An application under the IBC cannot be maintained if the debt is time-barred or disputed, as established by relevant case law.

O R D E R

(Heard through Hybrid Mode)

Under consideration is a petition under Section 9 of IBC filed by Jaldhi Overseas Private Limited, Petitioner/ Operational Creditor herein, against Anand Transport Private Limited, Respondent/ Corporate Debtor herein for initiating Corporate Insolvency Process (CIRP) against the Corporate Debtor.

2. SUBMISSIONS OF THE APPLICANT

2.1. Part I of the Application contains the particulars of the Applicant Jaldhi Overseas Private Limited. Part II of the Application sets out the details of the Corporate Debtor. It was incorporated on 18.11.2010 with its authorized share capital of Rs. 5,00,00,000/- and paid up share capital of Rs. 5,00,00,000/- and address at No. 1,90 Street, D.R. Radhakrishnan Salai, Mylapore, Chennai – 600 004, within the jurisdiction of this Tribunal. In Part III of the application, the Operational Creditor has not proposed anyone as the IRP. Part IV of the application sets out the details of the debt being Rs.6,10,82,397/- (Rupees six crores ten lakhs eighty two thousand three hundred and ninety seven only) which includes interest as on 29.08.2017. This application has been filed on 30.09.2024.

2.2. The Applicant, Jaldhi Overseas Private Limited, is engaged inter alia in providing vessels for carriage of cargo. The Respondent, Anand Transport Private Limited, is the Corporate Debtor as defined under Section 5(8) of the Code.

2.3. It is submitted that the Applicant and the Corporate Debtor entered into a Charter Party Agreement dated 01.09.2014, pursuant to which the Applicant provided vessels for carriage of cargo from Paradip, India to Krishnapatnam, Kakinada or Chennai, India. In terms of the said agreement, the Applicant duly performed its contractual obligations by supplying vessels and ensuring shipment, carriage, discharge and delivery of cargo.

2.4. It is submitted that upon completion of the voyages, the Applicant raised final freight invoices on the Corporate Debtor between 01.06.2017 and 29.08.2017 for freight charges lawfully earned and payable under the Charter Party Agreement. The freight payable was unconditional and not subject to any set-off, counter-claim or contingency under the terms of the contract.

2.5. It is further submitted that though the Corporate Debtor initially made part payments, it defaulted in payment of the balance admitted dues, despite repeated demands. The outstanding operational debt arises from freight charges for cargoes duly shipped, carried, discharged and delivered by the Applicant.

2.6. It is submitted that the total outstanding operational debt amounts to Rs.6,10,82,397/-, being the net balance after accounting for payments received and agreed credit notes. The said amount pertains to the following invoices:

• Invoice No. F2017-0388 dated 01.06.2017 – Rs. 1,74,03,999.20 • Invoice No. F2017-0415 dated 21.06.2017 – Rs. 1,78,74,287.48 • Invoice No. F2017-0488 dated 18.07.2017 – Rs. 26,40,746.99 • Invoice No. F2017-0465 dated 27.07.2017 – Rs. 70,71,905.78 • Invoice No. F2017-0505 dated 29.08.2017 – Rs. 1,60,91,458.29

2.7. It is submitted that the date of default in respect of each invoice is the respective invoice due date, and since the Corporate Debtor failed to make payment thereafter, defaults occurred on those respective dates in 2017.

2.8. The Applicant denies the allegation of the Corporate Debtor that a sum of USD 84,871 was paid on 31.08.2023, and submits that all payments received from the Corporate Debtor have already been duly accounted for while computing the net outstanding balance.

2.9. The Applicant relies upon an Audit Confirmation dated 02.08.2023 and an email dated 04.08.2023 issued by the Corporate Debtor, whereby the Corporate Debtor acknowledged the outstanding debt payable to the Applic