# Approval of Resolution Plan - Digjam Ltd.

> NCLT judgment dated 2020-05-27. Citation: TCN-2020-NCLT-01313. The case involves IA 144 of 2020 in C.P. (I.B) No.594/NCLT/AHM/2018, concerning the Corporate…

- **Court:** NCLT
- **Order date:** 27 May 2020
- **Citation:** TCN-2020-NCLT-01313
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-digjam-ltd-9bf90f57

## Summary

### Background

The case involves IA 144 of 2020 in C.P. (I.B) No.594/NCLT/AHM/2018, concerning the Corporate Insolvency Resolution Process (CIRP) of Digjam Ltd. initiated by M/S Oman Inc. (HUF) under Section 9 of the IBC. The application was admitted on 2019-04-26, and an Interim Resolution Professional (IRP) was appointed. The IRP made a public announcement inviting claims from creditors. A Committee of Creditors (COC) was constituted. The Resolution Professional (RP) filed an application under section 30(6) of the Insolvency and Bankruptcy Code 2016 for approval of the Resolution Plan submitted by M/S Finquest Financial Solution Pvt. Ltd.

## Facts

M/S Oman Inc. (HUF) filed CP(IB) 594/2018 under Section 9 of the IBC as an Operational Creditor against Digjam Ltd. The application was admitted on 2019-04-26, and an IRP was appointed. The IRP invited claims from creditors, leading to the constitution of a COC. The IRP received claims amounting to Rs. 2,64,03,04,295.53 but admitted claims for Rs. 1,41,76,23,683.06. The COC members included UCO Bank (83.31% voting share) and SBI (16.69% voting share) as of 2020-02-12. The first COC meeting was held on 2019-05-24, approving the appointment of Mr. S.K. Agarwal as RP. The liquidation value of the Corporate Debtor is Rs. 93.79 Crores. In the seventh COC meeting held on 2019-12-27, M/S Finquest Financial Solutions Pvt. Ltd. and Donear Industries Ltd. submitted resolution

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/S Finquest Financial Solution Pvt. Ltd. meets the …

**Ratio:** Section 30(2) of the IBC and Regulation 38 of the CIRP Regulations prescribe the

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**Reasoning:** The Adjudicating Authority perused the Resolution Plan and found that it complied with

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**Interpretation:** Section 30(2) and Regulation 38 are interpreted to ensure that the Resolution

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**Application:** The Resolution Plan was found to be in compliance with Section 30(2) and

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## Parties

- **Judges:** Manorama…
- **Appellants:** Sunil Kumar…
- **Respondents:** DIGJAM…; Suspended Board…

## Timeline

- **2018-01-01 — CP(IB) 594/201…**: CP(IB) 594/2018 filed by M/S Oman…
- **2019-04-26 — Application A…**: Application admitted by the…

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