# In the matter of Iceberg Aqua Private Limited

> NCLT judgment dated 2023-10-30. Citation: TCN-2023-NCLT-00980. IVL Dhunseri Petrochem Industries Private Limited, the Operational Creditor, filed a petition…

- **Court:** NCLT
- **Order date:** 30 Oct 2023
- **Citation:** TCN-2023-NCLT-00980
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/iceberg-aqua-private-limited-99b6d044

## Summary

### Background

IVL Dhunseri Petrochem Industries Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Iceberg Aqua Private Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP) due to an outstanding debt of Rs. 1,85,07,839.49. The Operational Creditor claimed that the Corporate Debtor defaulted in making payments for the supply of Polyethylene Terephthalate Resin. The Corporate Debtor argued that the petition was defective, filed in complete negligence of Regulation 2B of the IBBI (Insolvency resolution Process for Corporate Persons), 2016, and that there was a pre-existing dispute regarding the quality of goods.

## Facts

IVL Dhunseri Petrochem Industries Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Iceberg Aqua Private Limited (Corporate Debtor) for initiating CIRP. The Operational Creditor claimed a default of Rs. 1,85,07,839.49 based on the supply of Polyethylene Terephthalate Resin from 2015 onwards. The Corporate Debtor raised purchase orders, and the Operational Creditor supplied goods accordingly. The Corporate Debtor made a part payment of Rs. 10,00,000 on 20.02.2021 but defaulted on the remaining amount. The Operational Creditor issued a demand notice on 18.08.2022. The Corporate Debtor argued that the default date fell within the period specified under Section 10A of the Code (25.03.2020 to

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## Issues and analysis

### Issue 1: Whether the present petition is maintainable under Section 9 of the Insolvency and Bankruptcy Code, …

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

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**Reasoning:** The NCLT found that the Operational Creditor had supplied goods to the Corporate Debtor,

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

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**Application:** The NCLT determined that the Operational Creditor met the requirements of

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** IVL Dhunseri…
- **Respondents:** Iceberg Aqua…; Iceberg Aqua Pvt.…

## Timeline

- **2015-01-01 — Trading Com…**: Operational Creditor and Corporate Debtor started trading, with the Operational Creditor…
- **2021-02-20 — Part Pay…**: Corporate Debtor made a part…

## 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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