w w w . L a w y e r S e r v i c e s . i n



CVS Infrastructure Private Limited V/S Maari Multitrading Private Limited


Company & Directors' Information:- G K S INFRASTRUCTURE LIMITED [Active] CIN = L45400DL1985PLC021038

Company & Directors' Information:- A INFRASTRUCTURE LIMITED [Active] CIN = L25191RJ1980PLC002077

Company & Directors' Information:- K D P INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U74899DL1993PTC054780

Company & Directors' Information:- K P INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45203GJ2004PTC043482

Company & Directors' Information:- C INFRASTRUCTURE CORPORATION LIMITED [Strike Off] CIN = U61100DL1982PLC013968

Company & Directors' Information:- B & G INFRASTRUCTURE COMPANY PRIVATE LIMITED [Active] CIN = U40105TN2001PTC047408

Company & Directors' Information:- O B INFRASTRUCTURE LIMITED [Active] CIN = U45200TG2006PLC049067

Company & Directors' Information:- K U INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45206TG2008PTC096209

Company & Directors' Information:- Y T INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45202MH2010PTC206409

Company & Directors' Information:- N K B INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200HR2011PTC042402

Company & Directors' Information:- R K D INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45209WB2009PTC131919

Company & Directors' Information:- B AND B INFRASTRUCTURE LIMITED [Active] CIN = U85110KA1987PLC008488

Company & Directors' Information:- K A J INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70101DL2011PTC217204

Company & Directors' Information:- U C C INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201MH2003PTC139844

Company & Directors' Information:- R L INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70102UP2010PTC041755

Company & Directors' Information:- L K INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400MH2010PTC203711

Company & Directors' Information:- B S R INFRASTRUCTURE PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U70101KA2006PTC038204

Company & Directors' Information:- B N A INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201MH2006PTC163769

Company & Directors' Information:- S K J INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45102MH2001PTC131284

Company & Directors' Information:- K B A INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45202MH2009PTC194291

Company & Directors' Information:- V P M INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45400TN2011PTC082368

Company & Directors' Information:- K INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201GJ2009PTC056299

Company & Directors' Information:- D G INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45401MH2004PTC146369

Company & Directors' Information:- E K INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200TN2008PTC066962

Company & Directors' Information:- A & A INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U74899DL1976PTC008196

Company & Directors' Information:- K L N INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70100KA2013PTC070361

Company & Directors' Information:- C P INFRASTRUCTURE PVT LTD [Active] CIN = U45201DL2005PTC143865

Company & Directors' Information:- G. R. INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200MH2005PTC152633

Company & Directors' Information:- R P INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200MH2003PTC141340

Company & Directors' Information:- K. J. INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201MH2006PTC165014

Company & Directors' Information:- B S Y INFRASTRUCTURE PRIVATE LIMITED. [Active] CIN = U70101HR2006PTC064456

Company & Directors' Information:- M AND S INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45400TN2011PTC083038

Company & Directors' Information:- G B K INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45202MH2008PTC177202

Company & Directors' Information:- G K INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45200GJ2005PTC046213

Company & Directors' Information:- G S M INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201DL2004PTC125377

Company & Directors' Information:- V K M INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400UP2008PTC034606

Company & Directors' Information:- A V INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45203WB2006PTC111599

Company & Directors' Information:- S. J. INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200DL2006PTC155904

Company & Directors' Information:- B. N. S. INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45400MH2010PTC206202

Company & Directors' Information:- B G M INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400WB2011PTC162415

Company & Directors' Information:- S M V INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200DL2006PTC155016

Company & Directors' Information:- K S INFRASTRUCTURE PRIVATE LIMITED. [Active] CIN = U70101MP2006PTC020722

Company & Directors' Information:- K B S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70101DL2005PTC136641

Company & Directors' Information:- D L H INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U52600JH2010PTC014524

Company & Directors' Information:- S N N INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45202KA2011PTC059893

Company & Directors' Information:- G. V. INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400DL2012PTC234078

Company & Directors' Information:- S A P INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201DL2005PTC141285

Company & Directors' Information:- K S K INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45400DL2008PTC175908

Company & Directors' Information:- N P L INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400CH2009PTC031638

Company & Directors' Information:- K. E. INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400MH2012PTC225658

Company & Directors' Information:- P A S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200DL2006PTC155015

Company & Directors' Information:- G S T INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200MH2006PTC160073

Company & Directors' Information:- P J INFRASTRUCTURE PVT LTD [Active] CIN = U45200MH2006PTC159217

