The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that the application under section 9 of the Insolvency and Bankruptcy Code, 2016 (Code) cannot be entertained when the debt is not unequivocally admitted by the Corporate Debtor.
Brief Facts:
The RR Metalmakers India Ltd.(Corporate Debtor) had approached Jaldhi Overseas Pvt Ltd. (Operational Creditor) for chartering of vessel MV Aetolia for carrying cargo from Port Redi to China for delivery to BST (HK) Ltd.- (“BST”) under a Charter Party Agreement dated 15.03.2017. The parties had appointed Bulk Chart as their broker.
The…
