# In the matter of Oase Asia Pacific Pte Ltd. Vs. Axis Bank Ltd & Other Financial Creditors
Through Union Bank of India and others CA (AT) (Ins) No. 783 of 2020

> NCLAT judgment dated 2021-02-26. Citation: TCN-2021-NCLAT-00350. The appeal was filed against an order of the National Company Law Tribunal, Mumbai Bench,…

- **Court:** NCLAT
- **Order date:** 26 Feb 2021
- **Citation:** TCN-2021-NCLAT-00350
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/oase-asia-pacific-pte-ltd-vs-axis-bank-ltd-other-financial-creditors-through-uni-d3103809

## Summary

### Background

The appeal was filed against an order of the National Company Law Tribunal, Mumbai Bench, which consolidated the Corporate Insolvency Resolution Processes (CIRPs) of Lavasa Corporate Ltd. (LCL) and its 100% subsidiary companies, Warasgaon Assets Maintenance Ltd. (WAML) and Dasve Convention Centre Ltd. (DCCL). The appellant, an operational creditor of DCCL, challenged this consolidation.

## Facts

The appeal challenges an order dated February 26, 2020 , issued by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench. This order consolidated the Corporate Insolvency Resolution Process (CIRP) of Respondent No. 2, Lavasa Corporate Ltd. (LCL), with its 100% subsidiary companies, Respondent No. 3, Warasgaon Assets Maintenance Ltd. (WAML), and Dasve Convention Centre Ltd. (DCCL). All three companies were already undergoing CIRP. The order also directed the consolidated Committee of Creditors (CoC) to decide on the debt of Warasgaon Powers Supply Ltd. (WPSL) and Dasve Retail Ltd. (DRL), which were also subsidiaries but not under CIRP. The Resolution Professional of LCL was appointed for the consolidated CIRP. Oase Asia Pacific Pte Ltd., the appellant,

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority correctly applied the yardsticks for consolidation of CIRPs as …

**Ratio:** The consolidation of CIRPs is appropriate when there is substantial inter-dependence,

…

**Reasoning:** The Adjudicating Authority considered common control, common directors, common assets and

…

**Interpretation:** The court interpreted the yardsticks for consolidation broadly, emphasizing the

…

**Application:** Despite DCCL having only operational creditors and no common financial

…

## Parties

- **Judges:** A.I.S. C…; Alok Sriv…; +1 more
- **Appellants:** Oase Asia Pacific…
- **Respondents:** LavasaCorporation…; Axis Ban…; +4 more
- **Advocates:** Anjali S…; Devrajan…; +8 more

## Timeline

- **August 30, 2018 — CIRP of LCL a…**: The Corporate Insolvency Resolution Process (CIRP) against Respondent No. 2-Lavasa…
- **February 5, 2019 — CIRP of DCCL…**: Dasve Convention Centre Ltd. (DCCL) was admitted to Corporate Insolvency Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/oase-asia-pacific-pte-ltd-vs-axis-bank-ltd-other-financial-creditors-through-uni-d3103809