# In the matter of Apex Aqua Agencies Private Limited CP (IB) No. 52-9-AMR-2021

> NCLT judgment dated 2021-11-25. Citation: TCN-2021-NCLT-00410. The case pertains to an application filed by M/s. Gayatri Sea Foods and Feeds Private Limited…

- **Court:** NCLT
- **Order date:** 25 Nov 2021
- **Citation:** TCN-2021-NCLT-00410
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/apex-aqua-agencies-private-limited-cp-ib-no-52-9-amr-2021-9642caa6

## Summary

### Background

The case pertains to an application filed by M/s. Gayatri Sea Foods and Feeds Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Apex Aqua Agencies Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted in making payment of Rs.5,74,09,966/- towards invoices raised for goods supplied.

## Facts

M/s. Gayatri Sea Foods and Feeds Private Limited (Operational Creditor), which is under CIRP, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Apex Aqua Agencies Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted in making payment of Rs.5,74,09,966/- for goods supplied. A demand notice was issued on 2021-07-16, but the Corporate Debtor did not respond. The Corporate Debtor also failed to file a counter to the petition despite several adjournments. The Tribunal forfeited the Corporate Debtor's right to file a counter. The Operational Creditor suggested the name of Mr. Kurapati Singarayya Chowdary as the Interim

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the Insolvency and …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016, allows an operational creditor to

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**Reasoning:** The court noted that the Operational Creditor had issued a demand notice to the Corporate

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

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**Application:** In this case, the Operational Creditor followed the procedure prescribed under

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** Gayatri Sea Foods…
- **Respondents:** Apex Aqua…; Apex Aqua…

## Timeline

- **2021-07-16 — Demand Notice…**: The Operational Creditor issued a demand notice to the Corporate Debtor for the…
- **2021-11-24 — Tribunal Forfeits Right…**: The Tribunal forfeited the right of the Corporate Debtor to file a counter due to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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