DOLPHIN OFFSHORE ENTERPRISES (INDIA) LTD Vs. INSTRUMENTATION LIMITED

JUDGEMENT

(1.) The "Operational Creditor", M/s Dolphin Offshore Enterprises (India) Ltd. has filed the instant application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') with a prayer for initiating the Corporate Insolvency Resolution Process against the "Corporate Debtor", M/s Instrumentation Limited (for brevity the 'Corporate Debtor'). It is appropriate to mention that the 'Operational Creditor' is a Public Limited Company having its registered office at 1001, Raheja Centre, 214, Nariman Point, Mumbai-400021 and bearing identification no. L11101MH1979PLC021302. The 'Corporate Debtor' is a Public Limited Company and is a Government of India enterprise with CIN No. U29299RJ1964GO1001174. It was incorporated on 31.03. 1964.The registered office is located at Jhalawar Road, Kota, Rajasthan 3224005.

(2.) It is stated in the application that the Corporate Debtor was awarded a contract by ONGC for executing structural modification work at 27 unmanned platforms in Maharashtra for development of modular rig. This contract was notified on 29.05.2009 and a copy of the notification has been annexed with the application. The lump-sum price of the tender was Rs. 142,11,58,500/- and was inclusive of all taxes, duties, levies, insurance, octroi etc. The completion period of the work was 730 days inclusive of monsoon period from the date of notification of award i.e. by 28.05.2011. It is, subsequently, stated that Corporate Debtor issued LOINo. MDD/BN/OP-4109001/LOI dated 10.06.2009 against the said contract to the applicants for structural modification work at unmanned platforms in Maharashtra for deployment of modular rig on turn key basis on 16.06.2009. This LOI was to be executed on the lump-sum basis for Rs. 106,01,18,000/-. Our attention has been drawn to the fact that this LOI issued to the applicant by Corporate Debtor was a back to back contract and all the terms and conditions were taken to be binding on the Applicant. The scope of work as well as the performance bank guarantee and warranty to be submitted to ONGC was to be done by the Applicant on behalf of the Corporate Debtor to ONGC directly. Rest of the terms and conditions of the contract binding the Coiporate Debtor and ONGC were made applicable on the Applicant on back to back basis and the same was clearly spelt out in the LOI issued by the Coiporate Debtor 1 to the Applicant dated 16.06.2009. A copy of the same is attached (Annexure IV).

(3.) The applicant filed an application under section 9 of the Insolvency and Bankruptcy Code (hereinafter referred to as Code) before this Tribunal. In part-4 of the application, the total amount of the debt claimed is as follows: - <FRM>JUDGEMENT_115_LAWS(NCLT)10_2017_1.html</FRM> <FRM>JUDGEMENT_115_LAWS(NCLT)10_2017_2.html</FRM> <FRM>JUDGEMENT_115_LAWS(NCLT)10_2017_3.html</FRM>