# In the matter of Best Golden Developers Private Limited

> NCLT judgment dated 2024-02-16. Citation: TCN-2024-NCLT-02569. The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 16 Feb 2024
- **Citation:** TCN-2024-NCLT-02569
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/best-golden-developers-private-limited-c1411930

## Summary

### Background

The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by M/s. G.K ISPAT PRIVATE LIMITED (Operational Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. BEST GOLDEN DEVELOPERS PRIVATE LIMITED (Corporate Debtor) due to a default of Rs. 2,45,99,070/-. The Operational Creditor claimed to have supplied iron and steel goods to the Corporate Debtor, against which payments were not fully made. The Corporate Debtor contested the application, arguing that the petition was barred by limitation, there was a pre-existing dispute, and the threshold limit was not satisfied.

## Facts

M/s. G.K ISPAT PRIVATE LIMITED (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. BEST GOLDEN DEVELOPERS PRIVATE LIMITED (Corporate Debtor). The Operational Creditor claimed a default of Rs. 2,45,99,070/-, with the date of default mentioned as 18/06/2019 in Form 5. The Operational Creditor supplied iron and steel goods to the Corporate Debtor against a purchase order issued on 04/06/2019 and amended on 18/06/2019. Invoices were raised, and the Corporate Debtor made some part payments. The Corporate Debtor issued three cheques dated 30/09/2019, which were dishonored. The Operational Creditor filed three complaints under Section 200 of the Code of

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## Issues and analysis

### Issue 1: Whether the petition is …

**Ratio:** Section 18 of the Limitation Act, 1963 states that if a part payment is made, the period

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**Reasoning:** The court considered the Corporate Debtor's argument that the petition was filed for

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**Interpretation:** The interpretation of Section 18 of the Limitation Act, 1963, in conjunction

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**Application:** Since the part payment was made on 30.11.2019, the period of limitation

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Appellants:** G.K ISPAT PRIVATE…
- **Respondents:** BEST GOLDEN…

## Timeline

- **2019-06-18 — Date of D…**: Date of default…
- **2019-06-04 — Purchase…**: Operational Creditor supplied iron and steel goods against purchase order no. TPT /…

## 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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