Company & Directors' Information:- S B M INFRASTRUCTURE LIMITED [Active] CIN = U70102CH1992PLC012381

Company & Directors' Information:- A V C INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70102TG2007PTC056671

Company & Directors' Information:- V D INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400WB2008PTC122820

Company & Directors' Information:- MAARI MULTITRADING PRIVATE LIMITED [Under Process of Striking Off] CIN = U51109MH2011PTC216503

Company & Directors' Information:- I V M INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45209TG2011PTC073968

Company & Directors' Information:- U S INFRASTRUCTURE INDIA PRIVATE LIMITED [Strike Off] CIN = U74999DL2002PTC117525

Company & Directors' Information:- B G R INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45202KA2012PTC065026

Company & Directors' Information:- N. R. INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45202GJ2006PTC049520

Company & Directors' Information:- K. G. R INFRASTRUCTURE PRIVATE LIMITED. [Strike Off] CIN = U70102DL2008PTC177822

Company & Directors' Information:- A L INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200MH2008PTC184347

Company & Directors' Information:- N B INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201OR2008PTC009989

Company & Directors' Information:- C. I. INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45203MP2005PTC018149

Company & Directors' Information:- S G INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201RJ1999PTC015467

Company & Directors' Information:- J N INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201OR2008PTC009789

Company & Directors' Information:- K C INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200PB2008PTC032011

Company & Directors' Information:- C C I INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201TN2007PTC063617

Company & Directors' Information:- A Q INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400MH2010PTC203965

Company & Directors' Information:- A B INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200MH2004PTC144994

Company & Directors' Information:- S H A INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45400UP2012PTC049795

Company & Directors' Information:- L V S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200TG2006PTC051289

Company & Directors' Information:- V H B INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45400DL2008PTC172682

Company & Directors' Information:- G A V INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U74999DL2007PTC158113

Company & Directors' Information:- S & I INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400HR2007PTC037191

Company & Directors' Information:- V V S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70100KA2015PTC084214

Company & Directors' Information:- D L INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201CT2018PTC008919

Company & Directors' Information:- G. H. INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45309UP2020PTC126090

Company & Directors' Information:- L R INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45402TN2007PTC064029

Company & Directors' Information:- G. D. INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45209MH2010PTC208011

Company & Directors' Information:- G N R INFRASTRUCTURE (INDIA) LIMITED [Strike Off] CIN = U45200TG2009PLC065140

Company & Directors' Information:- A R K INFRASTRUCTURE INDIA PRIVATE LIMITED [Strike Off] CIN = U74900TG2015PTC100714

Company & Directors' Information:- B K INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201DL2005PTC136992

Company & Directors' Information:- R A INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U74899DL2005PTC143884

Company & Directors' Information:- C. A. D. INFRASTRUCTURE INDIA PRIVATE LIMITED [Strike Off] CIN = U45201MP1997PTC012280

Company & Directors' Information:- B R G INFRASTRUCTURE LIMITED [Active] CIN = U45201GJ2008PLC052708

Company & Directors' Information:- O P L INFRASTRUCTURE PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U70101HR2009PTC039553

Company & Directors' Information:- C M INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201DL2003PTC122794

Company & Directors' Information:- L & C INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200KA2008PTC046271

Company & Directors' Information:- R. S. V. INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U70100WB2008PTC127373

Company & Directors' Information:- C D E INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201MH2012PTC235483

Company & Directors' Information:- V & B INFRASTRUCTURE (I) PRIVATE LIMITED [Under Process of Striking Off] CIN = U45400MH2010PTC206803

Company & Directors' Information:- D B G INFRASTRUCTURE (INDIA) PRIVATE LIMITED [Strike Off] CIN = U45209PN2010PTC137319

Company & Directors' Information:- C & C INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U74210PN2008PTC133179

Company & Directors' Information:- M N V INFRASTRUCTURE (INDIA) PRIVATE LIMITED [Strike Off] CIN = U45202AN2010PTC000130

Company & Directors' Information:- S C N INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U67200TG1995PTC021606

Company & Directors' Information:- S P H R INFRASTRUCTURE PVT LTD [Strike Off] CIN = U45209WB2006PTC109280

Company & Directors' Information:- J V INFRASTRUCTURE PRIVATE LIMITED [Under Process of Striking Off] CIN = U45201DL2005PTC139686

Company & Directors' Information:- S I S INFRASTRUCTURE PRIVATE LIMITED [Under Process of Striking Off] CIN = U70200DL2014PTC263278

