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

> NCLT judgment dated 2018-10-31. Citation: TCN-2018-NCLT-00430. 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-00430
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/united-news-of-india-ib-478-nd-2018-ea2eb972

## 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 provided a cheque of Rs. 1.5 Crores, which was encashed. An agreement was supposed to be executed within 30 days, but the parties couldn't agree on the terms. The petitioner issued a statutory demand notice, which was received by the respondent. The respondent resisted the petition, raising objections.

## 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, seeking initiation of insolvency proceedings. 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 duly encashed. The understanding was that an agreement would be executed within 30 days. However, the parties failed to agree on the terms and conditions, and the amount was to be returned by the Corporate Debtor. Despite a legal notice, the Corporate Debtor failed to liquidate the debt. A statutory demand

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## Issues and analysis

### Issue 1: Whether the claim is …

**Ratio:** The limitation period starts from the date the amount became due for repayment, not the

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**Reasoning:** The court found that the petition was filed more than three years after the transaction,

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**Interpretation:** Article 22 of the Limitation Act was interpreted to determine when the

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**Application:** The court applied the ratio to the fact that the amount was due for repayment

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## Parties

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

## Timeline

- **2015-01-05 — Cheque I…**: Petitioner issued a cheque of Rs.…
- **2018-03-21 — Statutory Dema…**: Petitioner issued a statutory demand…

## 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)

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