# In the matter of Export- Import Bank of India & Anr. Vs Astonfield Solar (Gujarat) Pvt. Ltd & Anr. CA(AT)(Insolvency) 754-2018

> NCLAT judgment dated 2018-12-04. Citation: TCN-2018-NCLAT-00025. The appeal was filed by Export-Import Bank of India and Power Finance Corporation Limited…

- **Court:** NCLAT
- **Order date:** 4 Dec 2018
- **Citation:** TCN-2018-NCLAT-00025
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/export-import-bank-of-india-anr-vs-astonfield-solar-1bac63fd

## Summary

### Background

The appeal was filed by Export-Import Bank of India and Power Finance Corporation Limited (Financial Creditors) against the order dated 20th November, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench. The Adjudicating Authority admitted the application under Section 10 preferred by M/s. Astonfield Solar (Gujarat) Private Limited and Anr. (Corporate Debtor and Corporate Applicant), passed an order of moratorium, and appointed the Resolution Professional.

## Facts

Export-Import Bank of India and Power Finance Corporation Limited (Financial Creditors) filed an appeal against the order of the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, which admitted the application under Section 10 of the I&B Code filed by Astonfield Solar (Gujarat) Private Limited and Anr. (Corporate Debtor and Corporate Applicant). The Adjudicating Authority also passed an order of moratorium and appointed a Resolution Professional. The appellant argued that the shareholders of the Corporate Debtor did not have the right to approve the initiation of the corporate insolvency resolution process due to a 'Deed of Pledge of Securities' dated 28th March, 2013. The 'Deed of Pledge of Securities' contained provisions regarding voting

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## Issues and analysis

### Issue 1: Whether the shareholders of the Corporate Debtor had the right to approve the initiation of the …

**Ratio:** Shareholders retain the right to decide on approving or disapproving the corporate

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**Reasoning:** The court reasoned that even if the shareholder's right to vote is presumed to have

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**Interpretation:** The court interpreted that the right of shareholders to decide on the corporate

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**Application:** The court applied this principle to the facts of the case, stating that the

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Export Import…; Export-Import…
- **Respondents:** Astonfield Solar…; Astonfield Solar…

## Timeline

- **2013-03-28 — Deed of Pledge of…**: A 'Deed of Pledge of Securities' was executed between the Corporate Debtor and the…
- **2018-11-20 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, admitted the…

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