# In the matter of Canalairz Airz Solutions Private Limited IBA-1193-2019

> NCLT judgment dated 2021-01-25. Citation: TCN-2021-NCLT-03243. The case involves an application filed by M/s. Beardsell Limited, the Operational Creditor,…

- **Court:** NCLT
- **Order date:** 25 Jan 2021
- **Citation:** TCN-2021-NCLT-03243
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/canalairz-airz-solutions-private-limited-iba-1193-2019-9a22a8dc

## Summary

### Background

The case involves an application filed by M/s. Beardsell Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Canalairz Airz Solutions Private Limited, the Corporate Debtor. The Operational Creditor claimed a sum of Rs. 16,09,790/- as operational debt, with interest at 18% p.a. from the due date of invoice till realization. The Corporate Debtor contested the application, arguing that the claim was barred by limitation.

## Facts

M/s. Beardsell Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Canalairz Airz Solutions Private Limited (Corporate Debtor). The Operational Creditor claimed Rs. 16,09,790/- as operational debt with 18% interest p.a. The Operational Creditor supplied Siemens Motors to the Corporate Debtor based on purchase orders. The Corporate Debtor was to make payments within 30 days of receiving the materials, but failed to do so. The Operational Creditor issued a letter on 2019-04-15 requesting payment. A demand notice in Form 3 was sent on 2019-08-01 and received by the Corporate Debtor on 2019-08-05. The Corporate Debtor replied on 2019-08-12,

…

## Issues and analysis

### Issue 1: Whether the invoices raised by the …

**Ratio:** The principle of acknowledgment of debt under Section 18 of the Limitation Act, 1963, and

…

**Reasoning:** The Tribunal reasoned that the Corporate Debtor's issuance of cheques for Rs. 5,00,000/-

…

**Interpretation:** Section 18 of the Limitation Act, 1963, provides that if, before the expiration

…

**Application:** The Corporate Debtor's part payments via cheques on 2017-07-05 and 2017-12-13

…

## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** Beardsell L…
- **Respondents:** Canalairz Airz…; Canalairz Airz…

## Timeline

- **2016-02-15 — Invoice Perio…**: Start date of the period during which the…
- **2016-09-06 — Invoice Per…**: End date of the period during which 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/canalairz-airz-solutions-private-limited-iba-1193-2019-9a22a8dc