# In the matter of Mahindra Lifespace Developers Limited CP (IB) No. 302-MB-2020

> NCLT judgment dated 2023-03-24. Citation: TCN-2023-NCLT-04057. This case involves a petition filed by Mr. Haresh Patel, Sole Proprietor of M/s. Packaging…

- **Court:** NCLT
- **Order date:** 24 Mar 2023
- **Citation:** TCN-2023-NCLT-04057
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mahindra-lifespace-developers-limited-cp-ib-no-302-mb-2020-890d67cd

## Summary

### Background

This case involves a petition filed by Mr. Haresh Patel, Sole Proprietor of M/s. Packaging Associates (Operational Creditor), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Mahindra Lifespace Developers Limited (Corporate Debtor). The Operational Creditor alleged that the Corporate Debtor defaulted on payments amounting to Rs. 3,16,07,464/-, inclusive of 18% per annum interest amounting to Rs. 78,93,745/-. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor opposed the admission of the petition, primarily arguing that the claim was barred by limitation.

## Facts

Mr. Haresh Patel, Sole Proprietor of M/s. Packaging Associates (Operational Creditor), filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Mahindra Lifespace Developers Limited (Corporate Debtor) for defaulting on payments of Rs. 3,16,07,464/-, including interest. The Operational Creditor was in the business of undertaking works contracts for the supply of doors, windows, and interior fit-outs. The Corporate Debtor was in the business of real estate and infrastructure development. The Operational Creditor executed works contracts for the Corporate Debtor between February 2015 and November 2016, raising invoices aggregating to Rs. 12,25,19,750/-. The Corporate Debtor paid Rs. 9,58,25,532/- between March 2015 and August 2016, and

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor is barred by the law of limitation under …

**Ratio:** The law of limitation prescribes a specific period within which legal proceedings must be

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**Reasoning:** The court reasoned that the last payment made by the Corporate Debtor was on August 4,

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**Interpretation:** Section 9 of the Insolvency and Bankruptcy Code, 2016, must be read in

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**Application:** In this case, the last payment was made on August 4, 2016, and the petition was

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** Haresh…
- **Respondents:** M/s. Mahindra…
- **Advocates:** Princi Ja…; Shyam Ka…

## Timeline

- **2015-02-02 — Letter of…**: Corporate Debtor was awarded a…
- **2015-02-01 — Contract Ex…**: The Petitioner executed Work under Contracts (involving both supply of Goods 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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