Company & Directors' Information:- A S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70109DL1996PTC084029

Company & Directors' Information:- P G INFRASTRUCTURE PRIVATE LIMITED [Converted to LLP] CIN = U70109DL1996PTC084030

Company & Directors' Information:- B S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70109DL1996PTC084031

Company & Directors' Information:- M S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70109DL1996PTC084032

Company & Directors' Information:- Z M INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200GJ2010PTC063179

Company & Directors' Information:- J B C INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45203PN1998PTC112753

Company & Directors' Information:- J K L INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45203TG1998PTC030087

Company & Directors' Information:- R L E S INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45309TN2008PTC069251

Company & Directors' Information:- I I C INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U70109DL2006PTC152588

Company & Directors' Information:- H. G. INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201GJ2007PTC049740

Company & Directors' Information:- AND INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U74999PY2016PTC008099

Company & Directors' Information:- J INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U70200UR2012PTC000254

Company & Directors' Information:- T S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70100MP2008PTC021187

Company & Directors' Information:- G T INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45200GJ2011PTC064637

Company & Directors' Information:- G L INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201GJ2007PTC050660

Company & Directors' Information:- M I J INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201DL2004PTC125213

Company & Directors' Information:- B T INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45202GJ2004PTC043463

Company & Directors' Information:- S B H INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U60231MH2011PTC217039

Company & Directors' Information:- Z & B INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70200MH2007PTC166887

Company & Directors' Information:- S & O INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400MH2011PTC214034

Company & Directors' Information:- D P S INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45200MH2006PTC159955

Company & Directors' Information:- T S A INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400UP2014PTC065137

Company & Directors' Information:- V B G INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U70100TG2010PTC069278

Company & Directors' Information:- G S V INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45209TG2008PTC059195

Company & Directors' Information:- M N C INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45209TG2011PTC077524

Company & Directors' Information:- M I T INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45400DL2008PTC180830

Company & Directors' Information:- V N INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400DL2010PTC203928

Company & Directors' Information:- K K S INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U74999DL2007PTC159678

Company & Directors' Information:- U R INFRASTRUCTURE COMPANY PRIVATE LIMITED [Active] CIN = U45201DL2004PTC127085

Company & Directors' Information:- I K INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201DL2005PTC135711

Company & Directors' Information:- S S T INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201DL2005PTC137437

Company & Directors' Information:- D S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201DL2005PTC138026

Company & Directors' Information:- A J S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201DL2005PTC140640

Company & Directors' Information:- M R INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201DL2005PTC143565

Company & Directors' Information:- V INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U70200DL2009PTC191676

Company & Directors' Information:- K W INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U70102DL2011PTC224462

Company & Directors' Information:- A S M INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70102DL2015PTC279049

Company & Directors' Information:- J V B INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70102DL2015PTC283560

Company & Directors' Information:- A K S T INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U70109DL2012PTC236675

Company & Directors' Information:- M. A. INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45200DL2007PTC158810

Company & Directors' Information:- G S K INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45200DL2006PTC155120

Company & Directors' Information:- H V INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200DL2007PTC158234

Company & Directors' Information:- R. R. G INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200DL2007PTC170567

Company & Directors' Information:- B P M INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45200DL2008PTC179121

Company & Directors' Information:- M & H INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U80904DL2007PTC166303

Company & Directors' Information:- B H I INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70101MP2012PTC029256

Company & Directors' Information:- S AND Y INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200MP2013PTC031382

Company & Directors' Information:- P V R N INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400HR2010PTC040311

Company & Directors' Information:- C D INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U74900HR2007PTC037175

Company & Directors' Information:- R J S INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201GJ2009PTC055941

Company & Directors' Information:- B R B INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201GJ2008PTC053682

Company & Directors' Information:- B. R. INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201GJ2008PTC054103

Company & Directors' Information:- J S INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45203GJ2003PTC042641

Company & Directors' Information:- A AND H INFRASTRUCTURE LIMITED [Strike Off] CIN = U45203MH1998PLC117368

Company & Directors' Information:- D L C INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201PB2007PTC031022

Company & Directors' Information:- R S J INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45300DL2007PTC167583

Company & Directors' Information:- N K INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45200DL2006PTC156614

