# In the matter of Aassaan Global Trade Vs. Mr. Vasudevn, Resolution Professional & Ors. CA(AT)(Ins) No.276 of 2019

> NCLAT judgment dated 2020-01-03. Citation: TCN-2020-NCLAT-00604. The document pertains to multiple Company Appeals (AT) (Insolvency) filed in 2019,…

- **Court:** NCLAT
- **Order date:** 3 Jan 2020
- **Citation:** TCN-2020-NCLAT-00604
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/aassaan-global-trade-vs-mr-vasudevn-resolution-professional-ors-ca-d6e96893

## Summary

### Background

The document pertains to multiple Company Appeals (AT) (Insolvency) filed in 2019, specifically Nos. 276, 557, 653, 716, and 803. These appeals challenge various orders related to the Corporate Insolvency Resolution Process (CIRP) and Resolution Plans. Appeal 276 challenges the approval of a Resolution Plan and an order dated 19th February 2019. Appeal 716 raises similar issues as Appeal 276. Appeal 557 involves M. Mohamed Fahrudden, but nobody appears for the case. Appeal 653 concerns Dr. Ravi Shankar Vedam, a shareholder, who provided a nil amount. Appeal 803 challenges an order rejecting a prayer for Forensic Audit and involves a CIRP that started on 12th March 2018.

## Facts

Several Company Appeals (AT) (Insolvency) were filed in 2019, numbered 276, 557, 653, 716, and 803. Company Appeal No. 276 challenges a Resolution Plan approved on June 12, 2019, and an order dated February 19, 2019. The liquidation value of the Corporate Debtor's assets is reported as Rs.69.91 crores by the Respondents, with a fair value of Rs.82 crores, excluding mines in Karnataka. The mining lease was not claimed in the Resolution Plan. The Appellant(s) claim the liquidation value is Rs.253.98 crores, including the mining lease. The total offer by the Successful Resolution Applicant is Rs.86 crores, with Rs.5 crores allocated for working capital. The distribution plan allocates 100% to Secured Financial Creditors, 25% to Unsecured Financial Creditors (though

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Aassaan Global…
- **Respondents:** Vasudevn,…

## Timeline

- **2018-03-12 — CIRP Star…**: Corporate Insolvency Resolution Process (CIRP) started on 12th March, 2018 (date of…
- **2019-02-19 — Order Under C…**: Order dated 19th February,…

## 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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