# In the matter of Aesthetic Stone Arts India Pvt. Ltd.

> NCLT judgment dated 2024-03-12. Citation: TCN-2024-NCLT-02085. The case involves an application (IA No. 108/JPR/2023) filed by Vasundhra Gupta, the suspended…

- **Court:** NCLT
- **Order date:** 12 Mar 2024
- **Citation:** TCN-2024-NCLT-02085
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aesthetic-stone-arts-india-pvt-ltd-ccae3176

## Summary

### Background

The case involves an application (IA No. 108/JPR/2023) filed by Vasundhra Gupta, the suspended director of M/s Aesthetic Stone Arts India Pvt. Ltd. ('Corporate Debtor'), under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules, 2016. The application seeks reliefs related to the CIRP cost approved in the 15th COC meeting. The Adjudicating Authority had admitted the application filed by Sanwar Mal Tiwari ('Operational Creditor') under Section 9 of the IBC for initiating CIRP against the Corporate Debtor. The applicant challenges the CIRP costs approved by the Committee of Creditors (COC), specifically those approved in the 15th COC meeting dated 03.02.2023, claiming they are unjust and arbitrary. The applicant also seeks to quash

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## Facts

Sanwar Mal Tiwari, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Aesthetic Stone Arts India Pvt. Ltd. The Adjudicating Authority admitted the application on 04.03.2020. Vasundhra Gupta, the suspended director of the corporate debtor, filed IA No. 108/JPR/2023 challenging the CIRP costs approved in the 15th COC meeting dated 03.02.2023. The applicant claimed the approved costs were unjust and arbitrary, particularly the professional fees of the Resolution Professional (RP), Mr. Vijendra Bangar. The applicant had previously filed IA No. 320/JPR/2021 seeking to quash the minutes of the 13th and 14th COC meetings, which is pending adjudication. The RP was directed to convene a COC meeting to discuss the non-consideration of the

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## Issues and analysis

### Issue 1: Whether the CIRP cost and expenses approved by the COC in the 15th COC meeting are justified and …

**Ratio:** The commercial wisdom of the Committee of Creditors (COC) is of utmost importance, and

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**Reasoning:** The Adjudicating Authority analyzed the actions taken by the RP during the period in

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**Interpretation:** The interpretation of the IBC and related regulations emphasizes the importance

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**Application:** In this case, the Adjudicating Authority found that the RP was involved and

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Vasundhra…
- **Respondents:** AESTHETIC STONE…; Vijendra…

## Timeline

- **2020-03-04 — Admission of Ap…**: Adjudicating Authority admitted the application filed by Sanwar Mal Tiwari ('Operational…
- **2020-10-15 — Appointment…**: Mr. Vijendra Bangar was appointed as the RP ('RP'/ 'Respondent No. 1') by the CoC and…

## 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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