# In the matter of Labdhi Enterprises Vs. Baramati Agro Pvt. Limited Company Appeal (AT) No. 195-2017

> NCLAT judgment dated 2017-11-10. Citation: TCN-2017-NCLAT-00074. Labdhi Enterprises, an operational creditor, filed an application under Sections 433, 434(e),…

- **Court:** NCLAT
- **Order date:** 10 Nov 2017
- **Citation:** TCN-2017-NCLAT-00074
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/labdhi-enterprises-vs-baramati-agro-pvt-limited-company-appeal-82e2b227

## Summary

### Background

Labdhi Enterprises, an operational creditor, filed an application under Sections 433, 434(e), and 439 of the Companies Act, 1956, before the Bombay High Court for winding up Baramati Agro Pvt. Limited, alleging default in payment of Rs. 27,97,696/-. The appellant claimed to have supplied goods to the corporate debtor, who failed to repay despite receiving invoices. During the pendency of the case, the Central Government, under Section 434 of the Companies Act, 2013, transferred the case to the Tribunal. The Corporate Debtor argued the claim was time-barred. The Adjudicating Authority refused to treat the application under Section 9 of the I&B Code, citing the appellant's failure to show acknowledgment of debt within the last three years from April 27, 2010.

## Facts

Labdhi Enterprises (Appellant) supplied goods to Baramati Agro Pvt. Limited (Corporate Debtor). The Corporate Debtor allegedly defaulted on a payment of Rs. 27,97,696/-. Labdhi Enterprises filed a winding-up petition before the Bombay High Court under the Companies Act, 1956. The case was transferred to the NCLT, Mumbai, due to the enactment of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor argued that the claim was barred by limitation. The Adjudicating Authority (NCLT) rejected the application under Section 9 of the I&B Code, citing the appellant's failure to demonstrate acknowledgment of the debt within three years from April 27, 2010, when the debt became payable. The appellant appealed the Adjudicating Authority's decision to the NCLAT.

## Issues and analysis

### Issue 1: Whether the Limitation Act, 1963, is applicable to the initiation of a corporate insolvency …

**Ratio:** While the Limitation Act, 1963, is not directly applicable to the initiation of a

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**Reasoning:** The tribunal relied on its earlier judgment in 'M/s Speculam Plast Pvt. Ltd. Vs. PTC PTC

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**Interpretation:** The interpretation is that while the I&B Code is a special law, principles

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**Application:** In this case, the tribunal considered whether the appellant's claim was stale

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** Labdhi Ente…
- **Respondents:** Baramati Agro…
- **Advocates:** Suresh D…; Vatsala…; +2 more

## Timeline

- **1956-01-01 — Companies Ac…**: Application filed under Sections 433, 434(e) and 439 of the Companies Act, 1956 before…
- **2010-04-27 — Date of D…**: The date from which the Adjudicating…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 239 — Power to make rules](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-239)

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