# In the matter of Landmark Housing Projects Chennai Private Limited IBA-1423-2019

> NCLT judgment dated 2021-04-29. Citation: TCN-2021-NCLT-02254. The case involves a petition filed by M/s. Jindal Steels, the Operational Creditor, against…

- **Court:** NCLT
- **Order date:** 29 Apr 2021
- **Citation:** TCN-2021-NCLT-02254
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/landmark-housing-projects-chennai-private-limited-iba-1423-2019-dfd87df9

## Summary

### Background

The case involves a petition filed by M/s. Jindal Steels, the Operational Creditor, against M/s. Landmark Housing Projects Chennai Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed a debt of Rs. 37,04,830/-, including principal and interest, arising from the supply of TMT steel items. The Corporate Debtor contested the claim, arguing that it was barred by limitation and that the ledger was not signed by an authorized signatory. The Operational Creditor argued that the Corporate Debtor had acknowledged the debt through balance confirmations.

## Facts

M/s. Jindal Steels, the Operational Creditor, filed a petition against M/s. Landmark Housing Projects Chennai Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for a debt of Rs. 37,04,830/-. The debt arose from the supply of TMT steel items by the Operational Creditor to the Corporate Debtor. The Corporate Debtor approached the Operational Creditor on 07.05.2014 for the supply of TMT steel items. The Operational Creditor raised invoices for the supplies made. The Corporate Debtor acknowledged the ledger balances and confirmed the outstanding amount for the Financial Years 2016-2017, 2017-2018, and 2018-2019. A demand notice was sent to the Corporate Debtor on 01.11.2019. The Corporate Debtor filed a counter, arguing

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## Issues and analysis

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

**Ratio:** Section 18 of the Limitation Act, 1963, states that an acknowledgement of present

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**Reasoning:** The court reasoned that the Corporate Debtor had confirmed their account ledger

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**Interpretation:** Section 18 of the Limitation Act, 1963, is interpreted to mean that if a debtor

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**Application:** In this case, the Corporate Debtor's balance confirmations were considered as

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** M/s. Jindal…
- **Respondents:** M/s. Landmark…

## Timeline

- **2014-05-07 — Corporate Debtor…**: The Corporate Debtor approached the Operational Creditor for the supply of TMT steel…
- **2019-11-01 — Demand Noti…**: The Operational Creditor sent a…

## 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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