# In the matter of Vishal Vijay Kalantri Vs. DBM Geotechnics and Constructions Pvt. Ltd and Anr. CIVIL APPEAL NO.2730 OF 2020

> SC judgment dated 2020-07-20. Citation: TCN-2020-SC-00054. This is an appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016, against the order…

- **Court:** SC
- **Order date:** 20 Jul 2020
- **Citation:** TCN-2020-SC-00054
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/vishal-vijay-kalantri-vs-dbm-geotechnics-and-constructions-pvt-ltd-and-anr-civil-a1786335

## Summary

### Background

This is an appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016, against the order dated 12.03.2020 passed by the National Company Law Appellate Tribunal (NCLAT), New Delhi, in Company Appeal (AT) (Insolvency) No.139 of 2018. The NCLAT had observed that a resolution for approval of a Settlement Proposal under Section 12A of the I&B Code was rejected by the Committee of Creditors (CoC) with 99.68% votes. The Resolution Plan submitted by ‘APSEZL’ was approved by the members of the 'Committee of Creditors' with 99.68% votes.

## Facts

The appellant, Vishal Vijay Kalantri, filed an appeal against an order passed by the NCLAT. The NCLAT order related to a Company Appeal (AT) (Insolvency) No.139 of 2018. The core issue was the rejection of a settlement proposal under Section 12A of the Insolvency and Bankruptcy Code (I&B Code) by the Committee of Creditors (CoC) with a 99.68% vote. A resolution plan submitted by ‘APSEZL’ was approved by the CoC with 99.68% votes. A notice invoking arbitration was issued on 29.07.2016 by respondent no.1 in relation to Contract No.2. A notice was also issued on 23.03.2017 invoking arbitration in relation to Contract No.1. Consent Terms dated 29.03.2017 were entered into, but they failed. The Adjudicating Authority admitted the petition under Section 9 of the I.B.

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## Issues and analysis

### Issue 1: Whether the NCLAT erred in its decision regarding the rejection of the settlement proposal under …

**Ratio:** The ratio is based on the voting power of the Committee of Creditors (CoC) and their

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**Reasoning:** The NCLAT's decision was based on the fact that the settlement proposal was rejected by

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**Interpretation:** Section 12A of the I&B Code is interpreted to mean that the CoC has the

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**Application:** In this case, the CoC's rejection of the settlement proposal with 99.68% votes

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## Parties

- **Judges:** UDAY UMESH…; Vineet…
- **Appellants:** Vishal Vijay…
- **Respondents:** DBM GEOTECHNICS &…
- **Other parties:** Affir…

## Timeline

- **2016-07-29 — Arbitration…**: Respondent no.1 issued a notice invoking…
- **2016-12-15 — Application…**: An application under Section 11(6) of the Arbitration & Conciliation Act, 1996 was filed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 62 — Appeal to Supreme Court](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-62)

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