# In the matter of Amar Parkash Rice Exports Pvt. Ltd. CP (IB) No. 103-Chd-Pb-2021

> NCLT judgment dated 2021-11-10. Citation: TCN-2021-NCLT-00553. The case pertains to CP (IB) No. 103/Chd/Pb/2021 filed under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 10 Nov 2021
- **Citation:** TCN-2021-NCLT-00553
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/amar-parkash-rice-exports-pvt-ltd-cp-ib-no-103-chd-pb-2021-932480dc

## Summary

### Background

The case pertains to CP (IB) No. 103/Chd/Pb/2021 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. Goyal Brothers, the operational creditor, filed the petition against Amar Parkash Rice Exports Pvt. Ltd., the corporate debtor. The initial order on 04.10.2021 indicated that the Corporate Debtor petition was barred by limitation. The case was listed for further steps on 10.11.2021.

## Facts

Goyal Brothers, acting as the operational creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against Amar Parkash Rice Exports Pvt. Ltd., the corporate debtor, by filing CP (IB) No. 103/Chd/Pb/2021 under Section 9 of the Insolvency and Bankruptcy Code, 2016. During the proceedings, the Tribunal observed on 04.10.2021 that the petition appeared to be barred by the period of limitation. The case was then listed for 10.11.2021 for the petitioner to take appropriate steps. On 10.11.2021, the petitioner's counsel stated that they did not wish to proceed with the petition and sought leave to withdraw it. Consequently, the Tribunal dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor petition filed by the operational creditor is barred by the period of …

**Ratio:** The principle of limitation dictates that legal actions must be initiated within a

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**Reasoning:** The Tribunal initially observed that the CP appeared to be barred by limitation,

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**Interpretation:** The interpretation of limitation laws involves determining the applicable

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**Application:** In this case, the Tribunal's observation regarding limitation directly impacted

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Goyal Bro…
- **Respondents:** Amar Parkash Rice…

## Timeline

- **2021-10-04 — Initial…**: The Tribunal observed that the CP is…
- **2021-11-10 — Petition Di…**: The Tribunal dismissed the CP (IB) No. 103/Chd/Pb/2021 as withdrawn, based on the…

## 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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