On 9 June 2020, the Mumbai Bench of the National Company Law
Tribunal (NCLT) passed an order admitting a petition for the
initiation of the corporate insolvency resolution process (CIRP)
under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC)
in the matter of Agrocorp International Private (PTE) Limited v
National Steel and Agro Industries Limited (CP(IB) No.
798/MB/C-IV/2019). In doing so, the NCLT held that a foreign-seated
arbitral award is adequate proof of a "claim" under
Section 9 of the IBC, despite the fact that the foreign award had
not undergone enforcement proceedings in India.
Brief Background
Agrocorp International Private (PTE) Limited (Operational
Creditor) entered into a contract with National Steel and Agro
Industries Limited (Corporate Debtor) for the sale of whole yellow
peas. Disputes arose thereunder, and they were referred to a
London-seated arbitration. The arbitral tribunal granted damages,
interest, and costs to the Operational
