# In the matter of Asahi Industries Limited M.A. No.129 of 2020 in C.P. (IB) No. 4312 of 2018

> NCLT judgment dated 2020-11-13. Citation: TCN-2020-NCLT-00252. The document pertains to a Miscellaneous Application (M.A. No. 129 of 2020) filed under Section…

- **Court:** NCLT
- **Order date:** 13 Nov 2020
- **Citation:** TCN-2020-NCLT-00252
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/asahi-industries-limited-ma-no129-of-2020-in-cp-ib-no-4312-of-2018-a6938fe4

## Summary

### Background

The document pertains to a Miscellaneous Application (M.A. No. 129 of 2020) filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a Resolution Plan for Asahi Industries Limited, the corporate debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following an order by the Tribunal on January 21, 2019. The applicant invited claims from creditors, constituted a Committee of Creditors (CoC), and conducted meetings to finalize the eligibility criteria for prospective Resolution Applicants. The CoC approved the invitation of Expression of Interest (EOI) and Form G, which was published in two newspapers. An application was filed seeking an extension of the CIRP period by 90 days, which was granted. The CoC approved a

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated for Asahi Industries Limited following an order by the Tribunal on January 21, 2019. The Resolution Professional (RP), Ankur Kumar, invited claims from creditors and constituted a Committee of Creditors (CoC). The CoC conducted meetings to finalize the eligibility criteria for prospective Resolution Applicants. An invitation for Expression of Interest (EOI) and Form G was published. An application was filed seeking an extension of the CIRP period, which was granted. The CoC approved a revised Resolution Plan submitted by Safex Realtors Pvt. Ltd. with 82% voting rights. The resolution plan includes details of the settlement plan for various creditors, including secured, unsecured, operational, and CIRP

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## Issues and analysis

### Issue 1: Whether the resolution plan complies with the provisions of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016 (IBC) outlines the requirements

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**Reasoning:** The Tribunal observed that the RP had enclosed a compliance certificate stating that the

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**Interpretation:** The legal issue involves interpreting the provisions of the IBC and CIRP

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**Application:** The Tribunal applied the provisions of the IBC and CIRP Regulations to the

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## Parties

- **Judges:** Venkata Subba Rao…; Shyam Babu…
- **Appellants:** Ankur K…
- **Respondents:** Asahi Industries…
- **Advocates:** Bindu B…

## Timeline

- **2019-01-21 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced for Asahi Industries Limited…
- **2019-02-18 — CoC Report…**: The Committee of Creditors (CoC)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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