# In the matter of Fortune Spirit Ltd. CP (lB) No. 152-CTB-2019

> NCLT judgment dated 2021-03-02. Citation: TCN-2021-NCLT-02863. The application was filed under Section 9 of the IBC, 2016 for recovery of Rs. 55,66,694.76.…

- **Court:** NCLT
- **Order date:** 2 Mar 2021
- **Citation:** TCN-2021-NCLT-02863
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fortune-spirit-ltd-cp-lb-no-152-ctb-2019-6fcac94e

## Summary

### Background

The application was filed under Section 9 of the IBC, 2016 for recovery of Rs. 55,66,694.76. The petitioner claimed the amount for supplying Mono Cartoons and Labels to the Corporate Debtor based on 17 invoices raised between 19.05.2015 and 09.12.2016. The petitioner also issued a demand notice under Section 8 of the IBC dated 23.02.2019. The CIRP application was filed on 18.11.2019. The respondent argued that the application was filed by a proprietary concern and is not maintainable under IBC, and that the application is time-barred.

## Facts

The petitioner, Rohit Sharma, filed an application under Section 9 of the IBC, 2016, seeking recovery of Rs. 55,66,694.76 from the Corporate Debtor, Unigold System -Vs- Fortune Spirit Ltd., for supplying Mono Cartoons and Labels. The invoices were raised between 19.05.2015 and 09.12.2016. A demand notice under Section 8 of the IBC was issued on 23.02.2019. The CIRP application was filed on 18.11.2019. The respondent, L.D. Sahoo, Adv., argued that the application was filed by a proprietary concern and was time-barred. The respondent also pointed out that an acknowledgment dated 16.02.2019 was a false document. The petitioner claimed that a payment of Rs. 2,00,000 was received on 17.05.2017, extending the limitation period. The court noted that the bank statements filed

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## Issues and analysis

### Issue 1: Whether the application filed by the …

**Ratio:** The court did not explicitly rule on the maintainability of the application by a

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**Reasoning:** The court did not provide specific reasoning on this issue, as it decided the case based

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**Interpretation:** The issue of whether a proprietary concern can file an application under IBC

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**Application:** The respondent argued that the application was not maintainable because it was

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## Parties

- **Judges:** Sucharitha…; Satya Ranjan…
- **Appellants:** Rohit S…
- **Respondents:** Unigold System…; L.D. Sahoo…
- **Advocates:** L D S…

## Timeline

- **2015-05-19 — Invoice Perio…**: Start date of the invoice…
- **2016-12-09 — Invoice Per…**: End date of the invoice…

## 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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