IN THE NATIONAL COMPANY LAW TRIBUNAL,

MUMBAI BENCH, COURT – III

IA/5538/2023

In

C.P.(IB)/4087(MB)/C-III-2018

(Under Section 60(5) of the Insolvency and Bankruptcy

Code, 2016)

Dolphin Offshore Enterprises (India) Limited,

Having address at: Unit No. 301, Zillion Junction of LBS Marg, CST Road, Kurla (W), Kurla, Mumbai,

Maharashtra, India-400070.

……Applicant

Vs.

Bombay Stock Exchange Limited (BSE),

Having address at: 2^nd Floor. P.J. Towers, Dalal Street,

Mumbai-400001.

……Respondent

In the matter of

Supreme Hydro Engineering Private Limited

……Operational Creditor

Vs.

Dolphin Offshore Enterprise (India) Limited

.…..Corporate Debto

Order Pronounced on: 20.08.2024

CORAM:

SHRI CHARANJEET SINGH GULATI SMT LAKSHMI GURUNG

HON’BLE MEMBER (T) HON’BLE MEMBER (J)

Appearances:

For the Applicant: Adv. Amey Hadwale a/w Geeta Lundwani For the Respondent: Adv. Zarnaab Aswad i/b Khaitan & Co.

ORDER

Per- Charanjeet Singh Gulati, Member (Technical)

1. The present application is filed by Dolphin Offshore Enterprises (India)

Limited (“Applicant”) under Section 60(5) of the Insolvency & Bankruptcy Code, 2016 (“IBC, 2016”) against Bombay Stock Exchange Limited (BSE/Respondent) seeking following reliefs:

a.) This Hon’ble Tribunal be pleased to direct the respondent to waive off the entire re-instatement fees and revoke the suspension of equity shares of the Corporate Debtor b.) This Hon’ble Tribunal be pleased to refund the re-instatement fees amounting to Rs. 16,20,000/- (Sixteen Lakhs Twenty Thousand Rupees Only) paid under protest.

c.) This Hon’ble Tribunal be pleased to direct the Respondent to waive off any fees/ fines/ penalties charges accrued prior to the approval of the resolution plan i.e. 29.09.2022.

d.) This Hon’ble Tribunal be pleased to pass any other reliefs as deemed fit.

Relevant Brief Facts:

2. The Applicant is a public limited company incorporated in the year 1979 under the Companies Act, 1956. The applicant has been a leading provider of underwater services to the Indian oil and gas industry. The applicant has entered into a uniform listing agreement dated 30.12.2015 with the BSE/Respondent as per the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 for continuing the listing of its securities on the Exchange.

3. The equity shares of the Applicant were initially listed on BSE on

01.12.1994 and as on 16.07.2020, the date on which CIRP was initiated, the Applicant has listed 16772518 no. of equity shares with BSE.

4. In the year 2019, the applicant has defaulted in compliance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements), 2015 as regards with submission of financial results for the quarters/years ended March 2019 and June 2019. Therefore, the respondent vide its letter dated 17.06.2019 and 30.08.2019 informed the applicant about its non-compliance.

5. On further non- compliance and non-payment of fines, trading in scrips of the applicant was shifted to Z group w.e.f. 24.09.2019 vide Exchange Notice No. 2019091642 dated 16.09.2019.

6. Thereafter, the respondent vide its notice dated 11.10.2019 published on its website, suspended trading of 16772518 equity shares of the applicant w.e.f. 04.11.2019. Further, the Respondent issued a letter dated 04.12.2019 intimating the applicant about the compulsory delisting of securities if the applicant failed to comply with SEBI Regulations and pay the fine within 6 months from the date of suspension.

7. Subsequently, a Corporate Insolvency Resolution Process (“CIRP”) under the provisions of the Insolvency and Bankruptcy Code, 2016 (“the Code”) was initiated against the applicant by this Tribunal vide order dated 16.07.2020. Mr Vinit Gangwal was appointed as the Interim Resolution Professional (“IRP”) and later replaced by Mr. Dinesh Kumar Aggarwal (“Resolution professional/RP”) by the Committee of Creditors (“COC”) in its third meeting held on 19.10.2020.

8. In furtherance to the said order, Public Announcement inviting claims from all creditors in Form A of schedule II as per Regulation