# Dickey Special Situation Investment Trust-DSSF Series 2 & Prudent ARC Limited vs. Mr. Manish Agarwal & Ors.

> NCLAT judgment dated 2026-10-12. Citation: TCN-2026-NCLAT-00304. The appeals were filed against an order of the National Company Law Tribunal (NCLT), New…

- **Court:** NCLAT
- **Order date:** 12 Oct 2026
- **Citation:** TCN-2026-NCLAT-00304
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/dickey-special-situation-investment-trust-dssf-series-2-tboti

## Summary

### Background

The appeals were filed against an order of the National Company Law Tribunal (NCLT), New Delhi Bench, which rejected a resolution plan for Worlds Window Exim Private Limited (Corporate Debtor). The NCLT rejected the plan primarily because the total resolution amount was lower than the liquidation value and the resolution applicant was deemed unaware of the cause of default, leading to an order for liquidation and an investigation into the Corporate Debtor's affairs. The Corporate Debtor was an asset holding company with no operations, and its debts were largely assigned to Prudent ARC Limited during the Corporate Insolvency Resolution Process (CIRP).

## Facts

Worlds Window Exim Private Limited (Corporate Debtor) is an asset holding company, incorporated under the Companies Act, 1956, and was not operative.

Central Bank of India filed a Company Petition (CP(IB)-108/(PB)/2025) under Section 7 of the Code for initiation of CIRP against the Corporate Debtor.

The Adjudicating Authority (NCLT, New Delhi Bench-II) admitted the Company Petition on May 16, 2025, marking the Insolvency Commencement Date.

The Interim Resolution Professional (IRP) took over management and invited creditors to submit proof of claims by June 3, 2025.

The Corporate Debtor's 99.9999% equity shares were held by Worlds Window Infrastructure and Logistics Pvt. Ltd. and 0.0001% by its nominee.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority (NCLT) erred in rejecting the Resolution Plan on the ground that …

**Ratio:** A resolution plan's value being lower than the liquidation value is not, by itself, a

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**Reasoning:** The Supreme Court in *Maharashtra Seamless Limited v. Padmanabhan Venkatesh & Ors.*

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**Interpretation:** The NCLT's assumption that a plan value below liquidation value necessarily

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**Application:** The NCLAT found that the NCLT's finding on this ground was not sustained

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## Parties

- **Judges:** Mohammad Faiz…; Arun Ba…
- **Appellants:** Dickey Special…; Prudent ARC…
- **Respondents:** Worlds Window…; Manish Ag…; +2 more
- **Other parties:** Punjab National…; Central Bank of…; +9 more
- **Advocates:** Malak B…; Anshul…; +10 more

## Timeline

- **2025-05-16 — Admission…**: The Hon'ble Adjudicating Authority admitted the Company Petition, marking the Insolvency…
- **2025-05-20 — Public Announcements by…**: The Interim Resolution Professional (IRP) made public announcements inviting creditors to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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