# In the matter of Oasis Marine Pvt. Ltd.

> NCLT judgment dated 2024-03-19. Citation: TCN-2024-NCLT-02030. Godrej Agrovet Ltd, the operational creditor, filed an application under Section 9 of the…

- **Court:** NCLT
- **Order date:** 19 Mar 2024
- **Citation:** TCN-2024-NCLT-02030
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/oasis-marine-pvt-ltd-a3694000

## Summary

### Background

Godrej Agrovet Ltd, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Oasis Marine Pvt Ltd, the corporate debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's alleged default in payment of an operational debt amounting to Rs. 6,19,57,977/-, including interest. The operational creditor claimed to be a regular supplier of aqua feed to the corporate debtor, with outstanding invoices dating from August 2019 to December 2020. The corporate debtor issued three cheques aggregating to Rs. 4,62,21,191/-, which were subsequently dishonored. The corporate debtor contended that some invoices were barred by Section 10A of the IBC and

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## Facts

Godrej Agrovet Ltd (the Applicant/Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Oasis Marine Pvt Ltd (the Respondent/Corporate Debtor). The application was filed on 2021-10-27. The applicant claimed that the corporate debtor defaulted on payment of Rs. 6,19,57,977/-, which includes principal amount of Rs. 4,61,69,261/- and interest. The applicant was a regular supplier of aqua feed to the respondent from August 2019 to December 2020. The parties had a distribution agreement. The respondent issued three cheques totaling Rs. 4,62,21,191/-, which were dishonored. The applicant issued a demand notice under Section 8 of the IBC on 2021-07-21 for Rs. 6,02,37,287/-. The respondent replied on 2021-08-27,

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## Issues and analysis

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

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

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**Reasoning:** The NCLT observed that the applicant had provided sufficient evidence to demonstrate the

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**Interpretation:** Section 9 provides the mechanism for operational creditors to trigger the

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**Application:** The NCLT applied Section 9 to the facts of the case, finding that Godrej

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Godrej Agro…
- **Respondents:** Oasis Marine Pvt…

## Timeline

- **2019-08-01 — Supply of Aq…**: Godrej Agrovet Ltd started supplying…
- **2020-12-01 — Supply of Aq…**: Godrej Agrovet Ltd continued supplying…

## 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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