# In the matter of Bhanu Cosmetics Packaging Pvt. Ltd.

> NCLT judgment dated 2025-05-08. Citation: TCN-2025-NCLT-01076. Gujarat Metal Rolling Mills, an Operational Creditor (OC), filed an application under Section 9…

- **Court:** NCLT
- **Order date:** 8 May 2025
- **Citation:** TCN-2025-NCLT-01076
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/bhanu-cosmetics-packaging-pvt-ltd-9210a20e

## Summary

### Background

Gujarat Metal Rolling Mills, an Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Bhanu Cosmetics Packaging Private Limited, the Corporate Debtor (CD), due to unpaid invoices.

## Facts

Gujarat Metal Rolling Mills (OC) filed CP (IB) No. 4171/MB/2019 under Section 9 of IBC against Bhanu Cosmetics Packaging Private Limited (CD).

The alleged default amount is Rs. 19,90,193/-, comprising principal (Rs. 13,90,506/-) and interest (Rs. 5,99,687/-).

The default is based on 13 unpaid invoices issued by the OC for goods supplied between November 2016 and April 2017.

The date of default mentioned in the application is 17.11.2016.

The application was initially withdrawn due to a settlement (MoS) dated 05.10.2023, but was later revived due to non-compliance of the MoS.

The CD made a part-payment of Rs. 10,020/- on the first invoice.

The OC issued a demand notice dated 20.09.2019 under Section 8 of the IBC.

…

## Issues and analysis

### Issue 1: Whether the present …

**Ratio:** The application is not

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**Reasoning:** The date of default is determined as 16.01.2017. The application was filed on 05.11.2019,

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**Interpretation:** Section 238A of the IBC read with Article 137 of the Limitation Act, 1963,

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**Application:** The application was filed within the three-year limitation period, making it

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## Parties

- **Judges:** SANJIV…; K. R. SAJI…
- **Appellants:** Gujarat Metal…
- **Respondents:** Bhanu Cosmetics…; Bhanu Cosmetics…
- **Other parties:** Girish Prabhakar…
- **Advocates:** Shirley…; Arshaan L…; +1 more

## Timeline

- **05.11.2019 — Application…**: CP (IB) No. 4171/MB/2019 filed by…
- **05.10.2023 — Application W…**: Application withdrawn as settled vide order dated 05.10.2023 due to settlement between…

## 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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