# Greta Steels Pvt Ltd vs. Kamachi Steels Pvt Ltd

> NCLT judgment dated 15 Oct 2025. Citation: TCN-2025-NCLT-01497. Greta Steels Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 15 Oct 2025
- **Citation:** TCN-2025-NCLT-01497
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/greta-steels-pvt-ltd-vs-kamachi-steels-pvt-ltd-db0e8a33

## Summary

### Background

Greta Steels Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Kamachi Steels Private Limited, alleging default in payment of operational debt.

## Facts

Greta Steels Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 to initiate CIRP against Kamachi Steels Private Limited.

Greta Steels is an operational creditor dealing in mild steel scrap, billets, and TMT bars.

Kamachi Steels is the corporate debtor, with its registered office in Chennai.

The Operational Creditor claimed a default of Rs. 20,59,96,361/- as of the date of filing the petition.

The Corporate Debtor acknowledged the debt in a reply letter dated 16.12.2024.

The Corporate Debtor's account became NPA on 29.02.2020 due to financial difficulties.

There were business dealings between the Operational Creditor and the Corporate Debtor since November 2013, involving sales and purchases of materials.

…

## Issues and analysis

### Issue 1: Whether the petition is within limitation as …

**Ratio:** Section 18 of the Limitation Act states that acknowledgment of debt extends the period of

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**Reasoning:** The Corporate Debtor acknowledged its liability in its reply to the demand notice and

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**Interpretation:** Acknowledgment of debt restarts the limitation period from the date of

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**Application:** Since the Corporate Debtor acknowledged the debt within three years from the

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** M/s Greta Steels…
- **Respondents:** Kamachi Steels…; M/s Kamachi…
- **Other parties:** Insolvency and…; Corporate…; +4 more
- **Advocates:** Ankita…; M.R. Dhalapathy…; +4 more

## Timeline

- **2013-11-01 — Business Deali…**: The Operational Creditor and the Corporate Debtor had business dealings since November…
- **2019-06-12 — Last Supply o…**: The last supply of goods was made by…

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