# In the matter of Marg Limited CP-978-IB-2018

> NCLT judgment dated 2019-02-12. Citation: TCN-2019-NCLT-04878. The case involves an application filed by M/s. Bluestone Infrastructure India Private Limited,…

- **Court:** NCLT
- **Order date:** 12 Feb 2019
- **Citation:** TCN-2019-NCLT-04878
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/marg-limited-cp-978-ib-2018-4cef96f1

## Summary

### Background

The case involves an application filed by M/s. Bluestone Infrastructure India Private Limited, an Operational Creditor, against M/s. Marg Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed to have acted as an agent arranging for the purchase of mortgaged debt owed by the Corporate Debtor to M/s. SICOM Limited, seeking commission for their services in securing a One Time Settlement (OTS). The Corporate Debtor disputed the claim, stating that the Operational Creditor did not perform any duties as envisaged in the engagement letter and that the OTS was directly negotiated with SICOM Limited.

## Facts

M/s. Bluestone Infrastructure India Private Limited (Operational Creditor) filed an application against M/s. Marg Limited (Corporate Debtor) under Section 9 of the IBC, 2016. The Operational Creditor claimed to have acted as an agent to facilitate a One Time Settlement (OTS) between the Corporate Debtor and M/s. SICOM Limited, for which they sought a commission of Rs. 82,04,079/-. The Corporate Debtor had dues of ₹39.48 Crores owed to M/s. SICOM Limited. The Operational Creditor sent a Demand Notice (Form-3) on 16.05.2018. The Corporate Debtor paid an advance of Rs. 3 lakhs to the Operational Creditor on 21.09.2016. The Corporate Debtor argued that the Operational Creditor did not perform any services as per the engagement letter and that the OTS was directly

…

## Issues and analysis

### Issue 1: Whether the Operational Creditor provided services to the Corporate Debtor entitling them to a …

**Ratio:** The principle is that an operational creditor is entitled to payment only if they have

…

**Reasoning:** The court found that the Operational Creditor did not perform any duties as envisaged in

…

**Interpretation:** The court interpreted the engagement letter and the conduct of the parties to

…

**Application:** The court applied the principle to the facts, finding that the Operational

…

## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** Bluestone…
- **Respondents:** Marg Li…
- **Advocates:** Shri. K. Gaurav…; Alpa…; +3 more

## Timeline

- **2016-09-21 — Advance P…**: The Respondent paid an advance of…
- **2016-09-19 — Letter of Eng…**: The Applicant issued letter of…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/marg-limited-cp-978-ib-2018-4cef96f1