# In the matter of Hemarus Therapeutics Limited

> NCLT judgment dated 2023-11-07. Citation: TCN-2023-NCLT-00844. The case involves an application filed by Kalidindi Venkateswara Raju, the Operational…

- **Court:** NCLT
- **Order date:** 7 Nov 2023
- **Citation:** TCN-2023-NCLT-00844
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hemarus-therapeutics-limited-04f5c49c

## Summary

### Background

The case involves an application filed by Kalidindi Venkateswara Raju, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Hemarus Therapeutics Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an outstanding amount of Rs. 1,49,75,000/- based on an employment agreement and confirmation of accounts. The Corporate Debtor contested the application, primarily on the grounds of limitation and disputed the authenticity of post-dated cheques submitted as evidence.

## Facts

Kalidindi Venkateswara Raju, the Operational Creditor, filed an application under Section 9 of the IBC against Hemarus Therapeutics Limited, the Corporate Debtor. The claim was for Rs. 1,49,75,000/-, arising from unpaid remuneration as Executive Director/Chief Operating Officer based on an appointment letter dated 04.10.2014. The Operational Creditor's employment spanned from October 2014 to January 2018, with unpaid dues from March 2015 to January 2018. The Corporate Debtor made partial payments, leaving a balance of Rs. 1,49,75,000/-. The Operational Creditor presented post-dated cheques issued by the late Managing Director, Dr. Jayaram Chigurupati, and a confirmation of accounts dated 11.01.2018. The Corporate Debtor contested the claim, alleging limitation,

…

## Issues and analysis

### Issue 1: Whether the operational debt which is due and payable by the respondent to the petitioner is barred …

**Ratio:** Section 18 of the Limitation Act provides for the extension of the limitation period when

…

**Reasoning:** The court reasoned that the confirmation of accounts dated 11.01.2018 constituted an

…

**Interpretation:** The court interpreted Section 18 of the Limitation Act to mean that a clear

…

**Application:** The court applied the ratio to the facts by noting that the Corporate Debtor

…

## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Kalidindi…
- **Respondents:** Hemarus Therapeuti…; Hemarus Therapeuti…
- **Advocates:** Y. Suryana…; Sachin S…; +3 more

## Timeline

- **2014-10-04 — Appointment…**: Operational Creditor appointed as Executive Director/Chief Operating Officer of the…
- **2015-03-01 — Default in Salary…**: Corporate Debtor fails to pay remuneration to the Operational Creditor from March 2015 to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hemarus-therapeutics-limited-04f5c49c