# In the matter of Vishal Vijay Kalantri Vs. DBM Geotechnics & Construction Pvt. Ltd. and Anr. CA(AT)(Ins) No. 139 of 2018

> NCLAT judgment dated 2020-03-12. Citation: TCN-2020-NCLAT-00314. The case involves multiple appeals (Company Appeal (AT) (Insolvency) No. 139 of 2018, 697 of…

- **Court:** NCLAT
- **Order date:** 12 Mar 2020
- **Citation:** TCN-2020-NCLAT-00314
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vishal-vijay-kalantri-vs-dbm-geotechnics-construction-pvt-ltd-and-anr-ca-aa4bb0e8

## Summary

### Background

The case involves multiple appeals (Company Appeal (AT) (Insolvency) No. 139 of 2018, 697 of 2019, 698 of 2019 and 722 of 2019) filed against orders passed by the National Company Law Tribunal (NCLT), Mumbai Bench, regarding the Corporate Insolvency Resolution Process (CIRP) of Dighi Port Limited. The initial application for CIRP was filed by DBM Geotechnics and Constructions Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). Vishal Vijay Kalantri, a director and shareholder of Dighi Port Limited, initially challenged the admission order, claiming the existence of a dispute. During the pendency of the appeals, Adani Ports and Special Economic Zone Limited (APSEZL) and Jawaharlal Nehru Port Trust (JNPT) submitted resolution plans. The Committee of

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## Facts

DBM Geotechnics and Constructions Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against Dighi Port Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority admitted the application on March 25, 2018. Vishal Vijay Kalantri, a director and shareholder of Dighi Port Limited, challenged the admission order, citing the existence of a dispute. The Committee of Creditors (CoC) rejected Adani Ports and Special Economic Zone Limited's (APSEZL) resolution plan with 99.38% votes on January 31, 2019. Subsequently, the CoC approved Jawaharlal Nehru Port Trust's (JNPT) resolution plan with 99.38% votes on February 1, 2019. Vishal Vijay Kalantri submitted a settlement proposal under Section 12A of the IBC, which was rejected

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## Issues and analysis

### Issue 1: Whether the Appellate Tribunal should interfere with the impugned order dated 25th March, 2018 …

**Ratio:** The Adjudicating Authority or the National Company Law Tribunal or this Appellate

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**Reasoning:** The court reasoned that it should not interfere with the commercial wisdom of the

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**Interpretation:** This principle underscores the limited scope of judicial review in insolvency

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**Application:** The court applied this principle by refusing to interfere with the NCLT's

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Vishal Vijay…
- **Respondents:** Dighi Por…; DBM Geotechnics…

## Timeline

- **2018-03-25 — Admission of CIRP…**: The Adjudicating Authority admitted the application for initiation of Corporate…
- **2019-01-31 — Rejection of APSEZL's…**: The Committee of Creditors (CoC) rejected Adani Ports and Special Economic Zone Limited's…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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