# In the matter of Sam Alloys Private Limited CP (IB) No.1594-MB.IV-2019

> NCLT judgment dated 2020-07-15. Citation: TCN-2020-NCLT-01024. Haresh Trading Company, an operational creditor, filed a company petition under Section 9 of…

- **Court:** NCLT
- **Order date:** 15 Jul 2020
- **Citation:** TCN-2020-NCLT-01024
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sam-alloys-private-limited-cp-ib-no1594-mbiv-2019-bb26c66f

## Summary

### Background

Haresh Trading Company, an operational creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Sam Alloys Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor failed to make payment of ₹6,89,820.00 as principal and ₹8,74,503.00 as interest as on 20.12.2013.

## Facts

Haresh Trading Company, an operational creditor, filed a petition under Section 9 of the IBC against Sam Alloys Private Limited, a corporate debtor, seeking to initiate CIRP. The operational creditor claimed that the corporate debtor defaulted on a payment of ₹6,89,820.00 as principal and ₹8,74,503.00 as interest as on 20.12.2013, based on invoice No.206 dated 20.12.2013. The corporate debtor contested the claim, stating that there was an ongoing dispute regarding the invoice and that the petition was filed after the expiry of the limitation period. The corporate debtor also claimed that the materials supplied were of inferior quality and had been damaged by rain during transportation. The operational creditor served a demand notice in Form 3 dated 01.02.2019. The

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## Issues and analysis

### Issue 1: Whether the claim of the Operational …

**Ratio:** Article 137 of the Limitation Act, 1963 prescribes a limitation period of three years for

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**Reasoning:** The NCLT reasoned that since there was no due date on the invoice, the debt became

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**Interpretation:** The interpretation of Article 137 of the Limitation Act, 1963, is that the

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**Application:** The NCLT applied the ratio to the facts by determining that the limitation

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## Parties

- **Judges:** Rajasekha…; RavikumarDu…
- **Appellants:** Haresh Trading…
- **Respondents:** Sam Alloys…
- **Advocates:** Vikramjit G…; Chintan G…; +1 more

## Timeline

- **2004-01-14 — Incorporation of…**: Sam Alloys Private Limited was…
- **2013-12-20 — Invoice…**: Invoice No. 206 was issued by the…

## 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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