# In the matter of Ngaitlang Dhar Vs. Panna Pragati Infrastructure Private Limited & Ors. Civil Appeal Nos.3665¬3666 of 2020

> SC judgment dated 2021-12-17. Citation: TCN-2021-SC-00003. The case involves appeals against the judgment and order passed by the National Company Law…

- **Court:** SC
- **Order date:** 17 Dec 2021
- **Citation:** TCN-2021-SC-00003
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/ngaitlang-dhar-vs-panna-pragati-infrastructure-private-limited-ors-civil-appeal-19f72138

## Summary

### Background

The case involves appeals against the judgment and order passed by the National Company Law Appellate Tribunal (NCLAT) which had set aside the orders of the National Company Law Tribunal (NCLT) approving the resolution plan of Ngaitlang Dhar for Meghalaya Infratech Ltd. The NCLAT directed the Corporate Insolvency Resolution Process (CIRP) to be resumed from the stage of consideration of the Resolution Plans. The CIRP was initiated following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Allahabad Bank against Meghalaya Infratech Ltd. Ngaitlang Dhar emerged as the H-1 bidder, but the NCLAT overturned the NCLT's approval of his resolution plan, leading to the present appeals before the Supreme Court.

## Facts

Allahabad Bank initiated Corporate Insolvency Resolution Process (CIRP) against Meghalaya Infratech Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC). Amit Pareek was appointed as the Interim Resolution Professional (RP) and later confirmed as the RP. Expression of Interest (EOI) was invited, and Ngaitlang Dhar, Panna Pragati Infrastructure Private Limited (PPIPL), Abhishek Agarwal, and Ashish Jaisasaria submitted their Resolution Plans. In a CoC meeting on February 11-12, 2020, Ngaitlang Dhar emerged as the H-1 bidder. PPIPL sought time to revise its Resolution Plan but submitted it on February 14, 2020. The NCLT rejected PPIPL's application seeking direction to the RP to take its revised plan on record. The CoC approved Ngaitlang Dhar's Resolution Plan

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## Issues and analysis

### Issue 1: Whether the NCLAT was justified in interfering with the commercial wisdom of the Committee of …

**Ratio:** The commercial wisdom of the CoC has been given paramount status without any judicial

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**Reasoning:** The court reasoned that the NCLAT should not interfere with the CoC's decision unless

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**Interpretation:** This principle reinforces the autonomy of the CoC in the resolution process and

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**Application:** The court applied this principle by finding that the NCLAT had erred in

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## Parties

- **Judges:** L. Nageswa…; B.R. G…
- **Appellants:** Ngaitlang…
- **Respondents:** Meghalaya…; Panna Pragati…
- **Other parties:** Over Tu…

## Timeline

- **2019-08-28 — NCLT Ord…**: NCLT admitted the petition filed by Allahabad Bank under Section 7 of the IBC for…
- **2019-09-25 — First CoC M…**: Amit Pareek was appointed as the RP in the…

## 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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