# In the matter of Shri Ambica International Food Company Private Limited

> NCLT judgment dated 2023-07-04. Citation: TCN-2023-NCLT-02699. The application, IA/2836/ND/2022, was filed under Section 60(5) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 4 Jul 2023
- **Citation:** TCN-2023-NCLT-02699
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shri-ambica-international-food-company-private-limited-1c56e64e

## Summary

### Background

The application, IA/2836/ND/2022, was filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, by M/s. Flexituff Ventures International Limited, the Operational Creditor of M/s. Shri Ambica International Food Company Private Limited, the Corporate Debtor. Flexituff sought the tribunal's intervention to allow their claim, condone the delay in filing it, and direct the Respondent to accept the claim. Flexituff had supplied BOPP Laminated Bags to the Corporate Debtor between February and March 2017, for which Rs. 29,54,116/- remained outstanding. They issued a legal notice in October 2018 and initiated criminal complaints. The Corporate Insolvency Resolution Process (CIRP) against Shri Ambica was initiated on October 16, 2019, with a public

…

## Facts

M/s. Flexituff Ventures International Limited, the Operational Creditor, supplied BOPP Laminated Bags to M/s. Shri Ambica International Food Company Private Limited, the Corporate Debtor, between 09.02.2017 and 09.03.2017. An amount of Rs. 29,54,116/- remained outstanding. Flexituff issued a legal notice to the Corporate Debtor on 15.10.2018 and initiated two criminal complaints under Section 138 of the Negotiable Instruments Act, 1881. The Corporate Insolvency Resolution Process (CIRP) against Shri Ambica was initiated on 16.10.2019, with a public announcement on 21.10.2019, setting a claim submission deadline of 04.11.2019. Flexituff submitted their claim on 21.04.2022, claiming they were unaware of the CIRP. The Resolution Professional rejected the claim, citing the

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should direct the Resolution Professional to accept the claim of …

**Ratio:** The timeline prescribed under Regulation 12(2) of the IBBI (Insolvency Resolution Process

…

**Reasoning:** The court reasoned that the applicant failed to show due diligence in submitting their

…

**Interpretation:** Regulation 12(2) of the IBBI Regulations, 2016, sets a clear timeline for

…

**Application:** The court applied the ratio to the facts of the case, noting that the

…

## Parties

- **Judges:** MAHENDRA KHANDELWA…; BINOD KUMAR…
- **Appellants:** Flexituff…
- **Respondents:** Ambica Internation…; Mahesh B…

## Timeline

- **2017-02-09 — Supply of BOPP…**: Flexituff supplied BOPP…
- **2017-02-13 — Supply of BOPP…**: Flexituff supplied BOPP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shri-ambica-international-food-company-private-limited-1c56e64e