# Approval of Resolution Plan - Dharti Dredging and Infrastructure Limited

> NCLT judgment dated 2023-07-20. Citation: TCN-2023-NCLT-02409. The application was filed by the Resolution Professional seeking approval of a resolution plan…

- **Court:** NCLT
- **Order date:** 20 Jul 2023
- **Citation:** TCN-2023-NCLT-02409
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-dharti-dredging-and-infrastructure-limited-84573c51

## Summary

### Background

The application was filed by the Resolution Professional seeking approval of a resolution plan for the Corporate Debtor, Dharti Dredging and Infrastructure Limited, under Sections 30(6) and 31(1) of the IBC, 2016, read with Regulation 39(4) of the CIRP Regulations.

## Facts

State Bank of India, the financial creditor, filed a company petition, CP (IB) No. 329/7/HDB/2020, under Section 7 of the Insolvency and Bankruptcy Code, 2016 ( IBC ), for the initiation of the corporate insolvency resolution process (CIRP) against Dharti Dredging and Infrastructure Limited, the corporate debtor. The Adjudicating Authority admitted the petition on April 5, 2022, marking the insolvency commencement date, and appointed Mr. Madhusudhan Rao Gonugunta as the Interim Resolution Professional (IRP). Following the admission order, the IRP made a public announcement on April 13, 2022, inviting claims from creditors by April 24, 2022. After collating and verifying the claims, the Resolution Professional constituted the Committee of Creditors (CoC), which included

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the Consortium of Yogayatan Ports Private Limited and Dr. …

**Ratio:** A resolution plan approved by the Committee of Creditors with the requisite voting share,

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**Reasoning:** The Tribunal found that the resolution plan satisfied the requirements of Section 30(2)

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**Interpretation:** The Tribunal interpreted its role as limited to verifying compliance with

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**Application:** The Tribunal applied this interpretation by reviewing the Resolution

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** State Bank of…
- **Respondents:** Dharti Dredging…; Dharti Dr…; +1 more
- **Advocates:** Yashvar…; For Appli…; +1 more

## Timeline

- **April 5, 2022 — Admission…**: The Company Petition CP (IB) No. 329/7/HDB/2020 filed by State Bank of India was…
- **April 13, 2022 — Public Annou…**: The Resolution Professional made a public…

## 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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