# In the matter of Vanu India Pvt. Ltd. C.P. (IB) No. 49-BB-2021

> NCLT judgment dated 2022-05-25. Citation: TCN-2022-NCLT-02616. M/s. SFO Technologies Pvt. Ltd. filed a petition under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 25 May 2022
- **Citation:** TCN-2022-NCLT-02616
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vanu-india-pvt-ltd-cp-ib-no-49-bb-2021-10ea569e

## Summary

### Background

M/s. SFO Technologies Pvt. Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Vanu India Pvt. Ltd. The petition arises from a transaction pertaining to the supply of components and PCB population by SFO Technologies to Vanu India. SFO Technologies claimed that Vanu India defaulted on its obligations by failing to make advance payments for the procured materials, leading to financial losses for SFO Technologies.

## Facts

M/s. SFO Technologies Pvt. Ltd. (Operational Creditor) filed a petition against M/s. Vanu India Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The dispute arose from a transaction where SFO Technologies was to supply 1000 units of VA 20001-0009 components and PCB assemblies to Vanu India. A quotation dated 12.09.2018 was issued by SFO Technologies, and a purchase order dated 25.09.2018 was issued by Vanu India for Rs. 9,52,83,286, which included NRE costs of Rs. 6,21,055. SFO Technologies claimed that Vanu India defaulted on an advance payment of Rs. 2,28,62,374.63. Vanu India contended that the payment was subject to document validation and no advance was paid to the Operational Creditor to start production. Vanu India also

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## Issues and analysis

### Issue 1: Whether the Operational Creditor has proved the existence of a debt and default on the part of the …

**Ratio:** The Adjudicating Authority must determine whether there is an 'operational debt'

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**Reasoning:** The court found that the Operational Creditor failed to provide sufficient evidence to

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**Interpretation:** Section 9 of the IBC requires the Operational Creditor to demonstrate the

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**Application:** In this case, the Operational Creditor failed to provide sufficient evidence to

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## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Appellants:** M/s. SFO Technolog…
- **Respondents:** M/s. Vanu India…
- **Advocates:** C.K. Nand…; Sushanth Venkatesh…; +1 more

## Timeline

- **2018-09-12 — Quotation…**: M/s. SFO Technologies Pvt. Ltd. issued a…
- **2018-09-25 — Purchase Orde…**: M/s. Vanu India Pvt. Ltd. issued a purchase…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(6) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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