# In the matter of UV Asset Reconstruction Company Ltd. & Anr. vs. Aircel Ltd. Through Its Monitoring Committee & Ors.

> NCLAT judgment dated 2024-03-01. Citation: TCN-2024-NCLAT-00601. The appeals were filed against the order dated 2023-12-27 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 1 Mar 2024
- **Citation:** TCN-2024-NCLAT-00601
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/uv-asset-reconstruction-company-ltd-anr-vs-aircel-ltd-through-its-monitoring-com-c5e02d84

## Summary

### Background

The appeals were filed against the order dated 2023-12-27 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-II, which rejected two I.As. filed by the Appellant for substituting another entity, UV Stressed Assets Management Private Limited. The Appellant was the Resolution Applicant whose Resolution Plan was approved by order dated 2020-06-09. The Appellant filed an application praying for substitution of Resolution Applicant with another entity, which was rejected by the Adjudicating Authority.

## Facts

UV Asset Reconstruction Company Ltd. & Anr. filed appeals against an order passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-II, dated 2023-12-27. The Adjudicating Authority rejected two I.As. filed by the Appellant seeking to substitute another entity, UV Stressed Assets Management Private Limited, as the Resolution Applicant. The Appellant's Resolution Plan had been approved earlier on 2020-06-09. The Appellant argued that they should be allowed to substitute the Resolution Applicant because Asset Reconstruction Companies cannot be Resolution Applicants without achieving a certain net worth, and the Reserve Bank of India had issued a show cause notice against them, a matter pending before the Delhi High Court. The

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in rejecting the Appellant's application for …

**Ratio:** When a Resolution Plan of an Appellant as Resolution Applicant has been approved, the

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**Reasoning:** The NCLAT agreed with the reasons provided by the Adjudicating Authority for rejecting

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**Interpretation:** This legal principle emphasizes the importance of upholding the sanctity of an

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**Application:** The NCLAT applied this principle to the facts of the case, noting that the

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** UV Asset Reconstru…
- **Respondents:** Aircel Ltd.…

## Timeline

- **2020-06-09 — Resolution Plan…**: The Appellant's Resolution Plan was approved…
- **2023-12-27 — Adjudicating Authority…**: The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-II,…

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