The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Member-Technical), has dismissed the Korea Trade Insurance Corporation (Ksure) plea for insolvency of Amrit Polychmen, saying that the Ksure was well aware of the pre-existing dispute before stepping into the shoes of JTC.
Amrit Polychem Pvt. Ltd. (APL) placed three purchase orders with JT Corporation (JTC), Korea, for purchasing some chemicals. The appellant, Korea Trade Insurance Corporation (Ksure), insured the JTC against the buyer’s default.
APL paid for the second consignment, but the dispute arose between the parties with regard to the first shipment. APL alleged that the…