# In the matter of Max-Tech Oil & Gas Services Pvt. Ltd. Company Application No. (IB)-48-(PB)-2017

> NCLT judgment dated 2017-05-01. Citation: TCN-2017-NCLT-00871. The case involves a petition filed by Agarwal Marketing and Services (Energy) Pvt. Ltd., the…

- **Court:** NCLT
- **Order date:** 1 May 2017
- **Citation:** TCN-2017-NCLT-00871
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/max-tech-oil-gas-services-pvt-ltd-company-application-no-ib-48-pb-2017-9de5caac

## Summary

### Background

The case involves a petition filed by Agarwal Marketing and Services (Energy) Pvt. Ltd., the Operational Creditor, against Max Tech Oil & Gas Services Pvt. Ltd., the Corporate Debtor, under the Insolvency and Bankruptcy Code, 2016. The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to unpaid dues for seismic services provided to the Corporate Debtor. The Corporate Debtor acknowledged the debt but claimed inability to pay due to ongoing revival efforts.

## Facts

Agarwal Marketing and Services (Energy) Pvt. Ltd. (Operational Creditor) filed a petition against Max Tech Oil & Gas Services Pvt. Ltd. (Corporate Debtor) under the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor owed Rs.97,50,240.65 to the Operational Creditor for seismic services, with the debt falling due on 2017-01-05. The debt was confirmed by the Corporate Debtor in a letter of balance confirmation issued on 2017-01-05. The Operational Creditor filed Form 5, a demand notice in Form No.4, and an invoice in Form No.3, as mandated by the Insolvency and Bankruptcy (Adjudicating Authority) Rules, 2016. The Operational Creditor also filed a certificate of balance confirmation dated

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9(5) of the IBC, 2016 …

**Ratio:** Section 9(5) of the IBC, 2016, provides for the admission of an application by an

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**Reasoning:** The Tribunal considered the documents filed by the Operational Creditor, including Form

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**Interpretation:** Section 9(5) of the IBC, 2016, is interpreted to mean that if the debt is

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**Application:** In this case, the Corporate Debtor admitted the debt but claimed inability to

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## Parties

- **Judges:** R. VARADH…; Deepa Kr…; +1 more
- **Appellants:** Agarwal Marketing…
- **Respondents:** Max Tech Oil &…

## Timeline

- **2017-01-05 — Debt Due…**: The debt of Rs.97,50,240.65 owed by the Corporate Debtor to the Operational Creditor fell…
- **2017-01-05 — Balance Confi…**: The Corporate Debtor issued a letter of…

## 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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