# In the matter of Nuclear Power Corporation Of India Limited CP (IB) 1048-MB-2019

> NCLT judgment dated 2022-10-07. Citation: TCN-2022-NCLT-00818. KVTEK Power Systems Private Limited, the Operational Creditor, filed a petition under Section 9…

- **Court:** NCLT
- **Order date:** 7 Oct 2022
- **Citation:** TCN-2022-NCLT-00818
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nuclear-power-corporation-of-india-limited-cp-ib-1048-mb-2019-2421f12e

## Summary

### Background

KVTEK Power Systems Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Nuclear Power Corporation of India Limited, the Corporate Debtor, due to non-payment of INR 47,93,013/-. The amount includes the principal of INR 25,29,159/- and interest of Rs.22,63,853/- calculated @11.125% p.a. up to 06.02.2019. The Corporate Debtor was incorporated on 03.09.1987. The Operational Creditor is a manufacturer, installer, and supplier of Serveron make Model-TM-8 Transformer Online Dissolve Gas Analyzer with 8 Gas Analyzer and Moisture. The Corporate Debtor had placed a purchase order on 27.03.2015 for the equipment. The Operational Creditor

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## Facts

KVTEK Power Systems Private Limited (Operational Creditor) filed a petition against Nuclear Power Corporation of India Limited (Corporate Debtor) under Section 9 of the IBC, seeking to initiate CIRP for non-payment of INR 47,93,013/-. The Corporate Debtor placed a purchase order on 27.03.2015 for a Serveron make Model-TM-8 Transformer Online Dissolve Gas Analyzer. The Operational Creditor supplied and delivered the equipment, raising an invoice on 11.06.2015 for INR 22,81,350/-. The date of default is 11.06.2015. The Corporate Debtor raised concerns about the equipment's performance, citing discrepancies in test results. The Operational Creditor addressed these concerns, offering explanations and alternative test results. The Corporate Debtor claimed the invoice was

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor is maintainable under Section 9 of the …

**Ratio:** A petition under Section 9 of the IBC can be admitted if there is a debt and a default,

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**Reasoning:** The NCLT observed that the Corporate Debtor raised the issue of limitation. The invoice

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**Interpretation:** The limitation period for filing a petition under Section 9 of the IBC is three

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**Application:** In this case, the date of default was 11.06.2015, and the petition was filed on

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** KVTEK Power…
- **Respondents:** Nuclear Power…

## Timeline

- **1987-09-03 — Incorporation of…**: Nuclear Power Corporation of India Limited was…
- **2015-03-27 — Purchase…**: The Corporate Debtor placed the Purchase Order No. CMM/MAPS/EM/42580/MANUAL-PO/1269 for…

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