Preet Shuttering Store, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s M. I. Buildtech Private Limited, the corporate debtor, for defaulting on a debt of Rs. 2,14,85,141. The operational creditor and corporate debtor had entered into an agreement for the supply of shuttering and scaffolding material. The corporate debtor's counsel argued that the application was not maintainable because the partnership firm was unregistered and the claim was time-barred. The operational creditor contended that the application was within the limitation period and that non-registration of the partnership firm did not bar the application under IBC, 2016.

Preet Shuttering Store, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s M. I. Buildtech Private Limited, the corporate debtor, for defaulting on a debt of Rs. 2,14,85,141. The operational creditor and corporate debtor had entered into an agreement for the supply of shuttering and scaffolding material. The corporate debtor's counsel argued that the application was not maintainable because the partnership firm was unregistered and the claim was time-barred. The operational creditor contended that the application was within the limitation period and that non-registration of the partnership firm did not bar the application under IBC, 2016.