# In the matter of Rajiv Dhamija & Anr.
Vs. Mr. Kuldeep Verma, Resolution
Professional of Manthan Broadband Services
Pvt. Ltd. & Ors., Company Appeal (AT)(Insolvency)682 of 2022

> NCLAT judgment dated 2022-09-20. Citation: TCN-2022-NCLAT-00199. This case involves an appeal against the order dated 06.04.2022 passed by the National…

- **Court:** NCLAT
- **Order date:** 20 Sept 2022
- **Citation:** TCN-2022-NCLAT-00199
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rajiv-dhamija-anr-vs-mr-kuldeep-verma-resolution-professional-of-manthan-broadba-eec0b99d

## Summary

### Background

This case involves an appeal against the order dated 06.04.2022 passed by the National Company Law Tribunal (NCLT), Kolkata Bench, which allowed I.A. 356/KB/2021 filed by the Resolution Professional, praying for an order of liquidation of the Corporate Debtor, Manthan Broadband Services Pvt. Ltd., and rejected I.A.379/KB/2021 and I.A. 193/KB/2022, which sought permission for the Applicants to submit a Resolution Plan. The CIRP was initiated following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Alliance Broadband Services Pvt. Ltd. against the Corporate Debtor. The Adjudicating Authority initiated the CIRP on 18.09.2019. Several events occurred during the CIRP, including extensions of the CIRP period, publication of Form-G

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## Facts

Alliance Broadband Services Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Manthan Broadband Services Pvt. Ltd., leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) on 18.09.2019. Mr. Kuldeep Verma was appointed as the Resolution Professional. The Adjudicating Authority extended the CIRP period by 90 days beyond the initial 180 days, effective from 01.11.2020. Form-G was published on 15.12.2019, seeking EOIs from prospective Resolution Applicants. The Adjudicating Authority excluded 50 days from the 270-day CIRP period on 09.02.2021. Indian Cable Net Company Ltd. filed an application (I.A. No. 221 of 2021) seeking time to submit a Resolution Plan, which was granted until 22.02.2021.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in ordering the liquidation of the Corporate …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount in deciding

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**Reasoning:** The CoC, comprising the financial creditors, is best positioned to assess the viability

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**Interpretation:** The Insolvency and Bankruptcy Code (IBC) emphasizes the commercial wisdom of

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**Application:** In this case, the CoC had voted with 100% majority to liquidate the Corporate

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## Parties

- **Judges:** Ashok Bh…; M. Satyanarayana…; +1 more
- **Appellants:** Rajiv Dh…
- **Respondents:** Manthan Broadband…; Kuldeep…

## Timeline

- **2019-09-18 — CIRP Init…**: Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) for…
- **2019-12-15 — Form-G Publ…**: Form-G was published seeking Expression of Interest (EOI) from prospective Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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