# In the matter of Aesthetic Stone Arts India Pvt. Ltd.

> NCLT judgment dated 12 Mar 2024. Citation: TCN-2024-NCLT-02094. The application was filed by the suspended director of the corporate debtor under Section…

- **Court:** NCLT
- **Order date:** 12 Mar 2024
- **Citation:** TCN-2024-NCLT-02094
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aesthetic-stone-arts-india-pvt-ltd-2f1b546b

## Summary

### Background

The application was filed by the suspended director of the corporate debtor under Section 60(5) of the IBC, 2016, seeking to declare the CIRP cost approved by the CoC as unjust and arbitrary, quash the 15th CoC meeting, and direct the CoC to reconsider the CIRP cost and accept the resolution plan.

## Facts

The Adjudicating Authority admitted an application filed by Sanwar Mal Tiwari, an operational creditor, under Section 9 of the Code for the initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Aesthetic Stone Arts India Pvt. Ltd. on March 4, 2020. Ms. Anuradha Gupta was appointed as the Interim Resolution Professional (IRP), and later, Mr. Vijendra Bangar was appointed as the Resolution Professional (RP) by the Committee of Creditors (CoC) on October 15, 2020.

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## Issues and analysis

### Issue 1: Whether the CIRP cost and expenses approved by the CoC in the 15th CoC meeting are justified and…

**Ratio:** The Adjudicating Authority has no jurisdiction to determine the fee of the Resolution…

**Reasoning:** The NCLT noted that the CoC had approved the RP's fees of Rs. 35,000/- per month in its…

**Interpretation:** The NCLT interpreted **Regulation 33 & 34** of the CIRP Regulations to mean…

**Application:** The NCLT applied this interpretation to the facts, concluding that since the…

## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Advocates:** Nitesh Shri…; Amol…; +2 more

## Timeline

- **March 4, 2020 — CIRP Init…**: Adjudicating Authority admitted the application for initiation of Corporate Insolvency…
- **October 15, 2020 — RP Appoin…**: Mr. Vijendra Bangar was appointed as the Resolution Professional (RP) by the CoC and…

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