The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal by Korea Trade Insurance Corporation (K-Sure) seeking to initiate insolvency proceedings against Amrit Polychem Pvt. Ltd. The tribunal upheld the earlier decision of the National Company Law Tribunal (NCLT), which found that a preexisting dispute between Amrit Polychem and J.T. Corporation—whose debt K-Sure had acquired—barred the application under Section 9 of the Insolvency and Bankruptcy Code (IBC).
