# In the matter of Novagold Petro-Resources Limited CP (IB)No. 276-9-NCLT-AHM-2019

> NCLT judgment dated 2021-03-02. Citation: TCN-2021-NCLT-02873. BSE Limited, an operational creditor, filed a Company Petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 2 Mar 2021
- **Citation:** TCN-2021-NCLT-02873
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/novagold-petro-resources-limited-cp-ibno-276-9-nclt-ahm-2019-70630bab

## Summary

### Background

BSE Limited, an operational creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Novagold Petro-Resources Ltd., the corporate debtor. The claim arose from unpaid Annual Listing Fees (ALF) as per a Listing Agreement dated 05.05.1996. The petitioner contended that the corporate debtor failed to pay the ALF despite repeated invoices and demand notices.

## Facts

BSE Limited (formerly Bombay Stock Exchange Ltd.) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Novagold Petro-Resources Limited, seeking to initiate CIRP due to unpaid Annual Listing Fees (ALF). A Listing Agreement dated 05.05.1996, obligated Novagold to pay ALF to BSE. BSE claimed that Novagold failed to pay ALF after 2013-2014, resulting in a total operational debt of Rs. 11,43,469/- (including principal and interest). BSE sent a demand notice on 28.09.2018, which was returned undelivered. The last payment received from Novagold was on 18.06.2013, for the financial year 2013-2014. The petition was filed on 05.04.2019. The agreement lacked proper signatures and seals, and some pages were blank. The debt was stated to have

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the Insolvency and Bankruptcy Code, 2016, is barred by …

**Ratio:** Article 137 of the Limitation Act applies to applications under Section 9 of the

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**Reasoning:** The court relied on the Supreme Court's judgment in B.K. Educational Services, which held

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**Interpretation:** The interpretation of the law of limitation in the context of the Insolvency

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**Application:** In this case, the debt fell due on 01.04.2015, and the application was filed on

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** BSE LIM…
- **Respondents:** Novagold Petro-Res…
- **Advocates:** Amit La…

## Timeline

- **1996-05-05 — Listing Agr…**: Listing Agreement executed between BSE (then Bombay Stock Exchange) and Osian LPG…
- **2013-06-18 — Last Payment…**: BSE received the last payment of Rs. 28,652/- from Novagold for the Financial Year…

## 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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