# In the matter of Meheev Industries Private Limited

> NCLT judgment dated 2023-08-04. Citation: TCN-2023-NCLT-02164. The case involves an application filed by Elastochemie Impex Pvt. Ltd. (Operational Creditor)…

- **Court:** NCLT
- **Order date:** 4 Aug 2023
- **Citation:** TCN-2023-NCLT-02164
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/meheev-industries-private-limited-a607cbde

## Summary

### Background

The case involves an application filed by Elastochemie Impex Pvt. Ltd. (Operational Creditor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Meheev Industries Private Limited (Corporate Debtor) for an outstanding amount of Rs. 1,59,60,296. The debt includes a principal amount of Rs. 63,40,998 and interest of Rs. 96,19,298 calculated at 24% p.a. up to March 15, 2020. The date of default was mentioned as March 21, 2017, and the petition was filed on March 20, 2020. The Corporate Debtor had been placing requisitions for synthetic rubber products, and the Operational Creditor supplied the required quantity, raising invoices with a 24% p.a. interest provision for overdue payments.

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## Facts

Elastochemie Impex Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Meheev Industries Private Limited (Corporate Debtor). The claim was for Rs. 1,59,60,296, including a principal of Rs. 63,40,998 and interest of Rs. 96,19,298 calculated at 24% p.a. up to March 15, 2020. The date of default was March 21, 2017, and the petition was filed on March 20, 2020. The Corporate Debtor procured synthetic rubber products from the Operational Creditor, who raised invoices with a 24% p.a. interest provision for overdue payments. The Corporate Debtor issued 32 post-dated cheques to the Operational Creditor, with some being honored and others dishonored. The Operational Creditor issued demand

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor is barred by limitation under Section 9 …

**Ratio:** The law of limitation requires that legal proceedings must be initiated within a

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**Reasoning:** The court reasoned that the claim was based on invoices issued between October 8, 2012,

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**Interpretation:** The interpretation of Section 9 of the IBC, read with the law of limitation,

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**Application:** The court applied the law of limitation to the facts of the case. The court

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** Elastochemie…
- **Respondents:** Meheev Industries…

## Timeline

- **2017-03-21 — Date of D…**: The date of default as mentioned…
- **2020-03-20 — Petition…**: The Operational Creditor filed the…

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