# In the matter of Srimaa Import & Export Private Limited Company Petition (IB) No. 183-KB-2018

> NCLT judgment dated 2018-04-13. Citation: TCN-2018-NCLT-01549. Azzura Marine Liners Pvt. Ltd., the operational creditor, filed an application under Section 9…

- **Court:** NCLT
- **Order date:** 13 Apr 2018
- **Citation:** TCN-2018-NCLT-01549
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/srimaa-import-export-private-limited-company-petition-ib-no-183-kb-2018-065e0905

## Summary

### Background

Azzura Marine Liners Pvt. Ltd., the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Srimaa Import & Export Private Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The operational creditor provides logistical support for import and export through Kolkata Port. The corporate debtor allegedly failed to pay Rs. 40,80,194, which includes the principal amount of Rs. 36,06,686 and interest at 18% p.a. calculated up to October 31, 2017. The debt arose from a Time Charter Agreement (TCA) where the corporate debtor hired a barge from the operational creditor for river transportation.

## Facts

Azzura Marine Liners Pvt. Ltd. (operational creditor) filed an application against Srimaa Import & Export Private Limited (corporate debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor is in the business of providing logistical support for import and export through Kolkata Port. The corporate debtor hired a barge (MV Sea Horse IV) from the operational creditor under a Time Charter Agreement (TCA) dated November 4, 2016, for river transportation. The corporate debtor failed to pay Rs. 40,80,194, including a principal amount of Rs. 36,06,686 and interest at 18% p.a. calculated up to October 31, 2017. The TCA stipulated a contract period of 120 days, with charter hire charges calculated accordingly. Clause 7 of the TCA

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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(5) of the Insolvency and Bankruptcy Code, 2016, outlines the requirements for

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**Reasoning:** The court observed that the operational creditor had successfully proven that the

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**Interpretation:** Section 9(5) of the IBC, 2016, requires the Adjudicating Authority to ensure

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**Application:** In this case, the operational creditor provided sufficient evidence to

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## Parties

- **Judges:** Jinan…; Madan B.…
- **Appellants:** Azzura Marine…
- **Respondents:** Srimaa Import &…
- **Advocates:** Mr.Anunoy…; Mr.Srinjoy…

## Timeline

- **2016-11-04 — Time Charter Agreement…**: A Time Charter Agreement (TCA) No.AZZURA/TC/2016-17 was entered into between Azzura…
- **2016-11-27 — Vessel De…**: Azzura Marine Liners Pvt. Ltd. delivered its vessel to Srimaa Import & Export Private…

## 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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