# In the matter of Ashdan Properties Pvt. Ltd. vs. Mamta Binani (RP of Rolta India Ltd.) & Ors.

> NCLAT judgment dated 2024-03-18. Citation: TCN-2024-NCLAT-00574. The case involves two appeals filed by the same Appellant challenging orders dated 12.02.2024…

- **Court:** NCLAT
- **Order date:** 18 Mar 2024
- **Citation:** TCN-2024-NCLAT-00574
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ashdan-properties-pvt-ltd-vs-mamta-binani-ef4d1525

## Summary

### Background

The case involves two appeals filed by the same Appellant challenging orders dated 12.02.2024 and 21.02.2024 passed by the Adjudicating Authority. The Adjudicating Authority had issued directions regarding the consideration of resolution plans for the Corporate Debtor, including those filed by B-RIGHT REALESTATE LTD and MGN Agro Properties Private Limited. The Appellant's case is that it underwent 33 rounds of bidding and was declared H1, and thereafter IA was filed by Patanjali Ayurveda Ltd. and other two applicants namely B-Right.

## Facts

Ashdan Properties Pvt. Ltd. filed two appeals challenging orders passed by the Adjudicating Authority on February 12, 2024, and February 21, 2024. These orders pertained to the consideration of resolution plans for the Corporate Debtor. Ashdan Properties claimed to have undergone 33 rounds of bidding and was declared H1. Subsequently, Patanjali Ayurveda Ltd. and two other applicants filed IAs. The CoC resolved not to consider resolution plans from applicants not included in the final list of Prospective Resolution Applicants (PRAs) dated November 7, 2023. Patanjali and the other two applicants were not included in this list. The CoC filed an affidavit stating this decision. The appeals were filed because Ashdan Properties disagreed with the Adjudicating Authority's

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## Issues and analysis

### Issue 1: Whether the Committee of Creditors (CoC) can consider resolution plans from applicants not included …

**Ratio:** Regulation 39(1)(b) of CIRP Regulations, 2016, explicitly states that the committee shall

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**Reasoning:** The court reasoned that the CoC's decision not to consider additional new entrants is in

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**Interpretation:** The interpretation of Regulation 39(1)(b) is that it aims to streamline the

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**Application:** In this specific case, the court applied the ratio and reasoning to the fact

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** ASHDAN PROPERTIES…
- **Respondents:** Mamta Binani (RP…
- **Advocates:** Ramji Srin…; Sonam M…; +10 more

## Timeline

- **2023-11-07 — Final List…**: The final list of Prospective Resolution…
- **2024-02-12 — Impugned Ord…**: One of the impugned…

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