M/s SHIKSHA Pvt. Ltd (Operational Creditor) provided digital classroom services to M/s ABC Pvt Ltd. (Corporate Debtor) between 16th April 2015 and 23rd June, 2020 and accordingly the Operation Creditor raised 219 invoice

Supreme Court (SC) division bench in the case of M/s. Next Education India Pvt. Ltd. Vs. M/s. K12 Techno Services Pvt. Ltd has settled the law regarding the determination of the limitation period where the Application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) has been filed on the basis of several invoices. Supreme Court (SC) division bench held that when a petition is filed under Section 9 of the I&B Code based on several invoices wherein some of the invoices are time-barred, the Adjudicating Authority must consider invoices raised at least three years preceding the date of filing of Section 9 petition to determine limitation. The Supreme Court set aside the orders of the NCLT and NCLAT and while considering the starting point of limitation as 12 th March 2011 categorically stated that the NCLT should have taken into consideration the subsequent invoices raised up till at least three years preceding the date of the Company Petition rather than considering the starting point of limitation as 12 th March 2011. Earlier, NCLT had dismissed the Company Petition on the ground of the claim being time barred. The NCLAT after lengthy consideration decided that as the section 9 petition emanates from the Demand Notice issued under section 8, considered the date of default shall in the matter be 12 th March 2011 which is time barred as the limitation period expired on 12 th March 2014. The said NCLAT order was challenged by way of the present appeal in Supreme Court. In the given case last date of invoice i.e., 23 rd June, 2020 will be considered at least three years preceding date of filing up petition in NCLT for ascertaining limitation period for filing petition.