# In the matter of Aarti Infra-Projects Private Limited M.A. 329 of 2020 And I.A. 1875 of 2022 In C.P. (IB) 3884-MB-C-I-2018

> NCLT judgment dated 2023-02-03. Citation: TCN-2023-NCLT-04784. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Aarti…

- **Court:** NCLT
- **Order date:** 3 Feb 2023
- **Citation:** TCN-2023-NCLT-04784
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aarti-infra-projects-private-limited-ma-329-of-2020-and-ia-1875-of-2022-in-cp-ib-35960ca9

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Aarti Infra-Projects Private Limited. The CIRP was initiated on 2019-05-01. An Interim Resolution Professional (IRP) was appointed, who made a public announcement and constituted a Committee of Creditors (CoC). The IRP was later replaced by Mr. Ashish Avinash Saoji as the Resolution Professional. The CoC approved the replacement with a 97.52% vote. The Resolution Professional invited expression of interest, received three EOIs, and two resolution plans were submitted. The CIRP period was extended by 90 days. The CoC conducted meetings to negotiate with the resolution applicants. Aarti Infra-Projects Private Limited was declared the H1 bidder. The resolution plan submitted by Aarti

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## Facts

The Corporate Debtor, Aarti Infra-Projects Private Limited, underwent CIRP initiated on 2019-05-01. Mr. Ashish Avinash Saoji was appointed as the Resolution Professional, replacing the initial IRP. The CoC was formed, and several meetings were conducted. The Resolution Professional invited Expression of Interest (EOI) and received three EOIs. Two resolution plans were received from M/s. Khalatkar Construction and Aarti Infra-Projects Private Limited. The CIRP period was extended. The CoC negotiated with the resolution applicants, and Aarti Infra-Projects Private Limited was declared the H1 bidder. The resolution plan submitted by Aarti Infra-Projects Private Limited was approved by the CoC with a 93.95% vote share. The total consideration of the plan is Rs. 1360 Lakh.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Aarti Infra-Projects Private Limited meets the …

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

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**Reasoning:** The Adjudicating Authority examined the resolution plan and found that it complied with

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** The resolution plan submitted by Aarti Infra-Projects Private Limited was found

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## Parties

- **Judges:** P.N. Deshmukh…; Shyam Babu…
- **Appellants:** CA Ashish Avinash…
- **Respondents:** Aarti Infra-Projec…

## Timeline

- **2019-05-01 — Initiation…**: CIRP was initiated…
- **2019-05-04 — Public Annou…**: The Interim Resolution Professional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31(1) — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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