# In the matter of Al Badr Seafoods Private Limited CP(IB)-45-KOB-2022

> NCLT judgment dated 2023-05-03. Citation: TCN-2023-NCLT-03486. The case involves a petition filed by Zhejiang Industrial Group Co., Ltd (Operational Creditor)…

- **Court:** NCLT
- **Order date:** 3 May 2023
- **Citation:** TCN-2023-NCLT-03486
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/al-badr-seafoods-private-limited-cpib-45-kob-2022-1e2e6a18

## Summary

### Background

The case involves a petition filed by Zhejiang Industrial Group Co., Ltd (Operational Creditor) against Al Badr Seafoods Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default amount of Rs. 8,52,78,758.79/- based on unpaid invoices for goods supplied. The Corporate Debtor disputed the debt, alleging a pre-existing dispute and denying the execution of a settlement agreement. The Operational Creditor contended that the Corporate Debtor had admitted to the debt and entered into a settlement agreement through its associate enterprise, Al Badr Sarl, a Tunisian entity. The Corporate Debtor argued that the goods were not

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## Facts

Zhejiang Industrial Group Co., Ltd (Operational Creditor) filed a petition against Al Badr Seafoods Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for a default amount of Rs. 8,52,78,758.79/-. The Operational Creditor is a company registered in China, engaged in processing and distributing seafood. The Corporate Debtor approached the Operational Creditor for purchasing Frozen Precooked Skip Jack Tuna Loins. Sales contracts were entered into between the parties, and the Operational Creditor supplied the goods. Three invoices were raised, which remained unpaid. The Corporate Debtor, through its associate enterprise Al Badr Sarl (Tunisia), proposed to release the outstanding debt in installments, leading to a settlement

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## Issues and analysis

### Issue 1: Whether the documents relied upon by the …

**Ratio:** The Indian Stamp Act, 1899 and the Kerala Stamp Act, 1959 govern the validity and

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**Reasoning:** The court found that the power of attorney was executed in China and a stamp paper was

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**Interpretation:** The court interpreted that the power of attorney was not valid and enforceable

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**Application:** The court applied the ratio to the facts and held that the documents relied

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** Zhejiang Industria…
- **Respondents:** Al Badr Seafoods…

## Timeline

- **2019-05-24 — Sales Contra…**: Date of Sales Contract…
- **2019-06-26 — Sales Contra…**: Date of Sales Contract…

## 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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