# In the matter of Triumph Commodities Pte. Limited vs. Aster Private Limited IA Nos. 521 & 522-2021 in Company Appeal (AT) (CH) (Ins.) No. 248 of 2021

> NCLAT judgment dated 2023-02-23. Citation: TCN-2023-NCLAT-00701. The case involves appeals against orders passed by the Adjudicating Authority (National…

- **Court:** NCLAT
- **Order date:** 23 Feb 2023
- **Citation:** TCN-2023-NCLAT-00701
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/triumph-commodities-pte-limited-vs-aster-private-limited-ia-nos-521-522-2021-in-0920faf5

## Summary

### Background

The case involves appeals against orders passed by the Adjudicating Authority (National Company Law Tribunal, Special Bench, Court – I, Hyderabad) in relation to the Corporate Insolvency Resolution Process (CIRP) of Aster Private Limited. Triumph Commodities Pte. Limited, claiming to be a Resolution Applicant, challenged the rejection of its resolution plan and the subsequent order for liquidation of the Corporate Debtor. The appeals arise from IA No. 446/2021, where Triumph Commodities sought directions to the Committee of Creditors (CoC) to consider its revised resolution plan, and IA No. 259/2021, where the RP sought liquidation under Section 33 of the Insolvency and Bankruptcy Code (IBC).

## Facts

Triumph Commodities Pte. Limited participated in the CIRP of Aster Private Limited as a Resolution Applicant. They submitted a revised Resolution Plan on 19.05.2019 and subsequently filed IA446/2021 seeking a direction to the CoC to consider their plan. The RP received the revised plan via email on 16.08.2021. The RP filed a counter affidavit in IA446/21 requesting the Adjudicating Authority to dismiss the IA and liquidate the Corporate Debtor. The CoC believed the revised plan of 16.08.2021 was feasible, but IA446/2021 was dismissed because the 330-day period had expired. The Corporate Debtor was admitted into CIRP on 19.11.2019 under Section 7 of the IBC. The RP issued an invitation for Expression of Interest (EoI) on 30.01.2020, and Triumph Commodities was

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in dismissing IA446/2021 on the ground that the CIRP …

**Ratio:** The CIRP period is generally limited to 330 days, but the Adjudicating Authority has

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**Reasoning:** The Tribunal considered that the CoC had already rejected the Appellant's plan and the

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**Interpretation:** The interpretation of the IBC allows for flexibility in extending the CIRP

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**Application:** In this case, the Tribunal found that the Adjudicating Authority did not err in

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## Parties

- **Judges:** M. Venu…; Shreesha…
- **Appellants:** Triumph Commoditie…
- **Respondents:** Aster Private…
- **Advocates:** Avinash Krishnan…; T. Ravich…; +1 more

## Timeline

- **2019-11-19 — Corporate Debtor…**: The 'Corporate Debtor' was admitted…
- **2020-01-30 — Invitation for…**: The RP issued an invitation for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61(4) — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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