# In the matter of Aster Building Solutions Private Limited I.A. No. 264-2019 in C.P.(IB) No. 37-9-HDB-2018

> NCLT judgment dated 2019-06-04. Citation: TCN-2019-NCLT-03062. The case pertains to an application filed under Section 30(6) and 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 4 Jun 2019
- **Citation:** TCN-2019-NCLT-03062
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aster-building-solutions-private-limited-ia-no-264-2019-in-cpib-no-37-9-hdb-2018-08572aa0

## Summary

### Background

The case pertains to an application filed under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, read with Regulations 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) and Rule 11 of the NCLT Rules, 2016. The Resolution Professional sought directions to approve the resolution plan for Aster Building Solutions Private Limited, which was initiated following the admission of a petition under Section 9 of the IBC filed by Harindera Cargo Carriers Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) commenced on 10.07.2018. The applicant was appointed as Interim Resolution Professional and later confirmed as Resolution Professional. The CIRP period of 270 days ended on 05.04.2019. The Resolution Professional received three

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## Facts

Harindera Cargo Carriers Pvt Ltd filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Aster Building Solutions Private Limited. The petition was admitted on 23.03.2018, initiating the Corporate Insolvency Resolution Process (CIRP) on 10.07.2018. Mrs. Padmasri Appana was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The CIRP period ended on 05.04.2019. The Resolution Professional constituted a Committee of Creditors (CoC) comprising IDBI Bank Ltd and Axis Bank Limited. The Resolution Professional issued an invitation for Expression of Interest, receiving three resolution plans from Pennar Engineered Building Systems Limited, YAP Trading Private Ltd jointly with Pollent Ecosmart

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s YAP Trading Private Limited jointly with M/s Pollent …

**Ratio:** Section 30(2) of the IBC, 2016 specifies the requirements that a resolution plan must

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**Reasoning:** The Adjudicating Authority considered the averments of the Resolution Professional that

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan adequately

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**Application:** The Adjudicating Authority applied the provisions of Section 30(2) to the

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## Parties

- **Judges:** Ratakonda…
- **Appellants:** Harindera Cargo…
- **Respondents:** Aster Building…
- **Advocates:** V. K. S…

## Timeline

- **2018-03-23 — Admission of…**: Petition filed under Section 9 of IBC by…
- **2018-07-10 — CIRP Commen…**: Corporate Insolvency Resolution Process…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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