawn after a consent agreement was reached where the Corporate Debtor agreed to pay ₹3,00,00,000 in installments. The Corporate Debtor defaulted on these payments, leading to the current application.

## Facts

Gatik Conglomerate Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Taurian Engineering Private Limited, the Corporate Debtor, due to a default in repayment of ₹3,00,00,000 along with interest. Initially, a CIRP was initiated against the Corporate Debtor, but it was withdrawn after both parties entered into consent terms on 2022-08-01, where the Corporate Debtor agreed to pay ₹3,00,00,000 in three installments.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 defaulting on the installment due on 2022-08-07. The Financial Creditor then filed the present application on 2023-01-18. The Corporate Debtor did not raise any objections to

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## Issues and analysis

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

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

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**Reasoning:** The court noted that the Corporate Debtor had entered into consent terms agreeing to pay

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

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

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## 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)

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