# In the matter of United News of India (IB)-478-ND-2018

> NCLT judgment dated 2018-10-31. Citation: TCN-2018-NCLT-00425. Peerless Consultancy Services Pvt. Ltd. filed a petition under Section 9 of the Insolvency &…

- **Court:** NCLT
- **Order date:** 31 Oct 2018
- **Citation:** TCN-2018-NCLT-00425
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/united-news-of-india-ib-478-nd-2018-9f91a5da

## Summary

### Background

Peerless Consultancy Services Pvt. Ltd. filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against United News of India, claiming an outstanding operational debt. The Corporate Debtor was interested in setting up a UNI Digital Media and Satellite Channel and was looking for a strategic partner. The petitioner expressed interest and gave a cheque of Rs. 1.5 Crores, dated 5th January, 2015, which was duly encashed. An agreement was to be executed within 30 days, but the parties couldn't agree on the terms. The amount was to be returned by the Corporate Debtor, but they failed to do so despite a legal notice and a statutory demand notice under Section 8 of the IBC.

## Facts

Peerless Consultancy Services Pvt. Ltd. (the petitioner) filed a petition against United News of India (the respondent/corporate debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, claiming an outstanding operational debt. The Corporate Debtor was planning to establish a UNI Digital Media and Satellite Channel and sought a strategic partner. The Petitioner showed interest and provided a cheque of Rs. 1.5 Crores dated January 5, 2015, which was encashed. The parties were supposed to execute an agreement within 30 days, but they failed to agree on the terms and conditions. The amount was to be returned by the Corporate Debtor. A statutory demand notice under Section 8 of the Insolvency & Bankruptcy Code was issued on March 21, 2018, and received by

…

## Issues and analysis

### Issue 1: Whether the claim is …

**Ratio:** The limitation period for recovery of debt starts from the date the amount becomes due

…

**Reasoning:** The court found that the amount in question was given in January 2015, and the petition

…

**Interpretation:** Article 22 of the Limitation Act states that limitation shall run from the date

…

**Application:** The court applied the principle that the limitation period started when the

…

## Parties

- **Judges:** Ina Mal…; Deepa Kr…; +1 more
- **Appellants:** Peerless Consultan…
- **Respondents:** United News of…

## Timeline

- **2015-01-05 — Cheque I…**: Peerless Consultancy Services Pvt. Ltd. issued a cheque of Rs. 1.5 Crores to United News…
- **2018-03-21 — Statutory Dema…**: A statutory demand notice under Section 8 of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

---

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/united-news-of-india-ib-478-nd-2018-9f91a5da