THE NATIONAL COMPANY LAW TRIBUNAL

MUMBAI BENCH-I

I.A. 2277 OF 2024

Under Section 60(5) of Insolvency & Bankruptcy Code, 2016 r/w Rule 11 of NCLT Rules, 2016 r/w Regulation 28 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for

Corporate Persons), Rules, 2016

Ellison Oil Field Services Pvt. Ltd.

...Applicant

V/s

Citoc Ventures Private Limited & Ors.

…Respondents In the matter of

C.P.(IB) No. 474/MB/2022

SES Energy Services India Private Ltd.

…Corporate Applicant

Order delivered on: 21.08.2024

Coram:

Shri Prabhat Kumar Justice Shri V.G. Bisht

Hon’ble Member (Technical) Hon’ble Member (Judicial)

Appearances:

For the Applicant : Mr. Vikram Nankani, Senior

Advocate a/w Mr. Amir Arsiwala, Mr. Amey

Hadwale, Advocates i/b Smith Shah, Advocate For the Respondent No. 2 : Mr. M.S. Bharadwaj, Advocate For the Resolution Professional : Mr. Vishnu Shriram, Advocate a/w Ms. Kapoor, Advocate

ORDER

Per: Prabhat Kumar, Member (Technical)

1. This Application IA 2277/2024 was filed by the Ellison Oil Field Services Private Limited (“Applicant”) (Corporate Debtor) under Section 60(5) of The Insolvency and Bankruptcy Code, 2016 ("Code"), r/w Regulation 28 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons), Rules, 2016 seeking following reliefs:

i. Declare that the Assignment Deed dated 13.12.2023, and the assignment of debt of Respondent No.2, in favor of Respondent No.1, is void and unenforceable;

ii. Declare that Respondent No. 1 does not fall within the definition of "operational creditor" for the operational debt payable by the Corporate Debtor to Respondent No.2;

iii. Direct Respondent No. 3 to reconstitute the CoC of the Corporate Debtor to reflect the status quo ante that existed prior to the assignment of debt of Respondent No. 2, in favor of Respondent No.1;

iv. Reverse the effect and implementation of the decisions taken by the CoC during the period when Respondent No. 1 voting percentage was increased on the strength of Assignment of debt from Respondent No. 2;

v. Pending hearing of the present application, Respondent No. 1 shall not participate in the CoC meetings or exercise its vote on the strength on impugned assignment;

vi. Pending hearing of the present application, Respondent No. 1 increased voting share on account to impugned assignment shall not be counted while taking any decisions in the CoC meetings.

vii. Pass any other order or direction that this Hon'ble Tribunal deems fit and proper, in facts and circumstances of the present case.

2. This Tribunal admitted an application u/ s 10 of the IBC for initiating CIRP against SES Energy Services Private Ltd. and appointed Ms. Dipti Atul Mehta as the Interim Resolution professional. Accordingly, Public Announcement, inviting claims from all creditors was made on 28.11.2022.

2.1. Pursuant to the Public announcement the IRP received a claim for statutory dues, from Respondent No.2, for an amount of Rs. 286,675,923 /-. Out of amount claimed by Respondent No.2, an amount of Rs. 2,71,44,043/- was admitted by the IRP on 23.06.2023, and Respondent No.2 was admitted as a member of the CoC of the Corporate Debtor with 13.12%

voting rights.

2.2. Respondent No. l offered for a" settlement" for payment of

100% of the admitted claim amount of Respondent No.2 in the CIRP of the Corporate Debtor. Respondent No.2 acknowledged the receipt of an amount of Rs. 2,72,18,885/- from Respondent No.1 and executed a deed of assignment for the assignment of voting rights of Respondent No.2 in the CoC of the Corporate Debtor, in favour of Respondent No.1.

2.3. Subsequently, a Debt Assignment Agreement dated

13.12.2023 was executed between Respondent No.2 ("

assignor") and Respondent No.l ("assignee"), whereunder Respondent No.2, unconditionally and irrevocably, assigned, transferred and released onto Respondent No.l, all the rights, benefit and title relating to the service tax demand of Rs. 2,72,18,885/-, arising out of an order-in-original numbered No.15/MRN/COM