# In the matter of Greenworld International Pvt. Ltd. (IB)-425 (ND)-2019

> NCLT judgment dated 2019-11-22. Citation: TCN-2019-NCLT-00490. The case involves an application filed by Italimpianti Orafi SPA (Operational Creditor) under…

- **Court:** NCLT
- **Order date:** 22 Nov 2019
- **Citation:** TCN-2019-NCLT-00490
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/greenworld-international-pvt-ltd-ib-425-nd-2019-1fc2f8f8

## Summary

### Background

The case involves an application filed by Italimpianti Orafi SPA (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Greenworld International Pvt. Ltd. (Corporate Debtor) for non-payment of dues related to the supply and installation of a plant and machinery. A sale agreement was executed on 2012-09-13, with a total consideration of 1,130,000 Euros. The Operational Creditor alleges that despite repeated requests, the Corporate Debtor failed to pay the final installment of 185,000 Euros.

## Facts

Italimpianti Orafi SPA (Operational Creditor) supplied and installed a plant and machinery for Greenworld International Pvt. Ltd. (Corporate Debtor) for recovery of precious metals. A sale agreement was executed on 2012-09-13 for 1,130,000 Euros, with payment terms specified in installments. The plant was commissioned in December 2013. The Corporate Debtor failed to pay the final installment of 185,000 Euros. The Operational Creditor filed a winding-up petition in the High Court, later transferred to NCLT. The Corporate Debtor claimed the debt was time-barred and disputes existed regarding plant performance. Emails from the Corporate Debtor acknowledged the debt. The Corporate Debtor received a license to refine gold dore bars, indicating the plant's use. The

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## Issues and analysis

### Issue 1: Whether the claim is …

**Ratio:** Section 14 of the Limitation Act allows for the exclusion of time spent in pursuing legal

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**Reasoning:** The court considered the period during which the winding-up petition was pending before

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**Interpretation:** The court interpreted Section 14 of the Limitation Act to allow for the

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**Application:** The court applied the ratio to the facts, considering the time spent in the

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## Parties

- **Judges:** Ina Mal…; SH. L. N.…
- **Appellants:** M/s. Italimpianti…
- **Respondents:** Greenworld…

## Timeline

- **2012-09-13 — Sale Agre…**: Sale agreement executed between Italimpianti Orafi SPA and Greenworld International Pvt.…
- **2013-12-01 — Plant Commis…**: Plant and machinery commissioned at 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)

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