Korea Trade Insurance Corporation (KTIC) filed an appeal against the order of the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-IV) which dismissed their Section 9 application under the Insolvency and Bankruptcy Code (IBC). The application was related to a dispute over payments for goods supplied by JT Corporation (JTC) to Amrit Polychem Pvt. Ltd (APL), where KTIC acted as the insurer for JTC.
Amrit Polychem Pvt. Ltd. (APL) placed three purchase orders with JT Corporation (JTC) for the supply of certain goods.
Korea Trade Insurance Corporation (KTIC) is an insurance company for JTC.
JTC assigned the debt owed by APL to KTIC via a Letter of Assignment (LoA) dated 20.12.2017.
APL raised a dispute regarding the non-supply of goods under the first Proforma Invoice (PI) and sought to adjust losses against payments due under the third PI.
KTIC filed a Section 9 application under the IBC, which was dismissed by the Adjudicating Authority due to the existence of a pre-existing dispute.
The Adjudicating Authority dismissed Section 9 application filed by the Appellant-Korea Trade Insurance Corporation on 02.08.2023.
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Korea Trade Insurance Corporation (KTIC) filed an appeal against the order of the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-IV) which dismissed their Section 9 application under the Insolvency and Bankruptcy Code (IBC). The application was related to a dispute over payments for goods supplied by JT Corporation (JTC) to Amrit Polychem Pvt. Ltd (APL), where KTIC acted as the insurer for JTC.
Amrit Polychem Pvt. Ltd. (APL) placed three purchase orders with JT Corporation (JTC) for the supply of certain goods.
Korea Trade Insurance Corporation (KTIC) is an insurance company for JTC.
JTC assigned the debt owed by APL to KTIC via a Letter of Assignment (LoA) dated 20.12.2017.
APL raised a dispute regarding the non-supply of goods under the first Proforma Invoice (PI) and sought to adjust losses against payments due under the third PI.
KTIC filed a Section 9 application under the IBC, which was dismissed by the Adjudicating Authority due to the existence of a pre-existing dispute.
The Adjudicating Authority dismissed Section 9 application filed by the Appellant-Korea Trade Insurance Corporation on 02.08.2023.
…Order passed by the…
Date of the Le…