# In the matter of K.I. (International) Limited

> NCLT judgment dated 2025-07-24. Citation: TCN-2025-NCLT-01149. Greta Steels Private Limited filed an application under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 24 Jul 2025
- **Citation:** TCN-2025-NCLT-01149
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/ki-international-limited-95784d61

## Summary

### Background

Greta Steels Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against K. I. (International) Limited, alleging default in payment of operational debt arising from a High Seas Sales Agreement for the supply of imported steam coal. The Operational Creditor claimed a total outstanding amount of Rs. 19,14,54,142/-.

## Facts

Greta Steels Private Limited, represented by its Director, Mr. Rajesh Kumar, filed an application under Section 9 of the IBC against K. I. (International) Limited.

The application was filed based on a default in payment related to a High Seas Sales Agreement dated 08.02.2019 for the supply of imported steam coal.

The Operational Creditor claimed an outstanding amount of Rs. 19,14,54,142/- as of the date of the application.

K. I. (International) Limited argued that the debt was not an operational debt, there was a pre-existing dispute, and the application was barred by limitation.

The Operational Creditor relied on balance confirmation letters issued by the Corporate Debtor on multiple occasions.

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## Issues and analysis

### Issue 1: Whether the debt claimed by Greta Steels Private Limited qualifies as an 'operational debt' under …

**Ratio:** The Tribunal determined that the debt arising from the supply of imported steam coal

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**Reasoning:** The Tribunal considered the contractual arrangements, tax invoices, and demand notice

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**Interpretation:** The transaction falls within the definition of 'operational debt' as it relates

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**Application:** The Tribunal applied the definition of 'operational debt' to the facts of the

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## Parties

- **Judges:** Shri. Sanji…; SHRI. RAVICHANDRAN…
- **Appellants:** Greta Steels…
- **Respondents:** K. I. (Internation…
- **Other parties:** Rajesh…; Piyush Kisanlal…
- **Advocates:** P.J. Sri…; Premk…

## Timeline

- **2005-01-20 — Incorporation of…**: K. I. (International)…
- **2013-11-01 — Business Rela…**: Greta Steels Private Limited and K.I.…

## 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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