THE NATIONAL COMPANY LAW TRIBUNAL NEW DELHI BENCH COURT- III IB-61/ND/2023 U/S. 9 of the IBC, 2016 and Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority), Rule, 2016 IN THE MATTER OF:

M/s. VENUS INDUSTRIES Through its Partner, Registered Office: -

208-B, Humayun Pur, Near Ambedkar Park, Safdarjung Enclave, New Delhi - 110029 ……Operational Creditor Versus BULLIONLINE LLP Through its Partner, Registered Office: -

1167/1094, 1^st Floor, Kucha Mahajani, Chandni Chowk, Delhi – 110034 …… Corporate Debtor Delivered on: - 20.12.2023 Coram:

Shri Bachu Venkat Balaram Das Hon’ble Member (Judicial)

Shri Atul Chaturvedi Hon’ble Member (Technical)

Appearances:

Operational Creditor : Mr. Rohit Oberoi, Advocate Corporate Debtor : Mr. Kanishk Singhal, Advocate

O R D E R

Per: ATUL CHATURVEDI, MEMBER (TECHNICAL)

1. The present application has been filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (hereinafter referred as ‘IBC, 2016’) R/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Operational Creditor, M/s. Venus Industries is seeking an Order to initiate Corporate Insolvency Resolution Process (hereinafter referred as ‘CIRP’) against the Corporate Debtor viz., Bullionline LLP, to declare moratorium and to appoint Interim Resolution Professional (hereinafter referred as ‘IRP’). The Corporate debtor is registered with ROC, NCT of Delhi & Haryana and is therefore, within the jurisdiction of this Adjudicating Authority.

2. The Operational Creditor/Petitioner has averred as follows: -

a) The Operational Creditor is a reconstituted partnership firm incorporated under the provisions of Indian Partnership Act, 1932 and is engaged in the business of manufacturing of Gold Bullion which includes manufacturing of gold bars, silver bars, gold coins and other allied products. The Corporate Debtor is a registered Limited Liability Partnership engaged in the business of manufacturing gold items.

b) The Corporate Debtor approached the Operational Creditor in the year 2016 – 17 and commenced business transactions with the Operational Creditor. Further, based on the representations and warranties made by the Corporate Debtor, the Operational Creditor used to pay advance for the Gold Bullion from time-to time and the Corporate Debtor provided the quality at the price as negotiated and mutually agreed between the Parties.

c) It is further submitted that, the Operational Creditor made the advance payment to the Corporate Debtor and requested the Corporate Debtor for the delivery of Gold Bullion but the Corporate Debtor on one pretext or another kept on delaying the delivery of Gold Bullion. The Corporate Debtor failed to deliver the goods to the Operational Creditor.

d) That Operational Creditor had been regularly following up with the Corporate Debtor over calls and emails for making the outstanding payment however no attentions were paid to the request of the Operational Creditor. The Operational Creditor herein issued a Demand Notice dated 08.12.2022 for Rs. 4,31,00,000/- (Rupees Four Crore Thirty One Lakh only) to the Corporate Debtor under the provisions of section – 8 of the Insolvency and Bankruptcy Code, 2016 through speed post and email which was duly served upon the Corporate Debtor. The Corporate Debtor has not replied to the demand notice.

3. Per Contra, Corporate Debtor has raised following contentions: -

I. The Corporate Debtor raised first contention that, the petition is barred by limitation as the Operational Creditor has placed on record confirmation of Account for the period 01.04.2016 to 31.03.2017 and ledger account for the year ending 31.03.2018. This instant petition was filed on 23.12.2022 which is filed beyond 3 years.

II. The Corporate Debtor raised the second contention that, the Partnership Firm with which the transaction took place no longer survives. The Operational Creditor itself admitted that, the Venus Industries was reconstituted on 30.05.2022. The Corpo