# In the matter of Gateway Investment Management Services Ltd. vs. ASC Insolvency Services LLP & Ors.

> NCLAT judgment dated 2025-05-15. Citation: TCN-2025-NCLAT-00034. The case involves an appeal against an order dated 22.01.2025 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 15 May 2025
- **Citation:** TCN-2025-NCLAT-00034
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/gateway-investment-management-services-ltd-vs-asc-insolvency-services-llp-ors-0255e6d6

## Summary

### Background

The case involves an appeal against an order dated 22.01.2025 passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, which rejected IA No.5176/2024 filed by the Appellant and allowed IA No.52/2024 filed by the Resolution Professional for approval of the Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) of Helios Photo Voltaic Ltd. commenced on 11.01.2024. The Resolution Professional issued a request for Resolution Plans on 23.04.2024, with a submission deadline of 06.06.2024. Both the Appellant and Respondent No.5 submitted their Resolution Plans. An e-bidding process took place on 29.07.2024, where the Appellant initially had a higher Net Present Value (NPV). The CoC granted time until 05.08.2024 for final

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of Helios Photo Voltaic Ltd. was initiated on 11.01.2024. The Resolution Professional (RP) requested Resolution Plans, setting a deadline of 06.06.2024. Gateway Investment Management Services Ltd. (Appellant) and OCL Iron & Steel Ltd (Respondent No. 5) both submitted Resolution Plans. An e-bidding process occurred on 29.07.2024. Initially, the Appellant's Net Present Value (NPV) was higher at INR 101.501 Cr compared to Respondent No. 5's INR 99.05 Cr. The CoC allowed applicants to revise their plans until 05.08.2024. On 05.09.2024, the Appellant sent an email proposing to pay the second installment within 90 days, altering the original plan of 25% within 45 days and the rest within 364 days. The RP stated that the

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in rejecting the Appellant's application (IA No.5176 of …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount in the approval of

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**Reasoning:** The Adjudicating Authority considered the evaluation matrix scores, where Respondent No.5

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**Interpretation:** The principle of respecting the CoC's commercial wisdom is a cornerstone of the

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**Application:** In this case, the Adjudicating Authority correctly recognized the CoC's

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Gateway Investment…
- **Respondents:** Helios Photo…; ASC Insolvency…
- **Advocates:** Arun Kath…; Abhijeet…; +10 more

## Timeline

- **2024-01-11 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP)…
- **2024-04-23 — Request for Resolution…**: Resolution Professional issued…

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