# In the matter of Essar Oil and Gas Exploration & Production Ltd.

> NCLT judgment dated 2024-09-06. Citation: TCN-2024-NCLT-00646. The case involves an application filed by Greka Green Solutions (India) Ltd. (Operational…

- **Court:** NCLT
- **Order date:** 6 Sept 2024
- **Citation:** TCN-2024-NCLT-00646
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/essar-oil-and-gas-exploration-production-ltd-0619fb08

## Summary

### Background

The case involves an application filed by Greka Green Solutions (India) Ltd. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Essar Oil and Gas Exploration & Production Ltd. (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The application pertains to unpaid invoices for drilling services provided by Greka Green Solutions to Essar Oil and Gas Exploration & Production Ltd. The corporate debtor was incorporated on 10.05.2016. The default amount is stated to be Rs. 24,38,26,881.60. The invoices are related to a contract dated 31.12.2015. A letter of assignment agreement dated 19.06.2017 and a settlement agreement dated 24.06.2019 read with 03.07.2020 were also submitted. The applicant claims

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## Facts

Greka Green Solutions (India) Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Essar Oil and Gas Exploration & Production Ltd. seeking to initiate CIRP due to unpaid invoices for drilling services. The corporate debtor was incorporated on 10.05.2016. The default amount claimed is Rs. 24,38,26,881.60. The invoices relate to Contract No. EOL/RG(East)-CBM-2001/1/LR/GREKA/2015 dated 31.12.2015. A letter of assignment agreement dated 19.06.2017 and a settlement agreement dated 24.06.2019 read with 03.07.2020 were submitted. The applicant issued a demand notice on 05.03.2018, which was acknowledged by the respondent on 29.03.2018. The respondent stated the contract expired on 31.03.2017 and transferred its rights to Essar Oil

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of …

**Ratio:** Section 9 of the IBC allows an operational creditor to initiate CIRP against a corporate

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**Reasoning:** The court found the application complete in terms of Section 9 of the Code. The

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**Interpretation:** Section 9 outlines the requirements for an operational creditor to initiate

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**Application:** The court applied Section 9 to the facts, finding that the applicant had

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Greka Green…
- **Respondents:** Essar Oil and Gas…
- **Advocates:** Vishal…; Shalabh…; +2 more

## Timeline

- **2015-12-31 — Contract…**: Contract No. EOL/RG(East)-CBM-2001/…
- **2016-05-10 — Incorporati…**: Date of incorporation of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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