# In the matter of Atul Castings Limited CP (IB) No.383-Chd-HP-2018

> NCLT judgment dated 2018-12-06. Citation: TCN-2018-NCLT-00155. Aloke Steels Industries Private Limited filed a petition under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 6 Dec 2018
- **Citation:** TCN-2018-NCLT-00155
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/atul-castings-limited-cp-ib-no383-chd-hp-2018-421c9496

## Summary

### Background

Aloke Steels Industries Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against Atul Castings Limited. The petition was filed before the National Company Law Tribunal (NCLT), Chandigarh Bench. The petitioner claimed that the respondent-corporate debtor had defaulted on payments for transactions that occurred between 05.05.2015 and 15.05.2015. The date of default was described as 15.05.2015, the date of the last transaction.

## Facts

Aloke Steels Industries Private Limited (the operational creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Atul Castings Limited (the corporate debtor). The petition was filed with the NCLT Chandigarh. The operational creditor claimed that the corporate debtor defaulted on payments for transactions that occurred between May 5, 2015, and May 15, 2015. The date of default was stated as May 15, 2015, which was the date of the last transaction. The ledger account showed that the corporate debtor did not pay any amount to the operational creditor for these transactions. The petition was filed on October 30, 2018.

## Issues and analysis

### Issue 1: Whether the petition filed by the operational creditor is barred by limitation under the Insolvency …

**Ratio:** The Limitation Act, 1963, applies to proceedings under the Insolvency and Bankruptcy

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**Reasoning:** The court reasoned that the transactions occurred between 05.05.2015 and 15.05.2015, and

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**Interpretation:** Section 238A of the Insolvency and Bankruptcy Code incorporates the provisions

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**Application:** In this case, the transactions occurred in May 2015, and the petition was filed

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** Aloke Steels…
- **Respondents:** Atul Castings…

## Timeline

- **2015-05-05 — Transaction Period…**: Transactions of sale between Aloke Steels Industries Private Limited and Atul Castings…
- **2015-05-15 — Transaction Period Ends…**: Transactions of sale ended, and the date of…

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