# In the matter of Sidharth Construction & Trading Pvt. Ltd. CP (IB) No. 95-CTB-2020

> NCLT judgment dated 2021-06-09. Citation: TCN-2021-NCLT-02001. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 9 Jun 2021
- **Citation:** TCN-2021-NCLT-02001
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sidharth-construction-trading-pvt-ltd-cp-ib-no-95-ctb-2020-200c6bb1

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. Cosmic Carriers Pvt. Ltd. (Operational Creditor) against M/s. Sidharth Construction and Trading Pvt. Ltd. (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor owed them Rs. 1,21,06,904/-. The Corporate Debtor denied the averments made by the Operational Creditor, contending that the petition was not maintainable.

## Facts

M/s. Cosmic Carriers Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Sidharth Construction and Trading Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor owed them Rs. 1,21,06,904/-. The Operational Creditor stated that they had provided rental and hire services of machines to the Corporate Debtor based on work orders issued during 2013-14. They raised invoices for these services. The Corporate Debtor issued 11 cheques totaling Rs. 61,13,480, but 4 cheques were returned due to 'Funds Insufficient' and 7 cheques were returned due to 'Account Block Situation'. The Corporate Debtor filed a

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## Issues and analysis

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

**Ratio:** The judgment of the Hon'ble Supreme Court in Civil Appeal No.: 23988 of 2017 in BK

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**Reasoning:** The court, after considering the pleadings, documents, and the Supreme Court's judgment,

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**Interpretation:** The interpretation of the law on limitation, as applied to the facts of the

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**Application:** The court applied the principles of limitation to the facts of the case,

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## Parties

- **Judges:** Sucharit…; Satya Ranjan…
- **Appellants:** M/s. Cosmic…
- **Respondents:** M/s. Sidharth…

## Timeline

- **2013-01-01 — Work Orders…**: The Corporate Debtor issued several work orders to the Operational Creditor during the…
- **2014-04-30 — Invoice…**: Invoice B-2 dated…

## 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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