# In the matter of Aditya Estates Pvt. Ltd. I.A. No. 1964 (PB)-2020  in (IB)-974 (PB)-2018

> NCLT judgment dated 2021-08-05. Citation: TCN-2021-NCLT-01432. M/s. Sprit Multiventures Pvt. Ltd., a Financial Creditor of the Corporate Debtor M/s. Aditya…

- **Court:** NCLT
- **Order date:** 5 Aug 2021
- **Citation:** TCN-2021-NCLT-01432
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aditya-estates-pvt-ltd-ia-no-1964-pb-2020-in-ib-974-pb-2018-b87c8ebb

## Summary

### Background

M/s. Sprit Multiventures Pvt. Ltd., a Financial Creditor of the Corporate Debtor M/s. Aditya Estates Pvt. Ltd., filed an application seeking to be treated as an Approving Financial Creditor. A resolution plan submitted by Adani Properties Pvt. Ltd. had been approved by the Committee of Creditors (CoC) through e-voting. All Financial Creditors, except Sprit, had voted in favor of the Resolution Plan, which was accepted by 93.01% votes of the members of CoC. The remaining 6.99% was the voting share of Sprit. Sprit now desires to be considered as an Approving Financial Creditor for the purpose of approval of the resolution plan submitted by Adani.

## Facts

M/s. Sprit Multiventures Pvt. Ltd. is a Financial Creditor of M/s. Aditya Estates Pvt. Ltd., the Corporate Debtor. A resolution plan was submitted by M/s. Adani Properties Pvt. Ltd. and approved by the Committee of Creditors (CoC) through e-voting conducted on 19.11.2019 and 21.11.2019. The resolution plan was sanctioned on 14.02.2020. All Financial Creditors, except Sprit, voted in favor of the resolution plan, which was accepted by 93.01% of the CoC members. Sprit's voting share was 6.99%. Sprit now seeks to be considered an Approving Financial Creditor. If Sprit is considered an Approving Financial Creditor, it will withdraw its objections to the resolution plan submitted by Adani. The authorized representative of Adani Properties Pvt. Ltd. stated that they have no

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## Issues and analysis

### Issue 1: Whether M/s. Sprit Infrapower & Multiventure Pvt. Ltd. should be declared an Approving …

**Ratio:** The court has the power to consider the facts and circumstances of the case and declare a

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**Reasoning:** The court considered the submissions made by the applicant and the authorized

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**Interpretation:** The court interprets the IBC to allow for flexibility in determining who is an

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**Application:** Based on the facts and the lack of objection from Adani Properties, the court

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## Parties

- **Judges:** SH. BHASKARA…; Sh. Hemant Kumar…
- **Appellants:** M/S. ICICI BANK…
- **Respondents:** M/S. ADITYA…; M/s. SPRIT…

## Timeline

- **2019-11-19 — E-voting by Committee…**: The Committee of Creditors conducted…
- **2019-11-21 — E-voting by Committee…**: The Committee of Creditors conducted…

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