NCLAT Chennai: Goods Not In Possession Of The Port, Claim By Port Can't Be Treated As Secured Creditor Under IBC

The National Company Law Appellate Tribunal ('NCLAT'), Chennai Bench, comprising Justice Rakesh Kumar Jain (Judicial Member) and Shreesha Merla (Technical Member) held that there is no actual lien to invoke Section 171 of the Indian Contract Act, 1872 ('ICA') when the goods are not in possession of the Port Authority and the claim of the Port cannot be treated as a Secured Creditor...