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

> NCLT judgment dated 2023-02-09. Citation: TCN-2023-NCLT-04670. 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-04670
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/matheysh-maltitrading-private-limited-cp-ib-2305-mb-2019-73a4de08

## Summary

### Background

Risa International Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Matheysh Maltitrading Private Limited, the Corporate Debtor. The Operational Creditor claimed a default amount of Rs. 16,95,14,713, including principal and interest. The Corporate Debtor was incorporated on 06.07.2012. The Operational Creditor contended that the Corporate Debtor approached them for the purchase of fabric in March 2014, and invoices were raised accordingly. The date of default was stated as 31.10.2014.

## Facts

Risa International Limited (Operational Creditor) filed a petition against Matheysh Maltitrading Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The Operational Creditor claimed a total debt of Rs. 16,95,14,713, including a principal amount of Rs. 6,74,58,634 and interest of Rs. 10,20,56,079 calculated at 24% per annum. The Corporate Debtor was incorporated on 06.07.2012. The Operational Creditor stated that the Corporate Debtor approached them for fabric purchase in March 2014, and invoices were raised between 13.05.2014 and 25.06.2014, totaling Rs. 7,03,74,134. The supplies were acknowledged, and the quality was not disputed. Part payments were made by the Corporate Debtor on various dates in

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor is barred by limitation under Article 137 of …

**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 raised in 2014, and the last payment was

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**Interpretation:** The interpretation of Article 137 of the Limitation Act, 1963, requires that

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**Application:** In this case, the last payment was received on 30.10.2014, and the demand

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## Parties

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

## Timeline

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

## 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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