# In the matter of Bleu Noir Infrastructure Development Private Limited C.P. No. 343-IBC-MB-2020

> NCLT judgment dated 2021-08-20. Citation: TCN-2021-NCLT-01304. Gajendra Investment Private Limited, the Financial Creditor, filed a Company Petition under…

- **Court:** NCLT
- **Order date:** 20 Aug 2021
- **Citation:** TCN-2021-NCLT-01304
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bleu-noir-infrastructure-development-private-limited-cp-no-343-ibc-mb-2020-067a6e7f

## Summary

### Background

Gajendra Investment Private Limited, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Bleu Noir Infrastructure Development Private Limited, the Corporate Debtor, alleging default in payment. The petition was filed before the Adjudicating Authority, claiming that the Corporate Debtor failed to pay Rs. 1,72,93,199/- to the Financial Creditor. The Financial Creditor claimed to have provided financial assistance to the Corporate Debtor, who also deposited TDS on interest on the loan with the Income Tax Department. The Financial Creditor issued a demand letter on 19.06.2019, which the Corporate Debtor did not respond to. The Board of

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## Facts

Gajendra Investment Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bleu Noir Infrastructure Development Private Limited (Corporate Debtor), alleging a default of Rs. 1,72,93,199/-. The Financial Creditor claimed to have provided financial assistance to the Corporate Debtor, who also deposited TDS on interest on the loan. The last TDS deposit was on 04.06.2017. The Financial Creditor sent a demand letter on 19.06.2019, which was not replied to. The Financial Creditor's Board passed a resolution on 13.01.2020 to take legal action. The Corporate Debtor denied the claim, citing limitation. The Financial Creditor's claim lacked details about loan disbursement dates and amounts. The Corporate

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## Issues and analysis

### Issue 1: Whether the Company Petition filed by the …

**Ratio:** A petition under Section 7 of the IBC must be filed within three years from the date of

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**Reasoning:** The NCLT found that the petition was filed beyond three years from the date of default,

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**Interpretation:** The limitation period for filing a petition under Section 7 of the IBC is three

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**Application:** Since the petition was filed on 27.01.2020, and the last payment was allegedly

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** GAJENDRA INVESTMEN…
- **Respondents:** Bleu Noir…
- **Advocates:** S.M. Al…; Rohit G…

## Timeline

- **2017-06-04 — Last TDS D…**: The last amount of TDS deposited by the…
- **2019-06-19 — Demand L…**: The Financial Creditor addressed its…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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