# In the matter of Marina Projects Pvt. Ltd. C.P.(IB)No.1366-KB-2018

> NCLT judgment dated 2019-02-28. Citation: TCN-2019-NCLT-04638. Credence Logistics Ltd., the Operational Creditor, filed an application under Section 9 of the…

- **Court:** NCLT
- **Order date:** 28 Feb 2019
- **Citation:** TCN-2019-NCLT-04638
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/marina-projects-pvt-ltd-cpibno1366-kb-2018-06bb3927

## Summary

### Background

Credence Logistics Ltd., the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Marina Projects Pvt. Ltd., the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor allegedly defaulted in paying operational debt amounting to Rs. 15,99,500/- towards unpaid hire charges for a vessel hired from the Operational Creditor. The Operational Creditor is the owner of the vessel, which was hired by the Corporate Debtor under a Charter Party Agreement dated 02.03.2015 for Rs. 2,00,000/- per annum. While the Corporate Debtor paid a deposit of Rs. 5,00,000/-, it defaulted on paying hire charges from 01.03.2017 onwards, leading to outstanding arrears of Rs. 14,75,000/- plus

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## Facts

Credence Logistics Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Marina Projects Pvt. Ltd. (Corporate Debtor) due to a default in payment of operational debt. The debt arose from unpaid hire charges for a vessel hired by the Corporate Debtor from the Operational Creditor under a Charter Party Agreement dated 02.03.2015. The agreed hire charges were Rs. 2,00,000/- per annum. The Corporate Debtor paid a deposit of Rs. 5,00,000/- but defaulted on payments from 01.03.2017 onwards. The outstanding arrears amounted to Rs. 14,75,000/-, plus interest at 18% per annum, bringing the total operational debt to Rs. 15,99,500/-. The Operational Creditor issued a demand notice under Section 8 of the IBC on

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the Insolvency and …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016 allows an operational creditor to

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**Reasoning:** The court reasoned that the Operational Creditor had fulfilled the requirements under

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

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**Application:** The court applied Section 9 to the facts, finding that the Operational Creditor

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## Parties

- **Judges:** Madan B.…
- **Appellants:** Credence Logistics…
- **Respondents:** Marina Projects…
- **Advocates:** Sagnik…; MD Dilawa…; +1 more

## Timeline

- **2015-03-02 — Charter Party…**: Corporate Debtor hired vessel…
- **2017-03-01 — Default in…**: Corporate Debtor defaulted…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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