# Dhaval Kumar, RP of Bhagirath Construction Company Pvt Ltd vs. Bhagirath Construction Company Pvt Ltd

> NCLT judgment dated 2026-09-09. Citation: TCN-2026-NCLT-01004. This application was filed under Section 30 read with Section 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 9 Sept 2026
- **Citation:** TCN-2026-NCLT-01004
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/dhaval-kumar-resolution-professional-of-ms-bhagirath-construction-company-p-ltd-6sic7

## Summary

### Background

This application was filed under Section 30 read with Section 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of a Resolution Plan for M/s Bhagirath Construction Private Limited (Corporate Debtor). The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on August 6, 2025. A Resolution Plan, submitted by Standard Capital Markets (SRA), was approved by the Committee of Creditors (COC) on July 13, 2026, with 100% voting share from the sole financial creditor.

## Facts

An application was filed under Section 30 r/w 31 of the IBC 2016 seeking approval of a Resolution Plan.

The Resolution Plan, dated June 29, 2026, was submitted by Standard Capital Markets (SRA) for the Corporate Debtor.

M/s Bhagirath Construction Private Limited (Corporate Debtor) was admitted to CIRP on August 6, 2025.

The Resolution Plan was duly approved by the Committee of Creditors (COC) on July 13, 2026.

The voting for the Resolution Plan was conducted as per the decision in the 13th meeting of COC dated July 2, 2026.

The applicant was appointed as IRP and issued statutory notices inviting claims from creditors.

The applicant filed the constitution of COC report to the adjudicating authority on August 29, 2025.

The first meeting of COC was convened on September 5, 2025.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Standard Capital Markets for M/s Bhagirath Construction …

**Ratio:** The Resolution Plan complies with Section 30 and Section 31 of the IBC, 2016, and

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**Reasoning:** The applicant submitted that the Resolution Plan complies with Section 30 and Regulations

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**Interpretation:** Compliance with the statutory provisions and regulations of the IBC is a

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**Application:** The NCLT found that the Resolution Plan met all the necessary statutory

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## Parties

- **Judges:** Chitra Hankare,…; Velamur G Venkata…
- **Appellants:** Dhaval Kumar,…
- **Respondents:** M/s Bhagirath…
- **Other parties:** Committee of…; CFM Asset…; +4 more
- **Advocates:** MR Tirth…

## Timeline

- **2025-08-06 — CIRP Admi…**: The Corporate Debtor (M/s Bhagirath Construction Private Limited) was admitted to the…
- **2025-08-29 — COC Report…**: The applicant (Interim Resolution Professional) filed the constitution of Committee of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30 — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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