# In the matter of Ashtavinayak Auto Pvt. Ltd. M. A. No. 2714 of 2019
In C.P. No. 2923-IB-2018

> NCLT judgment dated 2021-03-05. Citation: TCN-2021-NCLT-02812. The case pertains to an application under Section 30(6) and Section 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 5 Mar 2021
- **Citation:** TCN-2021-NCLT-02812
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ashtavinayak-auto-pvt-ltd-m-a-no-2714-of-2019-in-cp-no-2923-ib-2018-9d1f42a4

## Summary

### Background

The case pertains to an application under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016, for approval of a resolution plan submitted by the Resolution Applicant, M/s. Leadadroit Services Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated by the NCLT Mumbai Bench via an order dated 06.11.2018. Mr. Navin Srichand Kanjwani was initially appointed as the Interim Resolution Professional (IRP), who then published a public announcement on 17.11.2018 inviting claims from creditors. The CoC decided to replace the IRP with Mr. Rajat Mukherjee on 08.01.2019, which was confirmed by the Tribunal on 18.02.2019. The IRP received claims from financial creditors Janakalyan Sahakari Bank Limited and ASREC India Limited, and operational

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Ashtavinayak Auto Pvt. Ltd. based on an application under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016. The initial Interim Resolution Professional (IRP), Mr. Navin Srichand Kanjwani, was later replaced by Mr. Rajat Mukherjee. Public announcements were made to invite claims from creditors. Claims were received from financial creditors Janakalyan Sahakari Bank Limited and ASREC India Limited, and operational creditor M/s. Beli Sharma & Co. The RP issued Form-G inviting expressions of interest (EOI) from prospective resolution applicants (PRAs). Two EOIs were received within the stipulated time, and one was received after the deadline. The Committee of Creditors

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s. Leadadroit Services Pvt. Ltd. meets the requirements …

**Ratio:** The resolution plan must comply with Section 30(2) of the Code and Regulations 37, 38,

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**Reasoning:** The Tribunal considered the provisions of the Code and Regulations and found that the

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**Interpretation:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution

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**Application:** The Tribunal applied the ratio to the facts of the case, noting that the

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## Parties

- **Judges:** H.V. Subb…; Shyam Babu…
- **Appellants:** Rajat Muk…
- **Respondents:** M/s. Ashtavinayak…; M/s. Beli Sharma…

## Timeline

- **2018-11-06 — CIRP Init…**: The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated…
- **2018-11-17 — Public Annou…**: The IRP published a public announcement inviting claims from the creditors of the…

## 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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