# In the matter of Bluewater Foods and Exports Private Limited C.P(IB) No. 122-BB-2020

> NCLT judgment dated 2020-06-10. Citation: TCN-2020-NCLT-01206. The case pertains to an application filed by M/s. Bluewater Foods and Exports Private Limited…

- **Court:** NCLT
- **Order date:** 10 Jun 2020
- **Citation:** TCN-2020-NCLT-01206
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bluewater-foods-and-exports-private-limited-cpib-no-122-bb-2020-db5251f6

## Summary

### Background

The case pertains to an application filed by M/s. Bluewater Foods and Exports Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7 of the I&B (Application to Adjudicating Authority) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) in respect of itself. The company, incorporated on March 21, 1997, is engaged in the business of collectors, exporters, importers, dealers, and processors in all kinds of fish, prawns, shrimps, frog legs, shellfish, sea food and any other crustaceous animals and aquatic products. The Corporate Applicant/Petitioner incurred an outstanding debt of Rs. 121,98,64,332/- and defaulted in repayment.

## Facts

M/s. Bluewater Foods and Exports Private Limited, the Corporate Applicant, filed an application under Section 10 of the IBC, 2016, seeking to initiate CIRP. The company was incorporated on 1997-03-21 and is involved in the seafood business. The company's nominal share capital is Rs. 10,00,00,000/-, and its paid-up share capital is also Rs. 10,00,00,000/-. The company has an outstanding debt of Rs. 121,98,64,332/-, comprising secured financial debt of Rs. 86,05,05,547/-, unsecured financial debt of Rs. 25,61,728/-, and operational debt of Rs. 35,67,97,057/-. Due to its inability to repay its creditors, the Board of Directors resolved to file the petition to initiate CIRP on 2020-03-13. The shareholders approved the initiation of CIRP in an Extra-ordinary General Meeting

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## Issues and analysis

### Issue 1: Whether the application filed by the Corporate Applicant under Section 10 of the IBC, 2016, is …

**Ratio:** Section 10 of the IBC, 2016, allows a corporate debtor to initiate CIRP if it has

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**Reasoning:** The NCLT observed that the Corporate Applicant had filed the application in accordance

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**Interpretation:** Section 10 provides the mechanism for a corporate debtor to initiate CIRP,

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**Application:** The NCLT found that the application was complete and met the requirements of

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** Bluewater Foods…
- **Advocates:** Uday Sh…

## Timeline

- **1997-03-21 — Incorporation o…**: M/s. Bluewater Foods and Exports…
- **2020-03-13 — Board Reso…**: The Board of Directors resolved to…

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