An insolvency petition under Section 9 of the IBC is not maintainable when the claim is barred by the limitation period and the transaction is disputed due to evidence of fraudulent paper trading or circular transactions lacking genuine delivery of goods.

IN THE NATIONAL COMPANY LAW TRIBUNAL

AHMEDABAD

COURT – 2

Proceedings under Section 9 IBC

Order delivered on: 14/07/2026

Coram:

Mrs. Chitra Hankare, Hon’ble Member(J)

Dr. Velamur G Venkata Chalapathy, Hon’ble Member(T)

ORDER

This case is fixed for pronouncement of order.

The order is pronounced in open court vide separate sheet.

Order pronounced on 14.07.2026

Coram:

MRS. CHITRA HANKARE

HON’BLE MEMBER (JUDICIAL)

MR. VELAMUR G. VENKATA CHALAPATHY

HON’BLE MEMBER (TECHNICAL)

Appearance:

For the Applicant : Mr. Jawahar Prajapati, Adv. & Mr. Dharmesh J Shah, Adv.

For Respondent : Mr. Manish Bhatt, Sr. Adv. & Mr. Yash Dadich, Adv.

JUDGEMENT

1. This application is filed on 10 October 2019 by the Operational Creditor M/s DoWell Moulds a partnership firm under Sec 9 of IBC 2016, inter alia praying initiation of CIRP against the respondent M/s Manpasand Beverages Limited, (CIN: L15549GJ2010PLC063283) a company registered under Companies Act 2013. This application is submitted for a debt in default by the CD on the invoices raised for an amount of Rs. 34,40,91,542 is due to be paid by the respondent CD to the applicant.

2. It is submitted that the applicant is engaged in manufacturing and supplying of Moulds, Mould Parts, machines and its parts preform, caps, plastic components. The respondent CD approached the applicant and held a meeting on 7 May 2014 at its office at Vadodara regarding the price, quality and specifications of the goods and confirmed to carry out business with the applicant. Vide email dated 12 May 2014, the CD offered the requirement and OC respondent and confirmed the same through the first purchase order for sale of goods in terms of first purchase order BRD/14-15/MS/PO-037 dated 09.05.2014 and subsequently placed multiple orders which are attached to the application with the relevant proforma invoices. The applicant supplied after accepting the service, but the CD defaulted in payments since 19 February 2015 (invoices raised during the initial meeting), however as the business relationship, the applicant OC continued the business in good faith till May 2018, but since the CD did not pay any amount and repayment to the invoices after 28.05.2018, with default/s continuing since 2015 to 2018 in spite of various meetings, the applicant issued legal on the CD.

3. The applicant has in Form 5 (submitted under Rule 6 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016, listed 6 Purchase Order/s dated 09.05.2014, 09.01.2015, 21.05.2015, 12.09.2015, requirement on email and performa sent after confirmation dated 18.11.2014, purchase order given on email dated 31.03.2015 accompanied by 7 various invoices for the year 2018 for Unit 1 amounting to Rs.12,62,60,000 and 53 invoices for the year 2017 & 2018 amounting to Rs.22,17,77,845. A copy of the ledger account is enclosed stating that the amount due is Rs.34,40,91,542 along with the email reminder sent to the respondent CD. The applicant has further submitted a letter dated 13 May 2019 from the respondent CD issued through the Chartered Accountants M/s Mehra Goel & Co. to confirm the debit balance in their books for Rs.41,27,31,796 as on 31 March 2019. It is also submitted by affidavit dated 5.10.2019 that the applicant operational creditor will send the proforma invoices with rates but imposed the condition that the delivery of the product will be given after releasing the outstanding amount. The applicant issued a demand notice in Form 3 as per IBC 2016 on 5 July 2019 to the respondent along with copies to 4 other respondent/s for an amount of due of Rs.34,40,91,542. The applicant also filed an affidavit dated 17 August 2020 that inspite of issuing notice, there is no single correspondence of dispute rela