This paper is concerned with the design and validation of a consensus based rate control for the Asynchronous Transfer Mode (ATM) networks. A sufficient condition for network closed loop stability in the presence of multiple bottleneck and heterogeneous sources with different time delays is given and it is used for switch-controller parameters design. The stability condition and the resulting congestion control performance in terms of robustness to network uncertainties, fairness, link utilization and packet loss are validated by discrete packet simulator. Moreover, it ensured convergence of the queue length to the desired consensus steady-state value with resulting network queue balancing.