# In the matter of Kirtiman Cements & Packaging Industries Limited

> NCLT judgment dated 2024-02-20. Citation: TCN-2024-NCLT-02511. Napin Impex Limited, acting as an agent for ONGC Petro Additions Limited (OPAL), filed an…

- **Court:** NCLT
- **Order date:** 20 Feb 2024
- **Citation:** TCN-2024-NCLT-02511
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kirtiman-cements-packaging-industries-limited-61129451

## Summary

### Background

Napin Impex Limited, acting as an agent for ONGC Petro Additions Limited (OPAL), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Kirtiman Cements & Packaging Industries Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The petitioner claimed that the corporate debtor defaulted on payments for polymer raw materials supplied between 2017 and 2019. The corporate debtor contested the maintainability of the petition, arguing that the petitioner was merely a collection agent for OPAL and that the debt claimed did not meet the threshold limit. The corporate debtor also raised objections regarding the demand notice issued by the petitioner.

## Facts

Napin Impex Limited, the petitioner, is an agent of ONGC Petro Additions Limited (OPAL). Kirtiman Cements & Packaging Industries Limited, the corporate debtor, approached the petitioner in 2017 to purchase polymer raw materials manufactured by OPAL. The petitioner supplied these materials between September 21, 2017, and October 4, 2019, under various invoices. The corporate debtor accepted and utilized the goods but failed to pay a substantial portion of the outstanding invoices. As of October 25, 2019, the total principal sum due was Rs. 1,05,07,692/-, along with interest at 27% per annum. The date of default was October 4, 2019, when the last unpaid invoice was raised. The corporate debtor admitted to owing Rs. 1,11,71,649 in an email dated October 30, 2019. The

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## Issues and analysis

### Issue 1: Whether the petition is …

**Ratio:** The limitation period for filing a petition under Section 9 of the IBC is three years

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**Reasoning:** The court noted that the date of default was October 4, 2019, and the petition was filed

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**Interpretation:** The IBC specifies a time limit within which legal actions can be initiated.

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**Application:** Since the petition was filed within three years of the date of default, it was

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## Parties

- **Judges:** Harnam Singh…; UMESH KUMAR…
- **Appellants:** Napin Impex…
- **Respondents:** Kirtiman Cements…

## Timeline

- **2017-01-01 — Corporate Debtor…**: The Corporate Debtor approached the Petitioner in the year 2017 for purchasing polymer…
- **2017-09-21 — Supply of Raw…**: The Petitioner supplied polymers raw materials between 21.09.2017 to 04.10.2019 under…

## 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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