The Operational Creditor, Shalimar Paints Limited, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Texcel International Private Limited. The application was filed with a delay, and the Operational Creditor sought condonation of this delay. The Corporate Debtor opposed the application, arguing that it was not maintainable due to the delay and that Section 5 of the Limitation Act, 1963, could not be extended to applications under Section 7 or 9 of the IBC.
Shalimar Paints Limited, the Operational Creditor, supplied paints and allied products to Texcel International Private Limited, the Corporate Debtor. The Corporate Debtor placed numerous orders with the Operational Creditor. Invoices were payable within 30 days of issuance. The Operational Creditor maintained a running account, and as of March 31, 2019, a sum of Rs. 2,32,923/- was due and payable by the Corporate Debtor. The Operational Creditor issued a demand notice under Section 8 of the IBC on September 17, 2019, which was served on the Corporate Debtor on September 24, 2019. The Corporate Debtor replied, stating that no dues were payable. The Operational Creditor filed IBA/103/2020 on October 18, 2019, seeking to condone a delay of 48 days in filing the
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The Corporate Debtor…
The Operational Creditor issued a demand notice…
The Operational Creditor, Shalimar Paints Limited, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Texcel International Private Limited. The application was filed with a delay, and the Operational Creditor sought condonation of this delay. The Corporate Debtor opposed the application, arguing that it was not maintainable due to the delay and that Section 5 of the Limitation Act, 1963, could not be extended to applications under Section 7 or 9 of the IBC.
Shalimar Paints Limited, the Operational Creditor, supplied paints and allied products to Texcel International Private Limited, the Corporate Debtor. The Corporate Debtor placed numerous orders with the Operational Creditor. Invoices were payable within 30 days of issuance. The Operational Creditor maintained a running account, and as of March 31, 2019, a sum of Rs. 2,32,923/- was due and payable by the Corporate Debtor. The Operational Creditor issued a demand notice under Section 8 of the IBC on September 17, 2019, which was served on the Corporate Debtor on September 24, 2019. The Corporate Debtor replied, stating that no dues were payable. The Operational Creditor filed IBA/103/2020 on October 18, 2019, seeking to condone a delay of 48 days in filing the
…The Corporate Debtor…
The Operational Creditor issued a demand notice…