# In the matter of Texplas (India) Private Limited CP (IB) No.408-ALD-2018

> NCLT judgment dated 2022-03-02. Citation: TCN-2022-NCLT-03928. The case involves an application filed by Harshdeep Industries, an operational creditor, under…

- **Court:** NCLT
- **Order date:** 2 Mar 2022
- **Citation:** TCN-2022-NCLT-03928
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/texplas-india-private-limited-cp-ib-no408-ald-2018-4edc03dc

## Summary

### Background

The case involves an application filed by Harshdeep Industries, an operational creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Texplas (India) Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied during September and October 2015. The corporate debtor was heard ex-parte.

## Facts

Harshdeep Industries, the operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Texplas (India) Private Limited, the corporate debtor. The claim arose from the supply of goods by the operational creditor to the corporate debtor during September and October 2015. The last invoice was raised on October 10, 2015, and the last payment was made on October 13, 2015. The terms of the invoice stipulated that payment without interest was to be made within 30 days, failing which interest at 18% would be chargeable. The application was filed on November 16, 2018. The operational creditor contended that a notice of demand under Section 8 of the IBC, 2016, was delivered to the corporate debtor. The

…

## Issues and analysis

### Issue 1: Whether the application under Section 9 of the Insolvency & Bankruptcy Code, 2016, is within …

**Ratio:** Acknowledgment of debt by the corporate debtor extends the limitation period for filing

…

**Reasoning:** The corporate debtor acknowledged the outstanding liability and assured payment in

…

**Interpretation:** Section 18 of the Limitation Act allows for the extension of the limitation

…

**Application:** The corporate debtor's acknowledgment of debt in its replies extended the

…

## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Appellants:** Harshdeep…
- **Respondents:** TEXPLAS (INDIA)…

## Timeline

- **2015-09-01 — Supply of…**: Operational creditor supplied goods to the corporate debtor during September and October…
- **2015-10-10 — Last Invoice…**: The last invoice was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

---

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/texplas-india-private-limited-cp-ib-no408-ald-2018-4edc03dc