# In the matter of Cengres Tiles Limited CP (IB) 365 of 2020

> NCLT judgment dated 2022-04-27. Citation: TCN-2022-NCLT-04896. Futura Engineering Pvt Ltd, an Operational Creditor, filed an application under Section 9 of…

- **Court:** NCLT
- **Order date:** 27 Apr 2022
- **Citation:** TCN-2022-NCLT-04896
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/cengres-tiles-limited-cp-ib-365-of-2020-e93e775e

## Summary

### Background

Futura Engineering Pvt Ltd, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Cengres Tiles Ltd, the Corporate Debtor, for a default amount of Rs. 8,21,294/-.

## Facts

Futura Engineering Pvt Ltd (Operational Creditor) filed an application under Section 9 of IBC against Cengres Tiles Ltd (Corporate Debtor) on 28/10/2020.

The claimed debt in default is Rs. 8,21,294/-.

The Corporate Debtor and Operational Creditor were in a business relationship involving the purchase of engineering goods.

The Operational Creditor issued a demand notice dated 07/03/2020 to the Corporate Debtor under Section 8(1) of IBC.

The Corporate Debtor filed an affidavit dated 06/03/2021 stating that the present petition was executed on 20/10/2020 after the notification dated 24/03/2020 regarding the increase in the threshold limit.

The Corporate Debtor made a payment of Rs. 1,50,000/- to the Operational Creditor on 26/08/2019.

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## Issues and analysis

### Issue 1: Whether the notification dated 24/03/2020 issued by the Ministry of Corporate Affairs, increasing …

**Ratio:** The NCLAT has held that the notification increasing the threshold limit is prospective in

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**Reasoning:** The NCLAT's decision in Madhusudhan Tantia Versus Amit Choraria and ors. stated that the

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**Interpretation:** The notification increasing the threshold limit is applicable only to

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**Application:** Since the application was filed on 28/10/2020, after the notification date, the

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Futura Engineering…
- **Respondents:** Cengres Tiles…; Cengres Til…; +1 more
- **Other parties:** M/s Futura…
- **Advocates:** Moiz Ra…; Kunjal…

## Timeline

- **2020-10-28 — Application…**: Application filed by Futura Engineering…
- **2020-03-07 — Demand Notice…**: Demand notice issued by the Operational…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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