# In the matter of Mantovani Di Dharti Pvt. Ltd.

> NCLT judgment dated 2023-12-08. Citation: TCN-2023-NCLT-00340. This application was filed under Section 60 (5) of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 8 Dec 2023
- **Citation:** TCN-2023-NCLT-00340
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mantovani-di-dharti-pvt-ltd-61a86026

## Summary

### Background

This application was filed under Section 60 (5) of the Insolvency and Bankruptcy Code (IBC), 2016, by M/s Swan LNG Private Limited, an Operational Creditor of Mantovani di Dharti Pvt Ltd (Corporate Debtor). The applicant sought declarations that Respondent Nos. 3, 4, and 5 are barred under Section 29A of the Code and are ineligible to submit any resolution plan. The applicant also challenged the actions of the Committee of Creditors (COC) in approving the resolution plan submitted by the consortium of Respondent Nos. 3, 4, and 5, deeming it illegal, arbitrary, unjust, and contrary to the provisions of the Insolvency and Bankruptcy Code, 2016. The applicant requested directions to Respondent No. 1 to provide copies of all Resolution Plans received from Prospective

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## Facts

M/s Swan LNG Private Limited, an operational creditor of Mantovani di Dharti Pvt Ltd (the Corporate Debtor), filed an application seeking to disqualify a consortium of Respondents 3, 4, and 5 from submitting a resolution plan. The Corporate Debtor had failed to complete two EPC projects secured from Swan LNG. The CIRP was initiated against Mantovani di Dharti Pvt Ltd, and an Interim Resolution Professional was appointed. Swan LNG's claim was initially rejected by the Resolution Professional, but the Tribunal directed the Resolution Professional to provide notice of CoC meetings to Swan LNG. The Applicant argued that Respondents 3 and 4 are disqualified under Section 29A of the IBC because they are directors in Dharti Dredging and Infrastructure Limited, which failed to

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## Issues and analysis

### Issue 1: Whether the Consortium of Respondents 3, 4 & 5 who are declared as Successful Resolution …

**Ratio:** The ratio is based on the interpretation of Section 29A of the Insolvency and Bankruptcy

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**Reasoning:** The Tribunal reasoned that Respondents 3 and 4 cannot be treated as ineligible because

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**Interpretation:** The interpretation focuses on the strict application of disqualification

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**Application:** The ratio and reasoning were applied to the specific facts of the case. The

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## Parties

- **Judges:** N. Venkata…; SH. CHARAN…
- **Appellants:** M/s. Swan LNG…
- **Respondents:** Mantovani Di…; Ramalingam…

## Timeline

- **2022-11-11 — Order for Commencement…**: Tribunal ordered commencement of Corporate Insolvency Resolution Process against…
- **2023-01-07 — EOI Issu…**: Respondent No.1 issued EOI dated…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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