# In the matter of Ashadeep Aquaculture Pvt. Ltd. CP (lB) No. 5-CB-2021

> NCLT judgment dated 13 Sept 2022. Citation: TCN-2022-NCLT-01087. The case originated from an application filed under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 13 Sept 2022
- **Citation:** TCN-2022-NCLT-01087
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ashadeep-aquaculture-pvt-ltd-cp-lb-no-5-cb-2021-67eddb3e

## Summary

### Background

The case originated from an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Growel Feeds Pvt. Ltd. against Ashadeep Aquaculture Pvt. Ltd. The specific nature of the dispute leading to the Section 9 application, such as the operational debt and default, is not detailed in this order sheet. However, it is clear that the petitioner, Growel Feeds Pvt. Ltd., initiated corporate insolvency resolution proceedings against the respondent, Ashadeep Aquaculture Pvt. Ltd., alleging a default in payment of an operational debt.

## Facts

The petitioner, Growel Feeds Pvt. Ltd., filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against the corporate debtor, Ashadeep Aquaculture Pvt. Ltd. This application initiated corporate insolvency resolution proceedings (CIRP) against the respondent. The specific details of the operational debt or the alleged default that led to the filing of this application are not elaborated in the provided order sheet.

## Issues and analysis

### Issue 1: Whether the application filed under Section 9 of the IBC should be disposed of based on an…

**Ratio:** When parties to an application under Section 9 of the IBC jointly submit that they have…

**Reasoning:** The court's reasoning was based on the joint submission by the counsels for both the…

**Interpretation:** The court interpreted the joint submission and the settlement memo as a clear…

**Application:** In this case, the petitioner and respondent, through their respective counsels,…

## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Advocates:** For the petitioner…; For the respondent…; +6 more

## Timeline

- **September 13, 2022 — Hearing and…**: The NCLT Cuttack Bench heard the matter. Counsels for both parties submitted that an…

## 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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