# In the matter of Alchemist Asset Reconstruction Company Ltd. vs. ASC Insolvency Services LLP & Ors.

> NCLAT judgment dated 2025-05-15. Citation: TCN-2025-NCLAT-00038. This Company Appeal (AT) (Insolvency) No. 179 of 2025 arises from an order dated 22.01.2025…

- **Court:** NCLAT
- **Order date:** 15 May 2025
- **Citation:** TCN-2025-NCLAT-00038
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/alchemist-asset-reconstruction-company-ltd-vs-asc-insolvency-services-llp-ors-1bb09f87

## Summary

### Background

This Company Appeal (AT) (Insolvency) No. 179 of 2025 arises from an order dated 22.01.2025 passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, which approved a Resolution Plan submitted by Respondent No.2, OCL Iron and Steel Limited. The appeal was filed by Alchemist Asset Reconstruction Company Ltd., a dissenting financial creditor, challenging the Adjudicating Authority's order. The Corporate Debtor, Helios Photo Voltaic Ltd., was subjected to Corporate Insolvency Resolution Process (CIRP) by order dated 11.01.202024. The appellant, being a secured financial creditor, filed its claim in response to the public announcement and was included as a member of the Committee of Creditors (CoC) with a voting share of 18.69%.

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## Facts

The Corporate Debtor, Helios Photo Voltaic Ltd., underwent CIRP initiated on 2024-01-11. Alchemist Asset Reconstruction Company Ltd., the Appellant, a secured financial creditor, was part of the CoC with 18.69% voting share. National Asset Reconstruction Company Limited (Respondent No.3) held 73.36% and International Finance Corporation (Respondent No.4) held 7.95% of the CoC voting shares. The CoC finalized the RFRP. Resolution Plans were submitted by Respondent Nos.2 (OCL Iron and Steel Limited) and 5, among others. During a challenge process, Respondent No.5 offered Rs.101,05,01,742/-, while Respondent No.2 offered Rs.99,05,00,000/-. Respondent No.5 later revised its offer to Rs.120 Crores. The CoC approved Respondent No.2's Resolution Plan with 73.38% vote share on

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## Issues and analysis

### Issue 1: Whether the Resolution Plan required prior approval from the Competition Commission of India (CCI) …

**Ratio:** The proviso to Section 31(4) of the IBC mandates that where a resolution plan contains a

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**Reasoning:** The tribunal considered Section 5 of the Competition Act, 2002, which defines

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**Interpretation:** The interpretation of Section 5 of the Competition Act, 2002, in conjunction

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**Application:** In this case, the tribunal found that the value of the Corporate Debtor was

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Alchemist Asset…
- **Respondents:** Helios Photo…; ASC Insolvency…

## Timeline

- **2024-01-11 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2024-06-06 — Last Date for…**: Last date for submission…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31(4) — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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