# In the matter of Deep Water Services (India) Ltd. CP No. 1105-MAH-2017

> NCLT judgment dated 2017-06-20. Citation: TCN-2017-NCLT-00793. The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 20 Jun 2017
- **Citation:** TCN-2017-NCLT-00793
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/deep-water-services-india-ltd-cp-no-1105-mah-2017-9f7053f3

## Summary

### Background

The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Universal Agency, an Operational Creditor, against Deep Water Services (India) Ltd., the Corporate Debtor. The Operational Creditor sought to initiate the resolution process due to the Corporate Debtor's inability to pay dues for goods supplied. The Corporate Debtor is a wholly owned subsidiary of GOL Offshore Ltd. (GOL). The Operational Creditor claimed that invoices were raised on the Corporate Debtor, and delivery notes were accepted by the Corporate Debtor/GOL. The Corporate Debtor had admitted its liability and promised to pay as soon as its finances would permit, but no steps were taken. A notice was issued by the Operational Creditor on 2017-05-08 demanding the

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## Facts

Universal Agency, the Operational Creditor, filed a petition against Deep Water Services (India) Ltd., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the resolution process due to unpaid dues for goods supplied. The Corporate Debtor is a wholly owned subsidiary of GOL Offshore Ltd. (GOL). The Operational Creditor claimed that invoices were raised and delivery notes were accepted by the Corporate Debtor/GOL. The ledger account maintained by the Operational Creditor reflected a sum of Rs. 26,18,423/- due and payable by the Corporate Debtor, which was the balance after adjusting a payment of Rs. 5,00,078.58 made by the Corporate Debtor on 2016-12-28. The Corporate Debtor had admitted its liability and promised to

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## Issues and analysis

### Issue 1: Whether the petition fulfills all requirements for invoking the Resolution Process against the …

**Ratio:** The petition must meet the requirements specified in Section 9 of the Insolvency and

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

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**Interpretation:** Section 9 of the Insolvency and Bankruptcy Code, 2016, allows an Operational

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**Application:** In this case, the court found that the Operational Creditor had established the

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## Parties

- **Judges:** Ina Mal…
- **Appellants:** Universal…
- **Respondents:** Deep Water…
- **Advocates:** Apoorva…

## Timeline

- **2014-07-17 — Earliest Invo…**: The earliest invoice issued by the…
- **2016-12-28 — Partial Payment by…**: The Corporate Debtor made a payment of Rs. 5,00,078.58 towards reduction of its…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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