# In the matter of Dolphin Offshore Enterprises (India) Ltd.

> NCLT judgment dated 2024-04-23. Citation: TCN-2024-NCLT-01645. Vashi Steel Private Limited, the applicant, filed an application under Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 23 Apr 2024
- **Citation:** TCN-2024-NCLT-01645
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dolphin-offshore-enterprises-india-ltd-bbab99e8

## Summary

### Background

Vashi Steel Private Limited, the applicant, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking payment of CIRP costs related to the utilization of their premises by the Corporate Debtor, Dolphin Offshore Enterprises (India) Ltd., during the CIRP period. The applicant had leased a plot of land in Thane to the Corporate Debtor under a Leave and License Agreement and a Crane Agreement. Disputes arose regarding the payment of license fees, leading to the termination of the agreements by the applicant. The Corporate Debtor was later admitted into CIRP, and the applicant lodged a claim for outstanding dues. The Committee of Creditors (CoC) resolved to pay only a portion of the claimed amount, leading to further disputes and the

…

## Facts

Vashi Steel Private Limited (Applicant) owned a plot of land in Thane with a crane. On 22.05.2019, the Applicant entered into a Leave and License Agreement (Land Agreement) and a Crane Agreement with Dolphin Offshore Enterprises (India) Ltd. (Corporate Debtor), allowing the Corporate Debtor to use the land and crane. The license fees were Rs. 5,61,330/- and Rs. 4,04,250/- per month, respectively, plus taxes. The Corporate Debtor defaulted on payments, leading the Applicant to terminate the agreements on 14.10.2019. The Corporate Debtor admitted liability of Rs. 3,64,86,326/- on 25.10.2019 and handed back the premises. On 16.07.2020, the Corporate Debtor was admitted into CIRP. The Applicant lodged a claim of Rs. 4,05,91,038/- on 18.08.2020, which was accepted by the

…

## Issues and analysis

### Issue 1: Whether the Applicant is entitled to receive the full amount of Rs. 1,03,72,224/- as CIRP costs for …

**Ratio:** The decisions regarding CIRP costs remain in the domain of the Committee of Creditors

…

**Reasoning:** The court reasoned that the CoC has the authority to determine and approve CIRP costs.

…

**Interpretation:** This legal issue concerns the extent of the Adjudicating Authority's power to

…

**Application:** In this case, the CoC had already made a decision regarding the amount to be

…

## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Vashi Steel…
- **Respondents:** Dolphin Offshore…; Dinesh Kumar…

## Timeline

- **1992-09-30 — Indenture o…**: Applicant obtained possession of land in…
- **2019-05-22 — Land and Crane…**: Applicant and Corporate Debtor entered into Leave and License (Land Agreement) and Crane…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

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-division-bench-court-i-chenn/dolphin-offshore-enterprises-india-ltd-bbab99e8