# In the matter of Aquarius H2O Dynamics Private Limited

> NCLT judgment dated 2024-11-29. Citation: TCN-2024-NCLT-00122. The case involves an application filed by M/s Riddhi Siddhi Metals, the Operational Creditor,…

- **Court:** NCLT
- **Order date:** 29 Nov 2024
- **Citation:** TCN-2024-NCLT-00122
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aquarius-h2o-dynamics-private-limited-7216364b

## Summary

### Background

The case involves an application filed by M/s Riddhi Siddhi Metals, the Operational Creditor, against M/s Aquarius H2O Dynamics Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claims a total outstanding debt of Rs. 1,16,40,233/-, comprising Rs. 1,01,20,480/- as principal and Rs. 15,19,753/- as interest, as of 15.03.2024. The date of default is stated as 15.01.2023, related to the first invoice raised on 16.12.2022. The Corporate Debtor was incorporated on 13.06.2018 and is engaged in the design, engineering, production, erection, commissioning, operation, and maintenance of zero liquid discharge plants. The Operational

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## Facts

M/s Riddhi Siddhi Metals, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Aquarius H2O Dynamics Private Limited, the Corporate Debtor. The Operational Creditor claimed an outstanding operational debt of Rs. 1,16,40,233/-, including a principal amount of Rs. 1,01,20,480/- and interest of Rs. 15,19,753/-, as of 15.03.2024, with the date of default being 15.01.2023. The debt arose from the supply of stainless steel sheets by the Operational Creditor to the Corporate Debtor between 2022 and 2023, based on purchase orders and telephonic conversations. The Corporate Debtor made part payments, with the last payment on 27.04.2023. The Corporate

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency

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**Reasoning:** The Adjudicating Authority found that the Operational Creditor had complied with all the

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**Interpretation:** Section 9 of the IBC provides the requirements for an operational creditor to

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**Application:** The Adjudicating Authority applied the provisions of Section 9 of the Code and

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Riddhi Siddhi…
- **Respondents:** Aquarius H2O…

## Timeline

- **2018-06-13 — Incorporation of…**: Aquarius H2O Dynamics Private…
- **2022-12-16 — First Invoice…**: Date of the first invoice raised…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(21) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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