# In the matter of Aquamarine Healthcare Private Limited

> NCLT judgment dated 2024-09-10. Citation: TCN-2024-NCLT-00632. Bright Lifecare Private Limited, the Operational Creditor, filed an application under Section 9…

- **Court:** NCLT
- **Order date:** 10 Sept 2024
- **Citation:** TCN-2024-NCLT-00632
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aquamarine-healthcare-private-limited-d6a96657

## Summary

### Background

Bright Lifecare Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aquamarine Healthcare Private Limited, the Corporate Debtor, for defaulting on a payment of Rs. 45,28,52,154. The Operational Creditor and Corporate Debtor had entered into various supply and license agreements. The Corporate Debtor was to make payments for the supply of goods and services. The Corporate Debtor acknowledged its liability in a meeting dated 10.01.2019 to pay Rs. 58.84 crore to the Operational Creditor and requested an extension until 31.03.2019 to make the payment. The Operational Creditor issued a demand notice dated 20.10.2023 under Section 8 of

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## Facts

Bright Lifecare Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aquamarine Healthcare Private Limited (Corporate Debtor) due to a default in payment of Rs. 45,28,52,154. The two parties had entered into various supply and license agreements, where the Corporate Debtor was obligated to pay the Operational Creditor for goods and services provided. These agreements included a Facilitation Agreement dated 01.06.2016, a Branding and Signage Agreement dated 01.09.2016, a Warehouse Service Agreement dated 01.12.2017, and a Vendor Agreement dated 07.01.2019. The Corporate Debtor acknowledged its liability to pay Rs. 58.84 crore in a

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## Issues and analysis

### Issue 1: Whether there is an ‘Operational Debt' exceeding the threshold limit as defined under Section 4 of …

**Ratio:** The definition of 'Operational Debt' as mentioned under Section 5(21) of The Insolvency

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**Reasoning:** The Adjudicating Authority considered the definition of 'Operational Debt' under Section

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**Interpretation:** The term 'Operational Debt' encompasses claims related to the provision of

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**Application:** The claim of the Applicant arises out of the provisions of services rendered,

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** Bright Lifecare…
- **Respondents:** Aquamarine…

## Timeline

- **2016-01-01 — Agreements between…**: The Operational Creditor and the Corporate Debtor entered into various agreements,…
- **2019-01-10 — Meeting betwee…**: Corporate Debtor unconditionally acknowledged its liability to pay Rs. 58.84 crore to the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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