# In the matter of Dharti Dredging And Infrastructure Limited

> NCLT judgment dated 2023-07-20. Citation: TCN-2023-NCLT-02412. 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-02412
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dharti-dredging-and-infrastructure-limited-756e5142

## 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 2022-04-05. The Resolution Professional (RP) published invitations for Expression of Interest (EoI), received multiple EOIs, and extended the submission deadline for resolution plans. The Committee of Creditors (CoC) approved a resolution plan submitted by Consortium of Yogayatan Ports Private Limited and Dr. Rajendra Raja Bali Singh. IA 407/2023 was filed by Mr. A. Rajendra, a shareholder and suspended managing director of

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## Facts

Dharti Dredging and Infrastructure Ltd faced corporate insolvency, leading State Bank of India to initiate CIRP under Section 7 of IBC. Mr. Madhusudhan Rao Gonugunta was appointed as the Resolution Professional (RP). The RP invited Expression of Interest (EoI) and received multiple resolution plans. The Committee of Creditors (CoC) approved a resolution plan submitted by Consortium of Yogayatan Ports Private Limited and Dr. Rajendra Raja Bali Singh with 100% voting share. Mr. A. Rajendra, a shareholder and suspended managing director of Dharti Dredging, submitted a resolution plan, which the RP rejected, citing non-compliance with Section 29A of IBC and other deficiencies. Mr. Rajendra filed IA 407/2023 seeking to place his plan before the CoC and stay the approved

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## Issues and analysis

### Issue 1: Whether the communication of the Resolution Professional dated 2023-02-24 to the Applicant, whereby …

**Ratio:** A conditional Resolution Plan cannot be approved, and the Adjudicating Authority's

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**Reasoning:** The Tribunal found that the applicant's resolution plan was conditional, as it required

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**Interpretation:** Section 30(2) of the IBC outlines the requirements for a resolution plan, and

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**Application:** The Tribunal applied the legal principles to the facts of the case, finding

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** A. Raje…
- **Respondents:** Dharti Dredging…; Yogayatan Ports…

## Timeline

- **2020-01-01 — CP(IB) No. 329/7/HDB/202…**: Company Petition filed,…
- **2022-04-05 — CIRP Commencem…**: Corporate Insolvency Resolution Process initiated against Dharti Dredging and…

## 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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