# In the matter of Premium Polyalloys Private Limited CP (IB) No. 399-9-NCLT-AHM2019

> NCLT judgment dated 2021-02-16. Citation: TCN-2021-NCLT-03033. M/s. 20 Microns Limited filed an application under Section 9 of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 16 Feb 2021
- **Citation:** TCN-2021-NCLT-03033
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/premium-polyalloys-private-limited-cp-ib-no-399-9-nclt-ahm2019-95bc971b

## Summary

### Background

M/s. 20 Microns Limited filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. Premium Polyalloys Private Limited, for a default amount of Rs. 22,95,203/-. The Operational Creditor claimed to have supplied goods and materials to the Corporate Debtor, raising invoices in August 2013. A legal notice was issued on 21.11.2018, demanding payment, which the Corporate Debtor refuted, claiming the amount had already been paid in May 2014.

## Facts

M/s. 20 Microns Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Premium Polyalloys Private Limited (Corporate Debtor). The alleged default amount was Rs. 22,95,203/-, inclusive of interest at 24% per annum. The Operational Creditor supplied goods like calcium carbonate to the Corporate Debtor and raised invoices in August 2013. Specifically, invoices numbered 1567853227, 1567853228, 1567853236, and 1567853235 were dated 24.08.2013, 25.08.2013, and 27.08.2013 respectively. A legal notice dated 21.11.2018 was issued by the Operational Creditor to the Corporate Debtor demanding payment, threatening criminal proceedings upon

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor is barred by limitation under the …

**Ratio:** The principle of limitation dictates that legal proceedings must be initiated within a

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**Reasoning:** The court reasoned that the last invoice was raised on 27.08.2013, making that the date

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**Interpretation:** The interpretation of the limitation period under the IBC, 2016, requires

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**Application:** In this case, the court applied the principle of limitation to the facts

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** 20 Microns…
- **Respondents:** Premium Polyalloys…

## Timeline

- **2013-08-24 — Invoice…**: Operational Creditor raised…
- **2013-08-25 — Invoice…**: Operational Creditor raised…

## 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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