# In the matter of V R V Engineers Private Limited IBA-1410-2019

> NCLT judgment dated 2021-01-29. Citation: TCN-2021-NCLT-03191. The case involves an application filed by M/s. Streamline Refrigeration Private Limited…

- **Court:** NCLT
- **Order date:** 29 Jan 2021
- **Citation:** TCN-2021-NCLT-03191
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/v-r-v-engineers-private-limited-iba-1410-2019-68a8133e

## Summary

### Background

The case involves an application filed by M/s. Streamline Refrigeration Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. V R V Engineers Private Limited (Corporate Debtor) for an operational debt. The Operational Creditor claims that the Corporate Debtor defaulted on payments for invoices raised on 31.08.2015 and 10.09.2015, totaling Rs. 8,62,644/-. The Corporate Debtor was incorporated on 08.09.2006. The Operational Creditor issued a demand notice on 14.08.2019. The Corporate Debtor sent a payment realize agreement on 10.02.2017 regarding releasing the outstanding payment.

## Facts

M/s. Streamline Refrigeration Private 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. V R V Engineers Private Limited (Corporate Debtor). The Operational Creditor claimed an outstanding debt of Rs. 8,62,644/- based on invoices dated 31.08.2015 and 10.09.2015. The Operational Creditor issued a demand notice on 14.08.2019. The Corporate Debtor sent a payment realize agreement on 10.02.2017, acknowledging the debt and promising payment. The application was filed on 01.11.2019. The Corporate Debtor did not reply to the demand notice and did not appear before the Tribunal. The Operational Creditor is in the business of supplying

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## Issues and analysis

### Issue 1: Whether the application filed by the …

**Ratio:** Section 18 of the Limitation Act, 1963, states that where, before the expiration of the

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**Reasoning:** The Tribunal observed that the Corporate Debtor acknowledged its debt by way of writing

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**Interpretation:** Section 18 of the Limitation Act, 1963, provides that an acknowledgment of debt

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**Application:** The Corporate Debtor's acknowledgment of debt on 10.02.2017, before the

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** M/s. Streamline…
- **Respondents:** M/s. V R V…

## Timeline

- **2006-09-08 — Corporate Debtor…**: M/s. V R V Engineers Private…
- **2015-08-31 — Invoice…**: One of the invoices raised by…

## 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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