# M/s Origin Appliances Private Limited vs. M/s Indospirit Bars Private Limited

> NCLT judgment dated 2026-09-30. Citation: TCN-2026-NCLT-01082. M/s Origin Appliances Private Limited (Operational Creditor/Petitioner) filed a petition under…

- **Court:** NCLT
- **Order date:** 30 Sept 2026
- **Citation:** TCN-2026-NCLT-01082
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/indospirit-bars-private-limited-atrjl

## Summary

### Background

M/s Origin Appliances Private Limited (Operational Creditor/Petitioner) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Indospirit Bars Private Limited (Corporate Debtor/Respondent) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an outstanding operational debt of Rs. 1,92,77,231/-, comprising principal debt for liquor supplies and interest. The Corporate Debtor disputed the debt, primarily on grounds of limitation, alleging that the debt was time-barred, and that no crystallised debt existed due to 'Cash & Carry' terms and pending trade discounts/reconciliations.

## Facts

M/s Origin Appliances Private Limited (Operational Creditor) filed a petition under Section 9 of the IBC on 03.04.2026 against M/s Indospirit Bars Private Limited (Corporate Debtor).

The Operational Creditor claimed an outstanding operational debt of Rs. 1,92,77,231/-, consisting of a principal debt of Rs. 1,08,50,949/- and interest of Rs. 84,26,282/- at 24% per annum from 01.10.2022 to 25.12.2025.

The Operational Creditor supplied Indian Made Foreign Liquor (IMFL) to the Corporate Debtor from 10.08.2022 to 27.08.2022 for a total value of Rs. 1,66,05,244/-.

The Operational Creditor issued credit notes for trade discount ('trade payout') aggregating to Rs. 57,54,295/- for the Financial Year 2022-23.

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## Issues and analysis

### Issue 1: Whether the petition is …

**Ratio:** The Limitation Act, 1963, specifically Article 137 (three years from the date when the

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**Reasoning:** The Operational Creditor pleaded that the liability became due and payable upon the

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**Interpretation:** The NCLT interpreted the 'date of default' in Form 5 not as a rigid, isolated

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**Application:** Applying Article 137 of the Limitation Act, 1963, and Section 238A of the IBC,

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## Parties

- **Judges:** ANUPINDER SINGH…; RAVINDRA CHATURVED…
- **Appellants:** M/s Origin…
- **Respondents:** M/s Indospirit…
- **Other parties:** Gaurav…
- **Advocates:** Alok…; Barun…; +5 more

## Timeline

- **2022-08-10 — Start of Liquo…**: M/s Origin Appliances Private Limited started supplying IMFL to M/s Indospirit Bars…
- **2022-08-27 — Last Liquor Supply &…**: The last supply of IMFL was made, and the last credit note for trade discount was issued…

## 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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