NCLAT rejects Korea trade insurance insolvency plea

The National Company Law Appellate Tribunal (NCLAT) has dismissed an insolvency appeal against Amrit Polychem filed by Korea Trade Insurance Corporation.

The appellate tribunal has upheld the order passed by the Mumbai Bench of the National Company Law Tribunal (NCLT), observing a preexisting dispute between the parties.

The NCLAT said Korea Trade Insurance Corporation (Ksure) was well aware of the fact that there was a preexisting dispute before stepping into the shoes of the JT Corporation (JTC).