# In the matter of Octagon Communications Private Limited

> NCLT judgment dated 2 Jul 2024. Citation: TCN-2024-NCLT-01090. This application was filed by the Resolution Professional (RP) of Octagon Communications…

- **Court:** NCLT
- **Order date:** 2 Jul 2024
- **Citation:** TCN-2024-NCLT-01090
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/octagon-communications-private-limited-5431afa7

## Summary

### Background

This application was filed by the Resolution Professional (RP) of Octagon Communications Private Limited (Corporate Debtor) seeking approval of a resolution plan under Sections 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Regulation 39(4) of the IBBI (Insolvency Process of Corporate Persons) Regulations, 2016. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on March 16, 2022, following a petition filed by an Operational Creditor, Jugal Hansal Brothers, under Section 9 of the Code. Ms. Sejal Ronak Agrawal was appointed as the Interim Resolution Professional (IRP).

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## Facts

The Corporate Debtor, Octagon Communications Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on March 16, 2022, following a petition filed by an Operational Creditor, Jugal Hansal Brothers, under Section 9 of the Insolvency and Bankruptcy Code, 2016. Ms. Sejal Ronak Agrawal was appointed as the Interim Resolution Professional (IRP).

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Thirdeye Tradelink Private Limited complies with the…

**Ratio:** A resolution plan that proposes to convert operational creditors' admitted claims into…

**Reasoning:** The Tribunal found that the Resolution Plan proposed to convert the admitted claims of…

**Interpretation:** The court interpreted Section 30(2) of the IBC to mean that a resolution plan…

**Application:** In this case, the Resolution Applicant's proposal to convert operational…

## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Advocates:** Nipun Si…; Pragati T…

## Timeline

- **March 16, 2022 — CIRP Admi…**: Corporate Debtor, Octagon Communications…
- **April 11, 2022 — CoC Consti…**: Committee of Creditors (CoC)…

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