# In the matter of D. Thakkar Construction Private Limited I.A. No. 1140 of 2021 in C.P. No. 4513-IB-2018

> NCLT judgment dated 2022-03-14. Citation: TCN-2022-NCLT-03760. The case pertains to an application filed under Section 30(6) and Section 31(1) of the…

- **Court:** NCLT
- **Order date:** 14 Mar 2022
- **Citation:** TCN-2022-NCLT-03760
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/d-thakkar-construction-private-limited-ia-no-1140-of-2021-in-cp-no-4513-ib-2018-027c3fd2

## Summary

### Background

The case pertains to an application filed under Section 30(6) and Section 31(1) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional seeking approval of the Resolution Plan submitted by the Resolution Applicant. The Corporate Insolvency Resolution Process (CIRP) was initiated by the NCLT, Mumbai Bench, on 27.03.2019. Mr. Ashish M. Chandak was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Nimit Kalsi replaced him as the Resolution Professional (RP). Later, Mr. Ram Rattan Kanoongo was appointed as the new RP. The Resolution Plan was approved by 70.65% of the Committee of Creditors (CoC).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against D. Thakkar Construction Private Limited on 27.03.2019. Ashish M. Chandak was initially appointed as the Interim Resolution Professional (IRP), later replaced by Nimit Kalsi, and subsequently by Ram Rattan Kanoongo. The claims of financial creditors amounted to Rs. 422.10 Crores, with admitted claims of Rs. 373.97 Crores. The claims of operational creditors were Rs. 100.67 Crores, with admitted claims of Rs. 89.46 Crores. The claims of employees and workmen were Rs. 5,95,126, with admitted claims of Rs. 4,99,400. Two registered valuers were appointed to determine the fair value and liquidation value of the Corporate Debtor. The average liquidation value was Rs. 1,708.80 Lakhs, and the average fair

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Anuj Shantilal Badjate should be approved under …

**Ratio:** The Adjudicating Authority's role is limited to ensuring that the Resolution Plan meets

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**Reasoning:** The court relied on the judgments of the Supreme Court in CoC of Essar Steel (supra) and

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**Interpretation:** The Adjudicating Authority must ensure that the Resolution Plan complies with

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**Application:** In this case, the court found that the Resolution Plan met the requirements of

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## Parties

- **Judges:** SUCHITRAKAN…; Chandra Bha…
- **Appellants:** Ram Rattan…
- **Respondents:** D. Thakkar…
- **Advocates:** Shyam Ka…; Sumit K…

## Timeline

- **2019-03-27 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **2019-03-30 — Public Annou…**: The IRP published a public announcement inviting claims from the creditors of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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