# In the matter of Dharti Dredging And Infrastructure Limited

> NCLT judgment dated 2023-07-20. Citation: TCN-2023-NCLT-02402. The case involves IA(IBC) 385 & 407/2023 in CP(IB) No. 329/7/HDB/2020, initiated under Section…

- **Court:** NCLT
- **Order date:** 20 Jul 2023
- **Citation:** TCN-2023-NCLT-02402
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dharti-dredging-and-infrastructure-limited-41c78d25

## Summary

### Background

The case involves IA(IBC) 385 & 407/2023 in CP(IB) No. 329/7/HDB/2020, initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. State Bank of India, the Financial Creditor, filed a petition against Dharti Dredging and Infrastructure Ltd, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated on 05.04.2022. The Resolution Professional (RP) published invitations for Expression of Interest (EoI), received multiple EOIs, and extended the submission deadline for the Resolution Plan. The Consortium of Yogayatan Ports Private Limited and Dr. Rajendra Raja Bali Singh submitted a resolution plan, which was later approved by the Committee of Creditors (CoC) with 100% voting share. Another resolution plan submitted by Mr.

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## Facts

1. State Bank of India initiated CIRP against Dharti Dredging and Infrastructure Ltd under Section 7 of IBC, 2016.
2. CIRP commenced on 05.04.2022.
3. Mr. Madhusudhan Rao Gonugunta was appointed as the Resolution Professional (RP).
4. RP published invitations for Expression of Interest (EoI) and received multiple EOIs.
5. The deadline for submission of the Resolution Plan was extended to 10.10.2022.
6. Consortium of Yogayatan Ports Private Limited and Dr. Rajendra Raja Bali Singh submitted a resolution plan.
7. Another resolution plan was submitted by Mr. Akumulla Rajendra, which was rejected by the RP.
8. The CoC approved the resolution plan of Consortium of Yogayatan Ports Private Limited and Dr. Rajendra Raja Bali Singh with 100% voting share on 23.02.2023.
9. The approved

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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:** The legal principle applied is that the Adjudicating Authority's discretion is

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**Reasoning:** The court reasoned that the resolution plan met the requirements of Section 30(2) of the

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**Interpretation:** Section 31 of the IBC limits the Adjudicating Authority's role to ensuring that

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**Application:** The court applied the ratio to the facts by finding that the resolution plan

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** State Bank of…
- **Respondents:** Dharti Dredging…

## Timeline

- **2020-01-01 — CP(IB) No. 329/7/HDB/202…**: Filing of the Company…
- **2022-04-05 — Admission…**: CIRP commenced against Dharti…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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