    CP (IB) 1764/MB/C-IV/2018

    Decided On, 13 November 2019

    At, National Company Law Tribunal Mumbai

    By, THE HONORABLE JUSTICE: RAJASEKHAR V.K.
    By, MEMBER AND THE HONORABLE JUSTICE : RAVIKUMAR DURAISAMY
    By, MEMBER

    For Petitioner: Vaishali Sanghavi and Simespreet Singh Chabra, Advocate i/b Solicis Lex, Advocate And For Respondents: Sangharsh Waghmare and Pooja Salvi i/b Ravi P. Jadhav, Optima Legal Solutions, Advocates



Judgment Text


1. This is a Company Petition filed under section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by CVS Infrastructure Private Limited ("the Operational Creditor"), a company within the meaning of section 2(20) of the Companies Act, 2013, and represented by its Director, Mr. Chandrakant Vadilal Shah, on the basis of a Board Resolution dated 09.01.2018 seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Maari Multitrading Private Limited ("the Corporate Debtor"). A copy of the Board Resolution has been placed at p.35 of the Petition.

2. The Corporate Debtor is a private company limited by shares and incorporated on 21.04.2011 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its CIN is U51109MH2011PTC216503. Its registered office is at No. 51, Bajaj Bhavan (5th Floor), Nariman Point, Mumbai, Maharashtra 400021. Therefore, this Bench has jurisdiction to deal with this petition.

3. The present petition was filed on 15.05.2018 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 7,78,36,979.00 (Rupees seven crore seventy-eight lakh thirty-six thousand nine hundred and seventy-nine only) as principal and Rs. 6,76,60,593.00 (Rupees six crore seventy-six lakh sixty thousand five hundred and ninety-three only) as interest as on 15.09.2014, which is the date of default. This is the amount claimed as per Sl. No. 2 at p.4 of the petition. However, this is at variance with the working for computation of default placed at p.16 of the petition, which shows that a sum of Rs. 11,97,53,791/- is the sum in default.

4. The case of the Operational Creditor is as follows: -

(a) The Operational Creditor supplied inkjet paper, photo paper etc. to the Corporate Debtor under the following invoices: (para 1 of Part IV at page 3-4 of the Petition):

(1) Invoice No. SB/25/14-15 dated 15.09.2014 for Rs. 1,60,17,750/- (out of which an amount of Rs. 1,38.96,271/- is stated to have been adjusted, leaving a balance of Rs. 21,21,479/-. Invoice copy is at p.27;

(2) Invoice No. SB/26/14-15 dated 15.09.2014 for Rs. 1,80,07,500/- Invoice copy is at p.28;

(3) Invoice No. SB/27/14-15 dated 15.09.2014 for Rs. 1,80,07,500/-. Invoice copy is at p.29;

(4) Invoice No. SB/28/14-15 dated 22.09.2014 for Rs. 1,18,65,000/-. Invoice copy is at p.30;

(5) Invoice No. SB/29/14-15 dated 22.09.2014 for Rs. 1,18,65,000/-. However, the copy of the invoice at p.31 shows that the invoice amount is Rs. 1,98,45,000/-.

(6) Invoice No. SB/30/14-15 dated 22.09.2014 for Rs. 26,46,000/-. Invoice copy is at p.32; and

(7) Invoice No. SB/31/14-15 dated 22.09.2014 for Rs. 71,82,000/-. Invoice copy is at p.33.

5. Invoices have been placed on record as Exhibit '2' at pp. 27-33. The invoices do not provide for interest in case of delayed payments. Bank statements are also attached as Exhibit '3' at pages 34. The total debt due and payable to the Operational Creditor is Rs. 11,97,53,791.00 (Rupees eleven crore ninety-seven lakh fifty-three thousand seven hundred and ninety-one only), as mentioned at page 16 of the Petition.

6. The Operational Creditor had served a Demand Notice in Form 3 dated 09.01.2018 to the Corporate Debtor (Exhibit '1', pp. 12-15) in terms of section 8 of the IBC. The Corporate Debtor has not replied to the Demand Notice.

7. Mr. Sangharsh Waghmare a/w Pooja Salvi, i/b P. Jadhav of Optima Legal Solutions, Advocates, appeared on behalf of the Corporate Debtor and made submissions.

