# In the matter of Dagcon (India) Private Limited IA (IB) No. 685-KB-2021 in CP (IB) No. 1198-KB-2018

> NCLT judgment dated 2023-01-09. Citation: TCN-2023-NCLT-05140. The case involves an application under section 30(6) and section 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 9 Jan 2023
- **Citation:** TCN-2023-NCLT-05140
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dagcon-india-private-limited-ia-ib-no-685-kb-2021-in-cp-ib-no-1198-kb-2018-72546d38

## Summary

### Background

The case involves an application under section 30(6) and section 31(1) of the Insolvency & Bankruptcy Code, 2016, read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for the approval of a Resolution Plan for Dagcon (India) Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Asset Reconstruction Company (India) Limited under section 7 of the IBC, which was admitted on November 20, 2019. Mr. Bimal Agarwal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).

## Facts

Asset Reconstruction Company (India) Limited filed a Company Petition against Dagcon (India) Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on November 20, 2019, initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Bimal Agarwal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was constituted with four financial creditors: Asset Reconstruction Company (India) Limited, Edelweiss Asset Reconstruction Company Limited, Pradip Kumar Chaudhuri, and SREI Equipment Finance Limited, holding voting shares of 60.80%, 22.60%, 11.22%, and 5.38%, respectively.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Ashiana Dynamic Consortium complies with the requirements …

**Ratio:** The Resolution Plan must adhere to the mandatory provisions of Section 30(2) of the IBC,

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**Reasoning:** The NCLT perused the documents on record and found that the Resolution Plan is in

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**Interpretation:** Section 30 and 31 of the IBC outline the requirements for a valid Resolution

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**Application:** The NCLT applied the provisions of Section 30 and 31 of the IBC and Regulations

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Asset Reconstructi…
- **Respondents:** Dagcon (India)…

## Timeline

- **2018-01-01 — CP (IB) No. 119…**: Company Petition filed against…
- **2019-11-20 — Admission of Company…**: Company Petition filed by Asset…

## 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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