# In the matter of Digicable Networks (India) Limited I.A. No. 991 of 2022 in C.P. No. 297 of 2019

> NCLT judgment dated 2023-01-12. Citation: TCN-2023-NCLT-05078. The case involves an application under Section 30(6) and Section 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 12 Jan 2023
- **Citation:** TCN-2023-NCLT-05078
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/digicable-networks-india-limited-ia-no-991-of-2022-in-cp-no-297-of-2019-0a296337

## Summary

### Background

The case involves an application under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, filed by the Resolution Professional seeking approval of the Resolution Plan submitted by the Resolution Applicant, Mr. Madhav Dhir. The Corporate Insolvency Resolution Process (CIRP) was initiated by the NCLT Mumbai Bench on 04.12.2020 under Section 7 of the IBC. Mr. Sunil Kumar Choudhary was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Anil Mehta, and subsequently by Mr. Shamsher Bahadur Singh. The Resolution Professional published invitations for Expression of Interest (EOI)

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of Digicable Network (India) Limited was initiated by the NCLT Mumbai Bench on 04.12.2020 under Section 7 of the Insolvency and Bankruptcy Code, 2016. Axis Bank Limited initially filed the application as a Financial Creditor. Mr. Sunil Kumar Choudhary was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Anil Mehta, and subsequently by Mr. Shamsher Bahadur Singh. The Resolution Professional published invitations for Expression of Interest (EOI) and received EOIs from two prospective resolution applicants, including Mr. Madhav Dhir and Shiva Consultants Private Limited. The Committee of Creditors (CoC) approved the Resolution Plan submitted by Mr. Madhav Dhir with a 100% voting share. The

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Madhav Dhir meets the requirements of Section 30(2) of …

**Ratio:** The Resolution Plan must meet the requirements specified in Section 30(2) of the Code,

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**Reasoning:** The NCLT considered the Resolution Plan and found that it addresses the cause of default,

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**Interpretation:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution

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**Application:** The NCLT applied the requirements of Section 30(2) to the Resolution Plan

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## Parties

- **Judges:** H.V. Subb…; Madhu S…
- **Respondents:** DIGICABLE NETWORK…

## Timeline

- **2020-12-04 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **2020-12-04 — Appointment…**: Mr. Sunil Kumar Choudhary was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 32(a) — Appeal](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-32)

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