# In the matter of MINAQUA INTERNATIONAL PRIVATE LIMITED

> NCLT judgment dated 2025-11-04. Citation: TCN-2025-NCLT-01635. Searock International Private Limited, the Operational Creditor, filed an application under…

- **Court:** NCLT
- **Order date:** 4 Nov 2025
- **Citation:** TCN-2025-NCLT-01635
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/minaqua-international-private-limited-dcd5e5fd

## Summary

### Background

Searock International 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 Minaqua International Private Limited, the Corporate Debtor, for an alleged default of Rs. 3,21,79,000/-.

## Facts

Searock International Private Limited filed an application under Section 9 of the IBC to initiate CIRP against Minaqua International Private Limited.

The alleged default amount is Rs. 3,21,79,000/- as on 31.03.2023.

The Operational Creditor and Corporate Debtor entered into a Coal Sale and Purchase Agreement dated 19.09.2018.

The Operational Creditor extended an advance of Rs. 3,21,79,000/- to the Corporate Debtor for the supply of coal.

The Corporate Debtor failed to supply the coal and acknowledged its inability to do so due to the COVID-19 pandemic.

The Operational Creditor issued a Demand Notice dated 30.11.2023 under Section 8 of the IBC.

The Corporate Debtor acknowledged the debt by issuing Balance Confirmations dated 31.03.2022 and 31.03.2023.

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## Issues and analysis

### Issue 1: Whether the application under …

**Ratio:** Yes, the application is

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**Reasoning:** The NCLT found that the debt and default were satisfactorily established based on the

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**Interpretation:** The NCLT interpreted the provisions of Section 9 of the IBC to allow for the

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**Application:** The NCLT applied the provisions of Section 9 to the facts of the case and found

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## Parties

- **Judges:** ASHISH…; SANJIV…
- **Appellants:** Searock Internatio…; Sanjay…
- **Respondents:** Minaqua Internatio…
- **Other parties:** Neehal Mahamulal…; Amit Sh…
- **Advocates:** Anjani…

## Timeline

- **19.09.2018 — Coal Sale and Purchase…**: Execution of Coal Sale and Purchase Agreement between Searock International Private…
- **10.02.2024 — Application…**: Application filed under Section 9 of the…

## 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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