# In the matter of Aster Building Solutions Private Limited I.A. No. 297-2019 in C.P.(IB) No. 37-9-HDB-2018

> NCLT judgment dated 2019-06-04. Citation: TCN-2019-NCLT-03076. Harindera Cargo Carriers Pvt Ltd, an operational creditor, filed an application under Section…

- **Court:** NCLT
- **Order date:** 4 Jun 2019
- **Citation:** TCN-2019-NCLT-03076
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aster-building-solutions-private-limited-ia-no-297-2019-in-cpib-no-37-9-hdb-2018-a9fc1fa7

## Summary

### Background

Harindera Cargo Carriers Pvt Ltd, an operational creditor, filed an application under Section 60(5) of the IBC, 2016, seeking directions to the Resolution Professional (RP) to disclose and explain the Corporate Insolvency Resolution Process (CIRP) costs. They also sought directions to the RP and the Committee of Creditors (CoC) to consider the operational creditor's claim with a better plan. The applicant filed the main petition against the corporate debtor, Aster Building Solutions Private Limited, under Section 9 of the IBC, 2016, and appointed Respondent No.2 as Resolution Professional. The Resolution Professional filed a Resolution Plan for approval by the Adjudicating Authority, which was listed for consideration on 12.04.2019. The CoC was constituted with two

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## Facts

Harindera Cargo Carriers Pvt Ltd, an operational creditor of Aster Building Solutions Private Limited, initiated proceedings under Section 60(5) of the IBC, seeking transparency regarding CIRP costs and a more equitable consideration of their claims in the resolution plan. The applicant had previously filed the main petition under Section 9 of the IBC against the corporate debtor. The Resolution Professional filed a resolution plan that the applicant alleges favors financial creditors (Axis Bank and IDBI Bank) and provides an insufficient amount to operational creditors, including themselves. The applicant also questioned the high CIRP costs. The CoC approved the resolution plan with a 100% vote. The Resolution Professional argued that the applicant lacks the standing

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## Issues and analysis

### Issue 1: Whether the applicant, an operational creditor, has the locus standi to challenge the resolution …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) in approving a resolution plan

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**Reasoning:** The court reasoned that the CoC, with its 100% voting share, approved the Resolution

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**Interpretation:** This interpretation reinforces the CoC's authority in the resolution process,

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**Application:** The court applied this principle by stating that since the CoC approved the

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## Parties

- **Judges:** Ratakonda…
- **Appellants:** Harindera Cargo…
- **Respondents:** Aster Building…; M/s IDBI Ba…

## Timeline

- **2018-01-01 — Main Petition…**: Applicant filed the main petition against the Corporate Debtor under Section 9 of IBC,…
- **2018-11-14 — NCLAT Dec…**: Applicant relied on the decision of Hon'ble NCLAT in the matter of M/s Binani Industries…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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