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

> NCLT judgment dated 2021-03-02. Citation: TCN-2021-NCLT-02849. The application was filed under Section 9 of the IBC, 2016, for the recovery of Rs.…

- **Court:** NCLT
- **Order date:** 2 Mar 2021
- **Citation:** TCN-2021-NCLT-02849
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fortune-spirit-ltd-cp-lb-no-152-ctb-2019-d3600f93

## Summary

### Background

The application was filed under Section 9 of the IBC, 2016, for the recovery of Rs. 55,66,694.76. The petitioner claimed this amount for supplying Mono Cartoons and Labels to the Corporate Debtor between 19.05.2015 and 09.12.2016, based on 17 invoices. 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 was not maintainable under IBC, and that the application was time-barred.

## Facts

The petitioner, Rohit Sharma, filed an application under Section 9 of the IBC, 2016, seeking to recover Rs. 55,66,694.76 from the Corporate Debtor, Unigold System -Vs- Fortune Spirit Ltd., for supplying Mono Cartoons and Labels. The supplies were made between 19.05.2015 and 09.12.2016, and 17 invoices were raised. The petitioner claimed interest at 18%. 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, represented by L.D. Sahoo, Adv., argued that the application was not maintainable as it was filed by a proprietary concern, that a document enclosed was false, and that the application was time-barred. The respondent pointed out that 16 out of 17 invoices were time-barred. The petitioner

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## Issues and analysis

### Issue 1: Whether the application is …

**Ratio:** The limitation period for filing an application under Section 9 of the IBC is three years

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**Reasoning:** The court noted that the invoices were dated between 19.05.2015 and 09.12.2016. The

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**Interpretation:** The IBC sets a strict timeline for initiating insolvency proceedings. The

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**Application:** In this case, the majority of the invoices were dated more than three years

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## Parties

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

## Timeline

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

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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