# In the matter of Sheth Developers Private Limited CP (IB) 2212-MB-C-I-2019

> NCLT judgment dated 2022-06-27. Citation: TCN-2022-NCLT-04638. Alumilite Architecturals Limited filed a petition under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 27 Jun 2022
- **Citation:** TCN-2022-NCLT-04638
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/sheth-developers-private-limited-cp-ib-2212-mb-c-i-2019-7e1ef951

## Summary

### Background

Alumilite Architecturals Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Sheth Developers Private Limited, claiming default of Rs.45,91,751/-.

## Facts

Alumilite Architecturals Limited filed a petition under Section 9 of the IBC to initiate CIRP against Sheth Developers Private Limited.

The Operational Creditor claimed a default amount of Rs.45,91,751/-.

The Corporate Debtor argued that the claim was time-barred and that the Operational Creditor suppressed information.

The Corporate Debtor acknowledged the debt in a letter dated 29.01.2018.

The Adjudicating Authority found that the debt was already time-barred on 03.11.2017.

The Operational Creditor raised 217 Tax Invoices amounting to Rs.13,67,93,863/- against which part payment of Rs.13,45,45,076/- was received from the Corporate Debtor.

The Corporate Debtor made part payment amounting to Rs.23,42,966/- in four tranches on 06.09.2016, 09.12.2016, 11.09.2017 and 17.03.2017.

…

## Issues and analysis

### Issue 1: Whether the claim of the …

**Ratio:** The limitation period to file the petition as per Article 137 of the Limitation Act would

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**Reasoning:** The Adjudicating Authority considered the date of the last invoice raised by the

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**Interpretation:** The acknowledgment of debt, if any, must be made by the debtor before the

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**Application:** In this case, the Corporate Debtor acknowledged the debt vide letter dated

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## Parties

- **Judges:** P.N. Des…; K.K. V…
- **Appellants:** Alumilite…; Sanjib Chak…
- **Respondents:** Sheth Developers…
- **Advocates:** Nimay…; Vikramaditya…

## Timeline

- **2018-01-29 — Corporate Debtor's…**: Corporate Debtor vide letter dated 29.01.2018 expressly admitted that an amount of…
- **2019-05-28 — Demand N…**: The Operational Creditor served upon the Corporate Debtor Demand Notice dated 28.05.2019…

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