# In the matter of M. I. Buildtech Private Limited CP (IB)-300-(ND)-2021

> NCLT judgment dated 2022-11-23. Citation: TCN-2022-NCLT-00361. Preet Shuttering Store, an operational creditor, filed an application under Section 9 of the…

- **Court:** NCLT
- **Order date:** 23 Nov 2022
- **Citation:** TCN-2022-NCLT-00361
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/m-i-buildtech-private-limited-cp-ib-300-nd-2021-6e4c3e1f

## Summary

### Background

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.

## Facts

Preet Shuttering Store (operational creditor) filed an application under Section 9 of the IBC to initiate CIRP against M/s M. I. Buildtech Private Limited (corporate debtor) due to a default of Rs. 2,14,85,141. The operational creditor and corporate debtor had an agreement for the supply of shuttering and scaffolding material, with work orders dating back to 2013 and a MOU in 2017. The business relationship soured between 2014 and 2018, leading to outstanding dues. The corporate debtor did not reply to the demand notice dated 15.04.2021. The corporate debtor argued that the application was not maintainable as the partnership firm was unregistered, and the claim was time-barred. They also claimed financial troubles due to funds blocked by Amrapali Group and a fire at

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## Issues and analysis

### Issue 1: Whether the present application …

**Ratio:** Article 137 of the Limitation Act, 1963 stipulates a limitation period of three years

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**Reasoning:** The operational creditor raised invoices from time to time, and the last payment was made

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**Interpretation:** The limitation period for filing an application under the IBC is three years

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**Application:** Since the last payment was made on 20.06.2018, and the application was filed on

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## Parties

- **Judges:** SHRI. P.S.N.…; SHRI. RAHUL…
- **Appellants:** Preet Shuttering…
- **Respondents:** M/s M.I. BUILDTECH…
- **Advocates:** Gursat…; Pranam…; +1 more

## Timeline

- **2013-10-12 — Agreement…**: Operational Creditor and Corporate Debtor…
- **2017-08-01 — MOU Date…**: MOU signed between Operational Creditor and Corporate Debtor for supply of shuttering and…

## 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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