# In the matter of Shreejicharan Engineering Private Limited CP (IB) No.4013-MB-C-IV-2018

> NCLT judgment dated 2020-04-28. Citation: TCN-2020-NCLT-01395. This is a Company Petition filed under section 9 of the Insolvency & Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 28 Apr 2020
- **Citation:** TCN-2020-NCLT-01395
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shreejicharan-engineering-private-limited-cp-ib-no4013-mb-c-iv-2018-89b8a795

## Summary

### Background

This is a Company Petition filed under section 9 of the Insolvency & Bankruptcy Code, 2016 ("IBC") by Mr. Girish Sangani, Proprietor of G Chimanlal & Co ("the Operational Creditor"), seeking to initiate Corporate Insolvency Resolution Process ("CIRP") against Shreejicharan Engineering Private Limited ("the Corporate Debtor"). The petition was filed because the Corporate Debtor failed to make payment of ₹10,28,093.00 as principal as on 31.03.2015, which is the date of default. The Operational Creditor had supplied TMT bars to the Corporate Debtor between 02.01.2013 and 19.03.2014 under twenty-one invoices.

## Facts

Girish Sangani, Proprietor of G Chimanlal & Co (Operational Creditor), filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shreejicharan Engineering Private Limited (Corporate Debtor). The Corporate Debtor is a private company incorporated on 05.03.2007. The Operational Creditor claimed that the Corporate Debtor failed to pay ₹10,28,093.00 as of 31.03.2015, which is the date of default. The Operational Creditor had supplied TMT bars to the Corporate Debtor between 02.01.2013 and 19.03.2014, evidenced by twenty-one invoices. The invoices did not provide for interest on delayed payments. The Operational Creditor served a Demand Notice dated 18.07.2018 in Form 3 upon

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## Issues and analysis

### Issue 1: Whether the petition filed by the …

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

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**Reasoning:** The court reasoned that the period of limitation commenced on 01.04.2015 and ran up to

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**Interpretation:** The court interpreted Article 137 of the Limitation Act, 1963 to mean that the

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**Application:** The court applied the ratio to the facts by determining that the petition was

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## Parties

- **Judges:** Rajasekha…; RavikumarDu…
- **Appellants:** Girish Sa…
- **Respondents:** Shreejicharan…

## Timeline

- **2007-03-05 — Incorporation of…**: Shreejicharan Engineering…
- **2013-01-02 — Supply of T…**: Operational Creditor started supplying…

## 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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