# Approval of Resolution Plan - TMW Fintech Pvt. Ltd.

> NCLT judgment dated 2026-01-12. Citation: TCN-2026-NCLT-00017. The case involves an application (I.A. 94 of 2024) filed by the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 12 Jan 2026
- **Citation:** TCN-2026-NCLT-00017
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-tmw-fintech-pvt-ltd-e1ffb412

## Summary

### Background

The case involves an application (I.A. 94 of 2024) filed by the Resolution Professional (RP) of TMW Fintech Pvt Ltd, the Corporate Debtor, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a revised resolution plan.

## Facts

Corporate Debtor was admitted into CIRP on 08.10.2021.

Pramod Dattaram Rasam was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).

The IRP constituted a Committee of Creditors (CoC) on 02.11.2021, initially consisting of Frontier Capital Limited.

The CoC approved a resolution plan with 78.59% votes in favor of Sudeep Sampatmal Dasani and Next Steps Advisors LLP.

Federal Bank Limited filed an IA (2025 of 2022) for exclusion of money belonging to Prepaid Payment Instruments (PPI) holders.

The Tribunal partially allowed Federal Bank's IA, holding that the amount in the non-operating pool account belongs to the PPI holders.

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## Issues and analysis

### Issue 1: Whether the revised resolution plan submitted by Sudeep Sampatmal Dasani and Next Steps Advisors …

**Ratio:** Section 30(6) of the IBC requires the Adjudicating Authority to approve a resolution plan

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**Reasoning:** The Tribunal assessed the resolution plan for compliance with Section 30(2) of the IBC,

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**Interpretation:** The Adjudicating Authority must ensure that the resolution plan adheres to the

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**Application:** The Tribunal approved the resolution plan after determining that it met the

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## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** Pramod Dattaram…
- **Respondents:** TMW Fintech Pvt.…; MCT Cards &…
- **Other parties:** Frontier Capital…; Wise Corporate…; +1 more
- **Advocates:** Rohan Ag…; Pooja…; +1 more

## Timeline

- **2021-10-08 — Admission in…**: Corporate Debtor was admitted into Corporate…
- **2021-10-12 — Public Annou…**: IRP made a public announcement under Regulation 6 of the IBBI (CIRP) Regulations, 2016 to…

## 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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