# In the matter of Tiruchitambalam Projects Ltd. IBA-470-2020

> NCLT judgment dated 2021-09-02. Citation: TCN-2021-NCLT-01208. The case involves an application filed by M/s. Sicagen India Limited (Operational Creditor)…

- **Court:** NCLT
- **Order date:** 2 Sept 2021
- **Citation:** TCN-2021-NCLT-01208
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tiruchitambalam-projects-ltd-iba-470-2020-1c8d542a

## Summary

### Background

The case involves an application filed by M/s. Sicagen India Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, r/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Thiruchitambalam Projects Limited (Corporate Debtor). The Operational Creditor claimed a sum of Rs. 10,50,911/- due and payable by the Corporate Debtor for the supply of TMT Steels. The Corporate Debtor did not appear, and the Tribunal proceeded ex-parte.

## Facts

M/s. Sicagen India Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Thiruchitambalam Projects Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor owed them Rs. 10,50,911/- for the supply of 50 MT of TMT Steels of various sizes for building constructions, based on purchase orders issued in September 2014. The Operational Creditor submitted that they promptly supplied the materials as per the schedule and raised invoices. The credit period for payment was 30 days from the date of delivery. The Corporate Debtor was irregular in payments and paid in installments with delays. A demand notice was issued on 15.02.2019 under Section 8 of IBC, 2016.

…

## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor is within the period of limitation as …

**Ratio:** The Limitation Act, 1963, governs the period within which legal proceedings must be

…

**Reasoning:** The Tribunal noted that the invoices were raised in September 2014, and the Corporate

…

**Interpretation:** The acknowledgment of debt by the Corporate Debtor in writing extended the

…

**Application:** The Corporate Debtor's acknowledgment of the debt on 19.12.2019 restarted the

…

## Parties

- **Judges:** Sucharit…; Anil Ku…
- **Appellants:** SICAGEN INDIA…
- **Respondents:** Thiruchitambalam…

## Timeline

- **2014-09-08 — Purchase…**: Corporate Debtor issued Purchase Order…
- **2014-09-21 — Purchase…**: Corporate Debtor issued Purchase Order No.P/TPL/TNPHC/1006/2014 for 22.500 MT of TMT…

## 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/tiruchitambalam-projects-ltd-iba-470-2020-1c8d542a