Tech Lads India Private Limited Vs Satnam Global Infraprojects Limited (NCLAT Delhi)
The National Company Law Appellate Tribunal (NCLAT), Delhi considered an appeal against the order dated 24.09.2025 of the National Company Law Tribunal (NCLT), New Delhi, which had rejected an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Section 9 application had been filed by the appellant seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor for alleged default in payment of operational debt. The NCLT had held that the transaction did not involve an operational debt and that the applicant was not an operational creditor.
The appellant and the corporate debtor entered into a Consortium Agreement dated 29.05.2020 for submitting a joint bid for the Meghalaya Multi-Lane Free Flow Vehicle Monitoring System project floated by Telecommunications Consultants India Ltd. (TCIL). Under the agreement, the appellant was the lead bidder responsible for supply and implementation of the project, while the corporate debtor was responsible for financial management and providing the Performance Bank Guarantee. The agreement also provided that the appellant would make due payments to the corporate debtor and other sub-vendors for supplies and services rendered according to their respective scope of work. The consortium’s bid was accepted, and a Letter of Intent dated 26.10.2020 was issued for a contract valued at ₹41,06,40,000.
