ORDER SHEET OF HEARING DATED 08.05.2026

The case is fixed for pronouncement of the order. The order is pronounced in the open court, vide separate order. Detailed order is being uploaded on the NCLT portal today.

Sd/-

NILESH SHARMA

MEMBER (JUDICIAL)

Sd/-

SAMEER KAKAR

MEMBER (TECHNICAL)

//SS//

ORDER

[PER: BENCH]

1. BACKGROUND

1.1 This is an Application bearing C.P. (IB) No.456/MB/2025 filed on 12.02.2025 by Boston Ivy Healthcare Solutions Private Limited, the Applicant (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “the Code”) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as “the AAA Rules”) by Mr. Ravishankar Gopalakrishnan, Director authorised vide Board Resolution dated 02.05.2024 for initiating Corporate Insolvency Resolution Process (hereinafter referred to as “CIRP”) in respect of Aaquaries Global Industries Limited, the Corporate Debtor.

1.2 The CD is Aaquaries Global Industries Limited (CIN U74999MH2007PLC166997), having its Registered Office at 701, 7th Floor, Anurag Business Centre, Near Amar Theatre, W. T. Patil Marg, Chembur, Mumbai City, Mumbai, Maharashtra, India 400071.

1.3 Perusal of Part III reveals that the Applicant has named Mr. Rajesh Jhujhunwala, Email ID: jhunjhunwala.rajesh@gmail.com having IP Registration No. IBBI/IPA-003/IP N00457-C01/2017-2018/11102 as IRP. The proposed IRP has given his consent in Form No. 2 which is appended at Page No. I to K.

2. AVERMENTS OF THE APPLICANT

2.1 As per Part-IV of the Application the total amount claimed to be in default is Rs. 11,24,47,125 /- (Eleven Crores Twenty-Four Lakhs Forty-Seven Thousand and One Hundred Twenty-Five Rupees).

2.2 The date of default is mentioned as 20.10.2023.

2.3 It is stated that the Corporate Debtor placed upon Boston Ivy Healthcare Solutions Pvt. Ltd. (Operational Creditor) an order for supply of API drugs (Product’s) by way of purchase orders bearing nos. AGIL/BIHS/23-24/19, AGIL/BIHS/23-24/20, AGIL/BIHS/23-24/21, AGIL/BIHS/23-24/45, AGIL/BINS/23-24/46, AGIL/BIIIS/23-24/48, dated 04.07.2023, 04.07.2023, 04.07.2023, 09.10.2023, 10.10.2023 and 18.10.2023 respectively.

2.4 It is submitted that, above products were supplied by the Operational Creditor on a running account basis from 7th July, 2023 to 19th October, 2023 vide Invoice Nos. MH/23-24/06206, MH/23-24/06208, MH/23-24/06209, MH/23-24/22565, MH/23-24/23238, and, MH/23-24/24786 (collectively “Invoices”). These Products were supplied for a total invoice value of Rs. 21,87,42,500 (Rupees Twenty-One Crores Eighty-Seven Lakhs Forty-Two Thousand Five Hundred only).

2.5 With reference to the above, the Corporate Debtor paid certain partial sums of monies to the Operational Creditor on account of the above Invoices, but, a balance sum of Rs. 11,24,47,125/- (Eleven Crores Twenty-Four Lakhs Forty-Seven Thousand and One Hundred and Twenty-five only Rupees) still remains outstanding in favour of the OC.

2.6 The Operational Creditor vide emails dated 08.07.2024, 09.07.2024 and 16.07.2024 sent to the Corporate Debtor asked them to pay the outstanding amount of Rs. 11,24,47,125. (Eleven Crores Twenty-Four Lakhs Forty-Seven Thousand and One Hundred and Twenty-five only Rupees). All these emails have been annexed as Exhibit E (Page 59).

2.7 It is stated that, Demand Notice was sent on 25.09.2024 demanding payment of outstanding amount .The same is annexed as Exhibit F (Page 69).

2.8 The Operational Creditor (OC) served the Demand Notice under Section 8 of the IBC upon the Corporate Debtor (CD) through Bluedart Courier on 25.09.2024, a copy of which is annexed as Page 76-77. Further, the hard copy of the said Demand Notice was physically delivered to the Corporate Debtor on 08.01.2025 and the same stands duly acknowledged by the Corporate Debtor, as is evidenced by the stamp affixed on the copy.

2.9 It is submitted that, Goods were duly supplied by Operational