COPENSHIP SINGAPORE PTE. LTD. Vs. PRIME IMPEX LTD.

JUDGEMENT

(1.) This is a winding up application, coming up for admission. It is made by a company incorporated in Singapore. Their claim is against an Indian company against which an order of winding up is claimed.

(2.) The claim arises out of two charter parties dated September 29, 2009. The petitioning creditor entered into these agreements as the owner of vessels. The Indian company was the charterer. It appears that the petitioning creditor became entitled to demurrage. The parties agreed on June 8, 2010, to an amount of US$ 6,00,000 (and miscellaneous bank charges). The amount was to be paid by the company in two instalments, one of US$ 3,00,000 was to be paid by June 30, 2010 and the other of US$ 3,00,000 by July 30, 2010.

(3.) Some payments were made by the company. But they were in default with respect to the rest, i.e., US$ 3,00,000.