# In the matter of Veesons Energy Systems Pvt. Ltd. MA-181-2018 In CA-61-2018 In CP-510-IB-2017

> NCLT judgment dated 2018-12-11. Citation: TCN-2018-NCLT-00108. The case involves MA/181/2018 in CA/61/2018 in CP/510/IB/2017 filed under Section 42 of the…

- **Court:** NCLT
- **Order date:** 11 Dec 2018
- **Citation:** TCN-2018-NCLT-00108
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/veesons-energy-systems-pvt-ltd-ma-181-2018-in-ca-61-2018-in-cp-510-ib-2017-1a5615fc

## Summary

### Background

The case involves MA/181/2018 in CA/61/2018 in CP/510/IB/2017 filed under Section 42 of the Insolvency and Bankruptcy Code, 2016. The Applicant/Operational Creditor, The Great Indian Linen And Textile Infrastructure Company Pvt. Ltd., filed a claim against the Liquidator, Mr. Raghavendran, for an amount of Rs. 1,44,60,000/- with interest @ 18% p.a., totaling Rs.2,73,78,977/-. The claim was initially filed before the Resolution Professional but was rejected. The Liquidator also rejected the claim, stating it was time-barred.

## Facts

The Great Indian Linen And Textile Infrastructure Company Pvt. Ltd. (Applicant/Operational Creditor) filed a claim for Rs. 1,44,60,000/- with 18% interest, totaling Rs. 2,73,78,977/-, against Veesons Energy Systems Pvt. Ltd. (Corporate Debtor). This claim was initially rejected by the Resolution Professional and subsequently by the Liquidator, Mr. Raghavendran. The amount was given as a mobilization advance on 2009-06-10 for manufacturing equipment, which the Corporate Debtor failed to do. The Applicant filed MA/181/2018 to overturn the Liquidator's rejection. The Liquidator argued the claim was time-barred, citing a communication dated 2018-05-17. The Corporate Debtor had previously filed a counter-claim in a winding-up petition, stating the Applicant owed them Rs.

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## Issues and analysis

### Issue 1: Whether the claim of the Applicant/Operational Creditor is time-barred under the Insolvency and …

**Ratio:** The ratio laid down by the Hon'ble Apex Court in M/s. B.K. Educational Services Pvt. Ltd.

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**Reasoning:** The court reasoned that the 'right to sue' accrues when a default occurs. If the default

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**Interpretation:** The interpretation of the law is that the Limitation Act applies to claims

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**Application:** In this specific case, the court applied the ratio and reasoning to the facts,

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** Great Indian…
- **Respondents:** VEESONS ENERGY…; R. Raghav…

## Timeline

- **2009-06-10 — Mobilization…**: Rs. 1,44,60,000/- given as mobilization advance to the Corporate Debtor for manufacturing…
- **2017-06-19 — CIRP Init…**: Adjudicating Authority ordered for initiation of Corporate Insolvency Resolution Process…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 42 — Appeal against the decision of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-42)

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