# In the matter of Star Mineral Resources Private Limited CP No. IB-607-ND-2018

> NCLT judgment dated 2018-12-17. Citation: TCN-2018-NCLT-00062. Platina Bulkers Pte Limited, an operational creditor, filed a petition against Star Mineral…

- **Court:** NCLT
- **Order date:** 17 Dec 2018
- **Citation:** TCN-2018-NCLT-00062
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/star-mineral-resources-private-limited-cp-no-ib-607-nd-2018-ae93ebce

## Summary

### Background

Platina Bulkers Pte Limited, an operational creditor, filed a petition against Star Mineral Resources Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The claim pertains to an operational debt of USD 92468.80 arising from a Charter Party agreement dated 21.1.2017 for the chartering of the vessel 'MV FATIMA JAHAN' for transporting iron ore from Visakhapatnam, India, to Taicang, China. The demurrage, if any, was agreed to be payable at USD 5500 per day. An addendum to the Charter Party was made on 24.4.2017, agreeing to settle the demurrage in five equal installments. However, the corporate debtor defaulted on the first installment. An extension of the payment schedule was agreed upon via Addendum No. 2 dated

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## Facts

Platina Bulkers Pte Limited (Operational Creditor) claimed an operational debt of USD 92468.80 from Star Mineral Resources Private Limited (Corporate Debtor) under a Charter Party agreement dated 21.1.2017. The debt arose from demurrage charges for the vessel 'MV FATIMA JAHAN' transporting iron ore from Visakhapatnam to Taicang. The agreed demurrage rate was USD 5500 per day. An addendum on 24.4.2017 stipulated payment in five installments, but the Corporate Debtor defaulted. A second addendum on 5.6.2017 revised the payment schedule. Postdated cheques were issued as security but were dishonored. A demand notice under Section 8 of IBC, 2016 was issued on 6.9.2017 and served on 9.9.2017, but no payment was made. The Corporate Debtor failed to appear before the Tribunal

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor is to be admitted under Section 9(5)(i) of …

**Ratio:** Section 9(5)(i) of the IBC, 2016 stipulates that the Adjudicating Authority shall admit

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**Reasoning:** The Tribunal examined the Charter Party Agreement, its addendums, email communications,

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

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**Application:** In this case, the Tribunal found that the Operational Creditor had established

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## Parties

- **Judges:** R. VARADH…; DR.V.K.Su…
- **Appellants:** Platina Bulkers…
- **Respondents:** Star Mineral…

## Timeline

- **2017-01-21 — Charter Party Agreement…**: Charter Party agreement between Platina Bulkers Pte Limited and Star Mineral Resources…
- **2017-02-28 — Loading of I…**: 42150 WMT of iron ore was…

## 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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