# In the matter of Matheysh Maltitrading Private Limited CP (IB) 2305-MB-2019

> NCLT judgment dated 2023-02-09. Citation: TCN-2023-NCLT-04706. Risa International Limited, the operational creditor, filed a petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 9 Feb 2023
- **Citation:** TCN-2023-NCLT-04706
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/matheysh-maltitrading-private-limited-cp-ib-2305-mb-2019-541dfa60

## Summary

### Background

Risa International Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Matheysh Maltitrading Private Limited, the corporate debtor. The operational creditor claimed a default of Rs. 16,95,14,713, including principal and interest, with the default date being 31.10.2014. The corporate debtor was incorporated on 06.07.2012. The operational creditor claimed that the corporate debtor approached them for the purchase of fabric in March 2014 and placed orders for supply. Between 13.05.2014 and 25.06.2014, 24 invoices were raised for a total amount of Rs. 7,03,74,134, which were acknowledged by the corporate debtor. Part payments were

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## Facts

Risa International Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Matheysh Maltitrading Private Limited (Corporate Debtor). The Corporate Debtor was incorporated on 06.07.2012. The Operational Creditor claimed that the Corporate Debtor approached them for the purchase of fabric in March 2014. Between 13.05.2014 and 25.06.2014, the Operational Creditor raised 24 invoices for a total amount of Rs. 7,03,74,134. The supplies were acknowledged by the Corporate Debtor, and the quality and quantity of goods were never disputed. The Corporate Debtor made part payments on various dates, including 31.07.2014, 28.08.2014, 05.09.2014 and 30.10.2014. The

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## Issues and analysis

### Issue 1: Whether the petition filed by the …

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

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**Reasoning:** The Tribunal observed that the invoices were from 2014, and the last payment was received

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**Interpretation:** The interpretation of Article 137 of the Limitation Act, 1963, in the context

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**Application:** In this case, the date of default was 31.10.2014, and the demand notice was

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Risa International…
- **Respondents:** Matheysh Maltitrad…
- **Advocates:** Jesal S…

## Timeline

- **2012-07-06 — Incorporation of…**: Matheysh Maltitrading Private…
- **2014-03-01 — Corporate Debtor…**: The Corporate Debtor approached the…

## 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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