# In the matter of PTC Techno Pvt. Ltd. Company Petition No. (IB)-41(ND)-2017

> NCLT judgment dated 2017-04-11. Citation: TCN-2017-NCLT-00913. The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 11 Apr 2017
- **Citation:** TCN-2017-NCLT-00913
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ptc-techno-pvt-ltd-company-petition-no-ib-41nd-2017-a09e9080

## Summary

### Background

The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Speculum Plast Pvt. Ltd. (the 'Operational Creditor') against M/s PTC Techno Pvt. Ltd. (the 'Corporate Debtor') seeking to initiate corporate insolvency resolution. The Operational Creditor claimed that the Corporate Debtor failed to remit payments for electroplating services rendered between April 11, 2013, and September 19, 2013. The total amount claimed was Rs. 24,18,273.36, including Central Sales Tax. The Operational Creditor served a notice under Section 8 of the Code, but it was returned with the endorsement 'Refused'. The Operational Creditor also filed an affidavit stating that the Corporate Debtor did not dispute the unpaid Operational Debt. The petition was

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## Facts

Speculum Plast Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s PTC Techno Pvt. Ltd. (Corporate Debtor). The claim was for Rs. 24,18,273.36, including Central Sales Tax, for electroplating services rendered between April 11, 2013, and September 19, 2013. The Operational Creditor served a notice under Section 8 of the Code, which was returned marked 'Refused'. The Operational Creditor claimed that the Corporate Debtor failed to remit the amounts due. The Operational Creditor submitted that cheques tendered by the Corporate Debtor acknowledged the debt and extended the limitation period. The cheques were dated January 31, 2014, and February 7, 2014. The petition was filed on March 29, 2017. The

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## Issues and analysis

### Issue 1: Whether the claim is legally recoverable, considering the period of limitation under the Insolvency …

**Ratio:** A claim that is time-barred cannot be

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**Reasoning:** The court reasoned that the invoices were raised between April 1, 2013, and September 19,

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**Interpretation:** The interpretation of the limitation period is crucial in determining the

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**Application:** The court applied the principle that a time-barred claim is not legally

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## Parties

- **Judges:** Ina Mal…
- **Appellants:** Speculum Plast…
- **Respondents:** M/s PTC Techno…

## Timeline

- **2013-04-11 — Services Re…**: Services rendered by Speculum Plast Pvt.…
- **2013-09-19 — Services Re…**: Services rendered by Speculum Plast Pvt.…

## 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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