# In the matter of Naumee Ceramica India Limited CP(IB) No. 231-NCLT-AHM-2020

> NCLT judgment dated 2022-02-01. Citation: TCN-2022-NCLT-04300. The application was filed by Advatech Cera Tiles Limited, claiming to be an Operational…

- **Court:** NCLT
- **Order date:** 1 Feb 2022
- **Citation:** TCN-2022-NCLT-04300
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/naumee-ceramica-india-limited-cpib-no-231-nclt-ahm-2020-c1a69812

## Summary

### Background

The application was filed by Advatech Cera Tiles Limited, claiming to be an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Naumee Ceramica India Limited. The amount of debt claimed in default was Rs. 1,47,39,391/- including interest @18% per annum as on 31.01.2020. The Operational Creditor was engaged in the business of non-metallic mineral products, while the Corporate Debtor is a Public Limited Company incorporated under the Companies Act, 1956, manufacturing non-refractory tiles and related products. The Corporate Debtor placed orders with the Operational Creditor, who supplied the required products. The Operational Creditor raised

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## Facts

Advatech Cera Tiles Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Naumee Ceramica India Ltd. (Corporate Debtor). The claimed default amount was Rs. 1,47,39,391/- including interest as of 31.01.2020. The Operational Creditor supplied goods to the Corporate Debtor, raising invoices for the same. The Corporate Debtor made payments of Rs. 1,23,77,509/- between 17.04.2010 and 07.10.2015. A balance of Rs. 1,47,39,391/- remained outstanding as of 30.11.2018, against 21 invoices. The principal debt was Rs. 36,10,953/-. The Corporate Debtor confirmed an amount of Rs. 50,00,000/- as a default amount as of 01.04.2014. The Corporate Debtor paid Rs.

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 is barred by …

**Ratio:** The Limitation Act, 1963, applies to applications filed under Section 7 or 9 of the IB

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**Reasoning:** The court found that the date of default was the date on which the invoices were raised,

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**Interpretation:** The court interpreted the provisions of the Limitation Act, 1963, specifically

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**Application:** In this case, the last invoice was dated 24.04.2012, and the acknowledgment

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Advatech Cera…
- **Respondents:** Naumee Ceramica…

## Timeline

- **2010-04-17 — Payment by Corporate…**: Corporate Debtor made…
- **2015-10-07 — Payment by Corporate…**: Corporate Debtor made…

## 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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