# In the matter of Rasik Products Private Limited

> NCLT judgment dated 2025-09-08. Citation: TCN-2025-NCLT-01351. M/S Paragon Packagings, an operational creditor, filed an application under Section 9 of the…

- **Court:** NCLT
- **Order date:** 8 Sept 2025
- **Citation:** TCN-2025-NCLT-01351
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/rasik-products-private-limited-6c3c0d26

## Summary

### Background

M/S Paragon Packagings, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Rasik Products Private Limited, the corporate debtor, due to its failure to pay an outstanding operational debt of Rs. 1,47,62,820.80/-. The date of default was stated as 05-09-2022.

## Facts

The application was filed on 13.03.2023 under Section 9 of the Insolvency and Bankruptcy Code, 2016.

The date of default, as stated in the application, is 05-09-2022.

The Operational Creditor supplied packaging products to the Corporate Debtor.

The Corporate Debtor failed to pay the total outstanding operational debt of Rs. 1,47,62,820.80/-.

The Operational Creditor issued a demand notice dated 01-11-2022 in Form 3 under Section 8 of the Code.

The Corporate Debtor made a part payment of Rs. 25,00,000/- after the demand notice.

The Corporate Debtor admitted the total amount due as per the demand notice and requested for two months' time to make the payment.

The last bill was raised on 26.08.2022.

…

## Issues and analysis

### Issue 1: Whether the Application filed …

**Ratio:** The application was found to be well within the limitation of three years from the date

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**Reasoning:** The Tribunal considered the details of invoices raised by the Operational Creditor and

…

**Interpretation:** The Tribunal interpreted the limitation period under the IBC and applied it to

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**Application:** The Tribunal applied the limitation period to the date of default and the date

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** M/S Paragon…
- **Respondents:** Rasik Products…
- **Other parties:** Parul G…
- **Advocates:** Rishabh G…; Mohd Nazi…

## Timeline

- **2023-03-13 — Application…**: The present Application was filed on 13.03.2023 under Section 9 of the Insolvency and…
- **2022-09-05 — Date of D…**: The date of default, as stated in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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