# In the matter of Marg Limited IBA-107-2019

> NCLT judgment dated 2019-03-29. Citation: TCN-2019-NCLT-04261. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 29 Mar 2019
- **Citation:** TCN-2019-NCLT-04261
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/marg-limited-iba-107-2019-9ae1d161

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by M/s. Van Oord Dredging and Marine Contractors B.V. (Operational Creditor) against M/s. Marg Limited (Corporate Debtor). The Operational Creditor provided dredging services to the Corporate Debtor based on an agreement dated 21.05.2009. Disputes arose, leading to arbitration proceedings. An arbitral award was passed in favor of the Operational Creditor on 14.04.2013. The Corporate Debtor challenged the award, but the High Court of Madras dismissed the challenge on 02.02.2018. The Corporate Debtor then filed an Original Side Appeal, which was also dismissed on 15.11.2018. A review petition was also dismissed on 28.02.2019. The Operational Creditor issued a demand notice

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## Facts

M/s. Van Oord Dredging and Marine Contractors B.V. (Operational Creditor) and M/s. Marg Limited (Corporate Debtor) entered into an agreement dated 21.05.2009, where the Operational Creditor was to provide dredging services to the Corporate Debtor. Disputes arose, leading to the Operational Creditor initiating arbitration proceedings. The Arbitral Tribunal passed an award on 14.04.2013 in favor of the Operational Creditor for ₹39,89,50,512 plus interest, totaling ₹87,85,09,828. The Corporate Debtor challenged the arbitral award, but the High Court of Madras dismissed the challenge on 02.02.2018. The Corporate Debtor then filed an Original Side Appeal, which was also dismissed on 15.11.2018. A review petition was also dismissed on 28.02.2019. The Operational Creditor

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## Issues and analysis

### Issue 1: Whether the pendency of a Special Leave Petition (SLP) before the Supreme Court constitutes a …

**Ratio:** The ratio is based on the interpretation of 'existence of dispute' under the IBC and the

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**Reasoning:** The judicial member reasoned that the pendency of the SLP before the Supreme Court

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**Interpretation:** The interpretation focuses on whether the 'existence of dispute' should be

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**Application:** The judicial member applied the ratio to the facts of the case, noting that the

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** M/s. Van Oord…
- **Respondents:** M/s. Marg L…

## Timeline

- **2009-05-21 — Agreement…**: Agreement between Operational Creditor and…
- **2013-04-14 — Arbitral…**: Arbitral Tribunal passed an award in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(21) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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