# In the matter of Biltube Industries Ltd. CP No. 2939-IBC-MB-2018

> NCLT judgment dated 2022-06-17. Citation: TCN-2022-NCLT-04656. Ivax Paper Chemicals Limited, the Operational Creditor, filed a Company Petition seeking to…

- **Court:** NCLT
- **Order date:** 17 Jun 2022
- **Citation:** TCN-2022-NCLT-04656
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/biltube-industries-ltd-cp-no-2939-ibc-mb-2018-0309cfe4

## Summary

### Background

Ivax Paper Chemicals Limited, the Operational Creditor, filed a Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Biltube Industries Limited, the Corporate Debtor, alleging default in payment.

## Facts

Ivax Paper Chemicals Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Biltube Industries Limited.

The Operational Creditor claimed a default of Rs. 17,34,131/-.

The Corporate Debtor raised Purchase Order no. HD-1410014 dated 17.10.2014 for supply of certain goods.

Invoice no. 1410820 dated 22.10.2014 was raised for the supplied goods.

The Corporate Debtor acknowledged the outstanding dues in emails dated 10.09.2015 and 24.09.2015.

The Operational Creditor sent a Demand Notice under Form 3 dated 17.05.2018.

The Corporate Debtor denied liability in its reply dated 07.05.2019, challenging the maintainability of the petition on the basis of limitation.

…

## Issues and analysis

### Issue 1: Whether the Company Petition is maintainable considering the Corporate Debtor's defense of …

**Ratio:** The petition was filed on 01.08.2018, while the date of default was 22.12.2014. The

…

**Reasoning:** The NCLT considered the email correspondences where the Corporate Debtor acknowledged the

…

**Interpretation:** Acknowledgments of debt by the Corporate Debtor within the limitation period

…

**Application:** The NCLT found that the Corporate Debtor had acknowledged the debt in emails,

…

## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** IVAX Paper…
- **Respondents:** Biltube Industries…
- **Other parties:** Ashok M…
- **Advocates:** Suvaankoo…; Akshay P…

## Timeline

- **2014-10-17 — Purchase…**: Corporate Debtor raised…
- **2014-10-22 — Invoice…**: Invoice no. 1410820 was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

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-mumbai/biltube-industries-ltd-cp-no-2939-ibc-mb-2018-0309cfe4