# In the matter of RR Metalmakers India Limited

> NCLT judgment dated 2024-04-22. Citation: TCN-2024-NCLT-01659. Jaldhi Overseas Pte. Ltd. filed a Company Petition under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 22 Apr 2024
- **Citation:** TCN-2024-NCLT-01659
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rr-metalmakers-india-limited-37d9f648

## Summary

### Background

Jaldhi Overseas Pte. Ltd. filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against RR Metalmakers India Limited, claiming an operational debt of USD 523,141.45. The debt arose from the provision of a vessel, MV AETOLIA, for the carriage of cargo under a Charter Party dated 15.03.2017 from Port Redi to China. The Operational Creditor raised invoices for freight and address commission. The Corporate Debtor made a partial payment of USD 350,000 but failed to pay the outstanding amount.

## Facts

Jaldhi Overseas Pte. Ltd. (Operational Creditor) provided its vessel 'MV AETOLIA' to RR Metalmakers India Limited (Corporate Debtor) for cargo carriage under a Charter Party dated 15.03.2017 from Port Redi to China. The Operational Creditor raised an invoice dated 18.04.2017 for USD 653,312 towards freight and another invoice on 25.05.2017 for USD 22,942.74 towards address commission. The Corporate Debtor made a partial payment of USD 350,000 on 04.08.2017. A debit note dated 27.12.2017 for USD 242,772.19 was raised for demurrage dues. The Corporate Debtor admitted liability in a letter dated 09.03.2020. The Operational Creditor re-served the Demand Notice dated 25.02.2020 via email on 19.12.2022 and hand delivery on 30.12.2022. The Corporate Debtor claimed the

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## Issues and analysis

### Issue 1: Whether the petition is …

**Ratio:** The period of limitation for initiating CIRP under Section 9 of the IBC is three years

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**Reasoning:** The Corporate Debtor argued that the date of default was 18.04.2017, and the petition was

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**Interpretation:** The limitation period starts from the date of default, but an admission of

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**Application:** The NCLT held that the Corporate Debtor's admission of liability in the letter

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Jaldhi Overseas…
- **Respondents:** RR Metalmakers…

## Timeline

- **2017-03-15 — Charter Party…**: Charter Party agreement between Jaldhi Overseas Pte. Ltd. and RR Metalmakers India…
- **2017-04-18 — Invoice for…**: Operational Creditor raised an invoice…

## 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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