# 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-03075. 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-03075
- **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-aa08b860

## 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. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, by Harindera Cargo Carriers Pvt. Ltd. against Aster Building Solutions Private Limited on 23.03.2018. The CIRP commenced on 10.07.2018. The applicant was appointed as Interim Resolution Professional and later confirmed as Resolution

…

## Facts

Harindera Cargo Carriers Pvt Ltd filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Aster Building Solutions Private Limited. The petition was admitted on 23.03.2018, initiating the Corporate Insolvency Resolution Process (CIRP) against Aster Building Solutions Private Limited, commencing on 10.07.2018. Mrs. Padmasri Appana was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The CIRP period of 270 days ended on 05.04.2019. The Committee of Creditors (CoC) was formed, consisting of IDBI Bank Ltd and Axis Bank Limited. The Resolution Professional invited Expressions of Interest, receiving three resolution plans from Pennar Engineered Building Systems Limited, YAP Trading Private

…

## 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

…

**Reasoning:** The Resolution Professional affirmed that the resolution plan complies with Section 30(2)

…

**Interpretation:** Section 30(2) of the IBC, 2016 sets out the mandatory requirements for a

…

**Application:** In this case, the Resolution Professional's affirmation and the CoC's approval

…

## Parties

- **Judges:** Ratakonda…
- **Appellants:** Harindera Cargo…
- **Respondents:** Aster Building…

## Timeline

- **2018-03-23 — Admission of Section 9…**: The Tribunal admitted the petition filed under Section 9 of the Insolvency & Bankruptcy…
- **2018-07-10 — Commencement…**: Corporate Insolvency Resolution Process (CIRP) started against the Corporate Debtor,…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/aster-building-solutions-private-limited-ia-no-264-2019-in-cpib-no-37-9-hdb-2018-aa08b860