# In the matter of Mark One Impex Private Limited

> NCLT judgment dated 2023-09-15. Citation: TCN-2023-NCLT-01569. The case involves an application filed by Acme Cleantech Solutions Private Limited (Operational…

- **Court:** NCLT
- **Order date:** 15 Sept 2023
- **Citation:** TCN-2023-NCLT-01569
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mark-one-impex-private-limited-73c05c76

## Summary

### Background

The case involves an application filed by Acme Cleantech Solutions Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Mark One Impex Private Limited (Corporate Debtor). The Operational Creditor claimed default on payments for electrical equipment supplied to the Corporate Debtor. The Corporate Debtor contested the application, citing pre-existing disputes, return of materials, and limitation issues. IA No. 194/2021 was filed for condonation of delay of 42 days in filing the petition.

## Facts

Acme Cleantech Solutions Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Mark One Impex Private Limited (Corporate Debtor) for non-payment of dues related to the supply of electrical equipment. The Operational Creditor claimed a default amount of Rs. 3,11,31,837/-. The Corporate Debtor argued that there were pre-existing disputes, including the return of materials, outstanding amounts owed by the Operational Creditor, and a criminal complaint filed by the Operational Creditor. The Corporate Debtor also contended that the application was time-barred, as it was filed more than three years after the date of default. The Operational

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## Issues and analysis

### Issue 1: Whether the demand notice dated 16.05.2019 …

**Ratio:** A demand notice must be properly served to

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**Reasoning:** The court noted that the demand notice was delivered to the corporate debtor, as

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**Interpretation:** The court interpreted the evidence to conclude that the demand notice was

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**Application:** The court applied this interpretation to the facts, finding that the demand

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** M/s Acme Cleantech…
- **Respondents:** M/s Mark One…
- **Advocates:** Dhanesh…; Vipul J…; +4 more

## Timeline

- **2016-03-30 — Date of D…**: Date of the last invoice (ACSPL/PNT/3727/15-16) for Rs. 19,04,532 against cheque no.…
- **2019-05-10 — Demand Notice…**: Operational creditor issued a demand notice in…

## 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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