# In the matter of SHREE TEL FAB INDUSTRIES PRIVATE LIMITED

> NCLT judgment dated 2026-02-17. Citation: TCN-2026-NCLT-00150. Polymet SA (S) Pte. Limited, the Operational Creditor, filed an application under Section 9 of…

- **Court:** NCLT
- **Order date:** 17 Feb 2026
- **Citation:** TCN-2026-NCLT-00150
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/shree-tel-fab-industries-private-limited-d4655769

## Summary

### Background

Polymet SA (S) Pte. Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Shree Tel Fab Industries Private Limited, the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed default in payment for goods supplied.

## Facts

The Operational Creditor supplied LDPE and HDPE products to the Corporate Debtor.

The Corporate Debtor acknowledged the principal liability in multiple communications.

The Corporate Debtor executed a Terms of Settlement dated 28.08.2021, admitting its liability to pay USD 1,72,000 in seven installments.

The Corporate Debtor defaulted in payment of the first installment under the Terms of Settlement.

The Operational Creditor issued a demand notice under Section 8 of the Code dated 22.09.2020.

The Corporate Debtor claimed the debt was barred by limitation and alleged forgery of documents.

The Operational Creditor filed a restoration application, which was allowed by order dated 24.09.2024.

…

## Issues and analysis

### Issue 1: Whether the claim is …

**Ratio:** Section 18 of the Limitation Act, 1963, provides that a fresh period of limitation shall

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**Reasoning:** The letter dated 15.02.2020, which contains a clear promise to pay, qualifies as such

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**Interpretation:** The execution of the Terms of Settlement on 28.08.2021, duly signed by both

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**Application:** The present petition filed in 2021 and revived in accordance with the liberty

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## Parties

- **Judges:** BIDISHA BA…; Siddharth…
- **Appellants:** Polymet SA (S)…
- **Respondents:** SHREE TEL FAB…
- **Other parties:** Rajnandan…
- **Advocates:** Shatadru Chakrabor…; Urmila Chak…; +4 more

## Timeline

- **2015-01-08 — Modification of Payment…**: The Operational Creditor advised its bankers to modify the payment terms for both…
- **2015-03-21 — Inability to Make Full…**: The Corporate Debtor informed the Operational Creditor of its inability to make full…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(21) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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