# In the matter of Devika Trading Pvt. Ltd. Vs Modilal Dhanraj Pamecha Rp Of Cyber Infosystems And Technologies Pvt. Ltd.

> NCLAT judgment dated 2025-07-22. Citation: TCN-2025-NCLAT-00418. The appeals were filed by the SRA and the RP challenging the Adjudicating Authority's order…

- **Court:** NCLAT
- **Order date:** 22 Jul 2025
- **Citation:** TCN-2025-NCLAT-00418
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/devika-trading-pvt-ltd-vs-modilal-dhanraj-pamecha-rp-of-cyber-infosystems-and-te-aabd0f7a

## Summary

### Background

The appeals were filed by the SRA and the RP challenging the Adjudicating Authority's order refusing to approve the Resolution Plan approved by the COC, alleging the COC did not apply its commercial wisdom appropriately.

## Facts

The appeals challenge the Adjudicating Authority's refusal to approve the Resolution Plan.

The appellants allege that the COC did not apply its commercial wisdom appropriately.

The Adjudicating Authority rejected the Resolution Plan because it believed the COC did not exercise its wisdom properly.

The COC has also filed a similar appeal which is pending with the Registry.

The liquidator is temporarily restrained from taking further steps.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in …

**Ratio:** The Adjudicating Authority

…

**Reasoning:** The Adjudicating Authority believed the COC

…

**Interpretation:** The Adjudicating Authority has the power to review the Resolution Plan approved

…

**Application:** The appeals challenge the

…

## Parties

- **Judges:** N. Sesha…; Barun M…
- **Respondents:** Cyber Infosystems…; Modilal Dhanraj…; +1 more
- **Other parties:** Akash Aga…
- **Advocates:** Eesha S…; Abhishek…; +13 more

## Timeline

- **2025-07-22 — Appeals…**: Appeals filed challenging the Adjudicating Authority's order refusing to approve the…
- **2025-08-04 — Next Hearin…**: Matter posted for…

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