# In the matter of Rainbow Industrial Park Pvt. Ltd. CP (IB) No. 729-NCLT-AHM-2019

> NCLT judgment dated 2021-10-05. Citation: TCN-2021-NCLT-00845. The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Oct 2021
- **Citation:** TCN-2021-NCLT-00845
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rainbow-industrial-park-pvt-ltd-cp-ib-no-729-nclt-ahm-2019-6efb8180

## Summary

### Background

The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. Shashikant Thakar, an Operational Creditor, against Rainbow Industrial Park Pvt. Ltd., the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The operational debt claimed is Rs. 1,30,000/- for consultancy services provided by the Operational Creditor to the Corporate Debtor during the accounting year 2018-19. The Operational Creditor raised an invoice dated 02.01.2019, but the Corporate Debtor failed to clear the outstanding debts despite repeated reminders.

## Facts

Mr. Shashikant Thakar, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Rainbow Industrial Park Pvt. Ltd., the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The operational debt claimed is Rs. 1,30,000/- for consultancy services, including GST, tax, secretarial, and legal consultancy, provided by the Operational Creditor to the Corporate Debtor for the accounting year 2018-19. The Operational Creditor raised an invoice dated 02.01.2019. Despite repeated reminders, the Corporate Debtor failed to clear the outstanding debts. The Corporate Debtor did not file any reply to the application despite multiple opportunities and remained absent during the final

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor is within the limitation period as …

**Ratio:** The Insolvency and Bankruptcy Code, 2016 prescribes a limitation period for filing

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**Reasoning:** The court perused the record and found that the instant petition filed by the applicant

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**Interpretation:** The limitation period is a crucial aspect to ensure timely action and prevent

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**Application:** In this case, the court determined that the application was filed within the

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Shashikant…
- **Respondents:** Rainbow Industrial…

## Timeline

- **2018-01-01 — Accountin…**: Accounting year for which…
- **2019-01-02 — Invoice…**: Date on which the Operational Creditor…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8(1) — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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