# In the matter of Teja Cement Limited IA 160 & 161 of 2021 in CP (IB) No. 237-9-HDB-2019

> NCLT judgment dated 2022-01-04. Citation: TCN-2022-NCLT-04545. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 4 Jan 2022
- **Citation:** TCN-2022-NCLT-04545
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/teja-cement-limited-ia-160-161-of-2021-in-cp-ib-no-237-9-hdb-2019-d6d622ae

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by I.V. Nanda Gopal (Operational Creditor) against Teja Cements Ltd (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claims a default in payment of Rs.7,50,00,000/- for services rendered in connection with the establishment of a cement factory. The Corporate Debtor denied any offer of employment or shares to the Operational Creditor, alleging forged e-mail communications. The Operational Creditor relied on various letters and e-mails to support his claim of employment and outstanding dues.

## Facts

I.V. Nanda Gopal, the Operational Creditor, claimed that Teja Cements Ltd, the Corporate Debtor, defaulted in paying Rs.7,50,00,000/- for services rendered in connection with the establishment of a cement factory. The Operational Creditor relied on letters and e-mails indicating an offer of employment, a monthly salary of Rs.5,00,000/-, and an entitlement to Rs.7.50 crores as sweat equity shares. The Corporate Debtor denied any employment offer or agreement to allot shares, alleging that the e-mail communications were forged. The Corporate Debtor also claimed that the Operational Creditor had voluntarily assisted in the establishment of the cement factory and had invested and later withdrawn Rs.20,00,000/-. The Operational Creditor claimed that he was promised a

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## Issues and analysis

### Issue 1: Whether the application is …

**Ratio:** Article 137 of the Limitation Act

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**Reasoning:** The Tribunal considered the letters dated 29.01.2015, 276.09.2016, 28.08.2016, e-mail

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**Interpretation:** The limitation period starts from the date when the right to sue accrues.

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**Application:** The Tribunal found that the respondent had admitted the outstanding dues in

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** I.V. Nanda…
- **Respondents:** Teja Cemen…
- **Advocates:** Mayur M…; M.V. Pratap…; +2 more

## Timeline

- **2010-04-01 — Applicant start…**: I.V. Nanda Gopal started…
- **2011-07-25 — Letter of Emp…**: Letter stating I.V. Nanda Gopal started…

## 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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