# In the matter of Srithik Ispat Private Limited. CP(IB)-4549-MB-IV-2018

> NCLT judgment dated 2019-09-30. Citation: TCN-2019-NCLT-01139. Swastik Coal Corporation Private Limited, the Operational Creditor, filed a Company Petition…

- **Court:** NCLT
- **Order date:** 30 Sept 2019
- **Citation:** TCN-2019-NCLT-01139
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/srithik-ispat-private-limited-cpib-4549-mb-iv-2018-28c121cb

## Summary

### Background

Swastik Coal Corporation Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Srithik Ispat Private Limited, the Corporate Debtor. The petition was based on the Corporate Debtor's failure to pay a sum of Rs. 1,85,04,146.00 as principal and Rs. 2,32,07,812.00 as interest as on 10.11.2015, the date of default. The Operational Creditor claimed to have supplied South African coal to the Corporate Debtor's plant in Goa.

## Facts

Swastik Coal Corporation Private Limited (Operational Creditor) filed a petition under Section 9 of the IBC against Srithik Ispat Private Limited (Corporate Debtor) for default in payment. The Corporate Debtor allegedly failed to pay Rs. 1,85,04,146.00 as principal and Rs. 2,32,07,812.00 as interest as of 10.11.2015. The Operational Creditor claimed to have supplied South African coal to the Corporate Debtor's plant in Goa. The Corporate Debtor argued that the claim was barred by limitation, there was a pre-existing dispute regarding the quality of supplies, and the transactions could be classified into two tranches, with the first tranche being time-barred and the second paid in advance. The Adjudicating Authority noted an email dated 14.12.2015 indicating

…

## Issues and analysis

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

**Ratio:** The principle of limitation bars claims that are not brought within the statutorily

…

**Reasoning:** The Adjudicating Authority considered the arguments regarding limitation but found that

…

**Interpretation:** The acknowledgment of debt, even if implicit, can revive a claim that might

…

**Application:** The email correspondence acknowledging old dues suggests that the Corporate

…

## Parties

- **Judges:** Rajasekha…; RavikumarDu…
- **Appellants:** Swastik Coal…
- **Respondents:** Srithik Ispat…

## Timeline

- **1998-02-12 — Incorporation of…**: Srithik Ispat Private Limited…
- **2015-11-10 — Date of D…**: The Corporate Debtor defaulted…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/srithik-ispat-private-limited-cpib-4549-mb-iv-2018-28c121cb