# In the matter of SS Mining and Infra Private Limited CP (IB) No. 38-CB-2022

> NCLT judgment dated 2023-05-15. Citation: TCN-2023-NCLT-03371. The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 15 May 2023
- **Citation:** TCN-2023-NCLT-03371
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ss-mining-and-infra-private-limited-cp-ib-no-38-cb-2022-584d36cd

## Summary

### Background

The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Srimanta Kumar Tripathy and Anusuya Tripathy (Operational Creditors) against S.S Mining and Infra Private Limited (Corporate Debtor) for alleged default in repayment of financial debt amounting to ₹ 1,98,47,957. The Operational Creditors claimed that the Corporate Debtor was engaged in providing mining services and approached them for funds, which were provided as share capital, unsecured loans, and other services. Disputes arose regarding the repayment of dues, leading to the filing of an arbitration petition before the High Court of Orissa, which was later dismissed for default. The Operational Creditors then filed the Section 9 application.

## Facts

Srimanta Kumar Tripathy and Anusuya Tripathy (Operational Creditors) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against S.S Mining and Infra Private Limited (Corporate Debtor) for a default of ₹ 1,98,47,957. The Corporate Debtor was engaged in mining services and allegedly took funds from the Operational Creditors as share capital, unsecured loans, and services. A Memorandum of Understanding (MOU) was signed between the parties on 29.01.2014. The Operational Creditors were inducted as Directors of the Company and were given control over the finances. The Operational Creditors resigned as Directors in 2017. An arbitration petition was filed before the High Court of Orissa, which was dismissed for default on 19.01.2019. The

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## Issues and analysis

### Issue 1: Whether this Petition is …

**Ratio:** Section 17 of the Limitation Act, 1963, deals with the effect of fraud on the limitation

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**Reasoning:** The tribunal found that the petitioners failed to establish fraud and did not provide a

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**Interpretation:** The tribunal interpreted Section 17 of the Limitation Act to mean that the

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

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** Srimanta Kumar…
- **Respondents:** S.S Mining and…

## Timeline

- **2014-01-29 — MOU Sign…**: A Memorandum of Understanding (MOU) was signed between the Operational Creditors and the…
- **2017-10-20 — Resignation of…**: The Operational Creditors resigned as…

## 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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