# In the matter of B. Y. Agro & Infra Limited CP (IB)4270-MB-C-IV-2018

> NCLT judgment dated 2020-05-26. Citation: TCN-2020-NCLT-01332. CT-Technologies ApS, the Operational Creditor, filed a Company Petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 26 May 2020
- **Citation:** TCN-2020-NCLT-01332
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/b-y-agro-infra-limited-cp-ib4270-mb-c-iv-2018-0195813a

## Summary

### Background

CT-Technologies ApS, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against B. Y. Agro & Infra Limited, the Corporate Debtor, due to failure to pay outstanding dues for the supply and installation of materials. The Operational Creditor and Corporate Debtor entered into a contract for designing, delivery, and installation of PUF sandwich panels, installation accessories, PRV, and doors for a fruit and vegetable processing unit. Despite delivering and installing the materials as per the contract, the Corporate Debtor failed to make the full payment. The Operational Creditor issued a demand notice, which the Corporate Debtor replied to,

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## Facts

CT-Technologies ApS (Operational Creditor) and B. Y. Agro & Infra Limited (Corporate Debtor) entered into a contract dated 25.03.2012 for designing, delivery, and installation of PUF sandwich panels, installation accessories, PRV, and doors for a fruit and vegetable processing unit. The total contract value was €246,940.00 for materials and €28,470.00 for installation. The Operational Creditor delivered and installed the materials as per the contract, and a Taking Over Certificate dated 02.03.2013 was signed by the Corporate Debtor. The Corporate Debtor acknowledged the debt of €246,940.70 in a letter dated 15.06.2013 and promised to pay €10,000.00 every month starting from September 2013. The Corporate Debtor made partial payments totaling €29,960.00 on

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor is barred by limitation under the Limitation …

**Ratio:** Section 19 of the Limitation Act, 1963 provides that where a party, on account of an

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**Reasoning:** The court observed that the Corporate Debtor acknowledged the debt and made periodic

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**Interpretation:** The interpretation of Section 19 of the Limitation Act, 1963, is that any

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**Application:** The Corporate Debtor made the last payment on 04.01.2016. The petition was

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## Parties

- **Judges:** Rajasekha…; RavikumarDu…
- **Appellants:** CT-Technologies…
- **Respondents:** B Y Agro & Infra…
- **Advocates:** Himanshu Vi…; Sraddha…; +1 more

## Timeline

- **2012-03-25 — Contract…**: CT-Technologies ApS and B. Y. Agro & Infra Limited entered into a contract for designing,…
- **2013-03-02 — Taking Over Ce…**: Taking Over Certificate was…

## 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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