8. In its reply dated 12.10.2018, the Corporate Debtor has set up the following defence:-

(a) There was a two-way transaction involving supply and purchase between the Operational Creditor and the Corporate Debtor (para 2 at page 1 of the Reply);

(b) At the time of purchase and sale of materials, the Corporate Debtor had issued security cheques to the Operational Creditor, and the Operational Creditor deposited the cheques without any prior intimation to the Corporate Debtor. The cheques bounced and complaint under the Negotiable Instruments Act, 1881 was filed against the Corporate Debtor before the Chief Metropolitan Magistrate's Court at Andheri. Thereafter, the Corporate Debtor filed a writ petition before the Hon'ble Bombay High Court for stay of proceedings in the lower court, which was granted. The matter is still pending before the Hon'ble Bombay High Court (para 4 at page 2 of the Reply);

(c) Thereafter, the Operational Creditor filed a complaint against the Corporate Debtor before the Economic Offences Wing (EOW) for recovery of amount twice within the space of six months, which was rejected by the EOW on the ground that the Operational Creditor failed to provide correct and legible documents of transactions. In every case raised by the Operational Creditor against the Corporate Debtor, there is variation in the amount claimed (para 5 at page 2-3 of the Reply);

(d) The tax invoices and ledger can be easily forged and moreover, there is no acknowledgement of the tax invoice. Nor has the Operational Creditor produced any Delivery Challan or Lorry Receipt (para 6 at page 3 of the Reply).

9. We have heard the arguments of both sides and perused the records.

10. This claim pertains to transactions that is stated to have taken place between 15.09.2014 and 22.09.2014. The date of default is 15.09.2014. It is not clear as to how, when the supplies have taken place upto 22.09.2014, the date of default can be 15.09.2014. However, this is of no material significance because even if we assume the date of default to be 23.09.2014, i.e., the day after the last default was raised on 22.09.2014, the question of limitation has to be considered.

11. It is not the case of the Operational Creditor that any payment has been received after 22.09.2014, in which case the applicability of section 18 of the Limitation Act, 1963, may have a bearing.

12. The Hon'ble Supreme Court, in the matter of B.K. Educational Services Private Limited vs. Parag Gupta & Associates [2018 (14) SCALE 482] (11th October, 2018), has clearly laid down in para 27 as follows: -

"27. It is thus clear that since the Limitation Act is applicable to applications filed under sections 7 and 9 of the Code from the inception of the Code, Article 137 of the Limitation Act gets attracted. "The right to sue," therefore, accrues when a default occurs. If the default has occurred over three years prior to the date of filing of the application, the application would be barred under Article 137 of the Limitation Act, save and except in those cases where, in the facts of the case, section 5 of the Limitation Act may be applied to condone the delay in filing such application."

[para 48 2018 SCC OnLine SC 1921]

13. In Sagar Sharma & another vs. Phoenix ARC Private Limited & another [2019 SCC OnLine SC 1332] (30th September, 2019), the Hon'ble Supreme Court reiterated its observations in B.K. Educational Services Private Limited and stated as follows: -

"3. Article 141 of the Constitution of India mandates that our judgments are followed in letter and spirit. The date of coming into force of the IBC Code does not and cannot form a trigger point of limitation for applications filed under the Code. Equally, since "applications" are petitions which are filed under the Code, it is Article 137 of the Limitation Act which will apply to such applications."

14. That being the case, since the date of default even according to the Operational Creditor is 22.09.2014, and applying the principles laid down by the Hon'ble Supreme Court in B.K. Educational Services Private Limited and Sagar Sharma judgments, the limitation for filing the proceedings ended on 21.09.2017, while the present Petition has been filed on 15.05.2018.

15. In the light of these judgments of the Hon'ble Supreme Court, the decisions of the Hon'ble National Company Law Appellate Tribunal (NCLAT) dated 14.05.2019 in Babulal Vardhaji Gurjar vs. Veer Gurjar Aluminium Industries Private Limited & another [Company Appeal (AT) (Insolvency) No. 549/2018] and dated 06.08.2019 Rajen Amrit Lal Parikh vs. Asset Reconstruction Company (India) Limited & another [Company Appeal (AT) (Insolvency) No. 604/2019] relied on by the Learned Counsel for the Operational Creditor do not help the cause of the Operational Creditor.

16. There is also no proof of any acknowledgement of liability on the part of the Corporate De

Please Login To View The Full Judgment!

btor within the limitation period that may have the effect of extending the period of limitation within the meaning of section 18 of the Limitation Act, 1963, as stated in para 11 supra. 17. Furthermore, even on merits, there is no evidence placed on record that the invoices were received by the Corporate Debtor. Neither have Delivery Challans evidencing service on goods on the Corporate Debtor been placed on record. 18. For the reasons stated above, the application fails and therefore, the same is rejected. 19. We make it clear that any observations made in this order should not be construed as expressing opinion on merits. The right of the petitioner before any other judicial forum shall not be prejudiced on grounds of dismissal of the present petition by this Adjudicating Authority. 20. Let a copy of this order be communicated to the parties in terms of the provisions of section 9(5)(ii) of the IBC.
O R