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

> NCLT judgment dated 2021-09-02. Citation: TCN-2021-NCLT-01214. 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-01214
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tiruchitambalam-projects-ltd-iba-470-2020-46bdef8a

## 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 from the Corporate Debtor for the supply of TMT Steels. The Corporate Debtor did not appear, and the Tribunal ordered notice to be issued. The Operational Creditor filed an Affidavit of Service, indicating that the notice was served, but the Corporate Debtor remained absent.

## Facts

M/s. Sicagen India Limited (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. 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. The Corporate Debtor issued purchase orders No.TP/KAN/001/1/2014 dated 08.09.2014 for 25.250 MT and No.P/TPL/TNPHC/1006/2014 dated 21.09.2014 for 22.500 MT. The Operational Creditor submitted that they promptly supplied the materials as per the schedule. The Operational Creditor issued a Demand Notice dated 15.02.2019 to the Corporate Debtor under

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## Issues and analysis

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

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

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**Reasoning:** The Tribunal noted that the invoices were raised on 08.09.2014 and 21.09.2014. The

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**Interpretation:** The acknowledgment of debt by the Corporate Debtor on 19.12.2019 is interpreted

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**Application:** The Tribunal applied the principle that acknowledgment of debt extends the

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## Parties

- **Judges:** Sucharit…; Anil Ku…
- **Appellants:** M/s. Sicagen…
- **Respondents:** M/s. Thiruchitamba…; M/s. Thiruchitamba…

## 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)

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