# In the matter of Pacific Word Shipping PTE Ltd. Vs. Dadi Impex Pvt. Ltd. and Ors. CA(AT)(Ins) No. 728 of 2019

> NCLAT judgment dated 2020-02-28. Citation: TCN-2020-NCLAT-00365. The appeal arises from an order dated 22.05.2019 passed by the National Company Law Tribunal,…

- **Court:** NCLAT
- **Order date:** 28 Feb 2020
- **Citation:** TCN-2020-NCLAT-00365
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/pacific-word-shipping-pte-ltd-vs-dadi-impex-pvt-ltd-and-ors-ca-99bc26dd

## Summary

### Background

The appeal arises from an order dated 22.05.2019 passed by the National Company Law Tribunal, Mumbai Bench, which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Corporate Insolvency Resolution Process (CIRP) was initiated against Dadi Impex Pvt. Ltd. The resolution plan, jointly submitted by Anand Prakash Choudhari and Mrs. Manju Choudhari, who were also the Promoters of the Corporate Debtor, was accepted by the Committee of Creditors (COC). The appellant, Pacific World Shipping PTE Ltd, an operational creditor, filed the appeal, primarily aggrieved by the fact that operational creditors were offered only 2% of their admitted claims, while financial creditors were to receive 100%.

## Facts

Pacific World Shipping PTE Ltd. (Appellant) is an operational creditor of Dadi Impex Pvt. Ltd. (Corporate Debtor). The Appellant provided freight services to the Corporate Debtor, leading to a dispute over unpaid demurrage and freight amounting to Rs. 9,22,53,131.72. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, and the Appellant filed a claim in Form B on 05.06.2018. The Resolution Plan proposed by the existing Promoters in the 14th COC meeting suggested only 2% payment to Operational Creditors, irrespective of their claim amounts. The Appellant objected to this in the 15th and 16th COC meetings. The COC approved the Resolution Plan in the 17th COC meeting on 11.03.2019. The Appellant claims that RP No. 1 did not give

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## Issues and analysis

### Issue 1: Whether the Resolution Plan unfairly discriminated against operational creditors by offering them …

**Ratio:** The principle of fair and equitable treatment of creditors under the Insolvency and

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**Reasoning:** The tribunal considered the argument that the resolution plan unfairly discriminated

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**Interpretation:** The IBC allows for differential treatment of creditors in a resolution plan,

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**Application:** In this case, the tribunal found that the resolution plan, as modified by the

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## Parties

- **Judges:** A.I.S. C…; Kanthi Na…; +1 more
- **Appellants:** Pacific World…
- **Respondents:** Dadi Impex Pvt.…

## Timeline

- **2017-01-01 — Dispute A…**: Dispute arose regarding unpaid demurrage and freight to the tune of Rs. 9,22,53,131.72/-…
- **2018-05-06 — Claim Fi…**: Appellant filed claim in…

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