# In the matter of Fourth Dimension Solutions Ltd. I.A. 2159-ND-2020 in Company Petition No. (IB)1232(ND)-2019

> NCLT judgment dated 2020-09-25. Citation: TCN-2020-NCLT-00527. American Express Banking Corporation initiated Corporate Insolvency Resolution Process (CIRP)…

- **Court:** NCLT
- **Order date:** 25 Sept 2020
- **Citation:** TCN-2020-NCLT-00527
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fourth-dimension-solutions-ltd-ia-2159-nd-2020-in-company-petition-no-ib1232nd-2-042239b4

## Summary

### Background

American Express Banking Corporation initiated Corporate Insolvency Resolution Process (CIRP) against Fourth Dimension Solutions Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 25.07.2019, and Mr. Jaswant Singh was appointed as the Interim Resolution Professional (IRP). Subsequently, Ms. Pooja Bahry was appointed as the Resolution Professional (RP). The resolution plan submitted by Linkstar Infosys Pvt Ltd and Mr. Dhaval Jitendra Kumar Mistry was approved by the Committee of Creditors (CoC) with 100% voting share.

## Facts

American Express Banking Corporation, a financial creditor, initiated CIRP against Fourth Dimension Solutions Limited, the corporate debtor, under Section 7 of the IBC, 2016. The application was admitted on 25.07.2019. Jaswant Singh was appointed as the Interim Resolution Professional (IRP), followed by Pooja Bahry as the Resolution Professional (RP). A Committee of Creditors (CoC) was formed, comprising several financial creditors, including American Express Banking Corporation with a 40.46% voting share. There was a lack of consensus among the CoC members regarding the appointment of the RP, leading to delays. The RP published Form 'G' on 15.01.2020, inviting Expressions of Interest (EOI), with a submission deadline of 30.01.2020. Only one resolution plan was

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Linkstar Infosys Pvt Ltd and Mr. Dhaval Jitendra Kumar …

**Ratio:** A resolution plan can be approved if it is duly recommended by the Committee of Creditors

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**Reasoning:** The CoC approved the resolution plan with 100% voting share, indicating their

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**Interpretation:** Section 30(2) of the IBC, 2016, lays down the mandatory requirements for the

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**Application:** In this case, the resolution plan provided for the payment of insolvency

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## Parties

- **Judges:** Ch. Mohd Sharief…; L. N. G…
- **Appellants:** American Express…
- **Respondents:** Fourth Dimension…
- **Advocates:** Abhishek…; Atul Sh…

## Timeline

- **2019-07-25 — Application A…**: Application under Section 7 of IBC admitted; Mr. Jaswant Singh appointed as Interim…
- **2019-08-02 — Public Annou…**: Interim Resolution Professional made…

## 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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