# In the matter of Axiom Polypack Private Limited CP No. (IB)- 180-9-JPR-2019

> NCLT judgment dated 2022-06-01. Citation: TCN-2022-NCLT-02492. The case involves an application filed by Jesons Industries Limited, claiming to be an…

- **Court:** NCLT
- **Order date:** 1 Jun 2022
- **Citation:** TCN-2022-NCLT-02492
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/axiom-polypack-private-limited-cp-no-ib-180-9-jpr-2019-9d954d97

## Summary

### Background

The case involves an application filed by Jesons Industries Limited, claiming to be an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Axiom Polypack Private Limited, the Corporate Debtor. Jesons Industries claimed that Axiom Polypack had not paid its outstanding dues for goods supplied as per specifications, despite repeated assurances. The debt fell due on 19.11.2015 when the invoice was issued. Jesons Industries issued multiple demand notices to Axiom Polypack.

## Facts

Jesons Industries Limited, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Axiom Polypack Private Limited, the Corporate Debtor. Jesons Industries claimed that Axiom Polypack failed to pay outstanding dues for goods supplied as per specifications. The last invoice was issued on 19.11.2015. The Corporate Debtor provided a confirmation and acknowledgement through Form C under the Central Sales Tax Act, 1956, on 10.10.2016, admitting receipt of goods and debt. Jesons Industries issued demand notices on 21.07.2018, 31.01.2019, and 20.05.2019, demanding Rs. 5,42,566/- along with interest. The Operational Creditor claimed a total of Rs. 5,13,079/- in

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## Issues and analysis

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

**Ratio:** The Limitation Act, 1963, is applicable to the IBC, and the application must be filed

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**Reasoning:** The Adjudicating Authority relied on precedents from the Calcutta and Delhi High Courts,

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**Interpretation:** The Sales Tax Declaration Form cannot be considered a valid acknowledgement of

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**Application:** In this case, the Sales Tax Declaration Form submitted by Jesons Industries was

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## Parties

- **Judges:** Deep Chandr…; RaghuNa…
- **Appellants:** Jesons Industries…
- **Respondents:** Axiom Polypack…

## Timeline

- **2015-11-19 — Invoice I…**: Jesons Industries issued the last invoice to Axiom Polypack for goods sold, supplied, and…
- **2016-10-10 — Form C I…**: Axiom Polypack provided confirmation and acknowledgement through Form C under the Central…

## 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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