# In the matter of Belgotex India Private Limited vs. Puneet India Private Limited

> NCLAT judgment dated 2026-03-30. Citation: TCN-2026-NCLAT-00088. The appeal was filed by Belgotex India Pvt. Ltd. against the order dated 17.05.2024 passed by…

- **Court:** NCLAT
- **Order date:** 30 Mar 2026
- **Citation:** TCN-2026-NCLAT-00088
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/belgotex-india-private-limited-vs-puneet-india-private-limited-58df6ed5

## Summary

### Background

The appeal was filed by Belgotex India Pvt. Ltd. against the order dated 17.05.2024 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench-IV), which dismissed the company petition filed by the appellant under Section 9 of the Insolvency and Bankruptcy Code, 2016.

## Facts

Belgotex India Private Limited (Operational Creditor/Appellant) filed a petition under Section 9 of the IBC against Puneet India Private Limited (Corporate Debtor/Respondent).

The Adjudicating Authority dismissed the Section 9 petition.

The Appellant filed an appeal against the order of the Adjudicating Authority.

The Appellant and Respondent entered into a dealership/distribution agreement dated 15.10.2019.

The agreement stipulated a credit period of 40 days for goods dispatched from the Indian warehouse and 90 days for goods dispatched from outside India.

The Appellant claimed that the Respondent defaulted on payments amounting to Rs. 1,45,58,946/-.

The Respondent issued four cheques that were dishonored.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred …

**Ratio:** The Adjudicating Authority incorrectly applied a 90-day credit period to invoices that

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**Reasoning:** The agreement between the parties stipulated a 40-day credit period for goods dispatched

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**Interpretation:** The Tribunal interpreted the agreement to mean that the 40-day credit period

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**Application:** The Tribunal held that if a 40-day credit period is applied, none of the

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## Parties

- **Judges:** Mohd. Faiz Alam…; Naresh Sa…
- **Appellants:** Belgotex India…
- **Respondents:** Puneet India…
- **Advocates:** Sumesh D…; Vatsala…; +5 more

## Timeline

- **2019-10-15 — Dealership/Distribution…**: Belgotex India Private Limited and Puneet India Private Limited entered into a…
- **2020-04-30 — Cheque Di…**: Cheques issued by Puneet India…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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