# Approval of Resolution Plan - Astral Steritech Private Limited

> NCLT judgment dated 2025-06-05. Citation: TCN-2025-NCLT-00010. The case pertains to an application filed under Sections 30 and 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 5 Jun 2025
- **Citation:** TCN-2025-NCLT-00010
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-astral-steritech-private-limited-64353eeb

## Summary

### Background

The case pertains to an application filed under Sections 30 and 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) for the approval of a resolution plan submitted by Asons Pharmaceuticals Private Limited for the corporate debtor, Astral Steritech Private Limited. The Operational Creditor had initiated Corporate Insolvency Resolution Process (CIRP) under Section 9 of the IBC, which was admitted on 2024-06-10, and an Interim Resolution Professional (IRP) was appointed. Public announcement was made on 2024-06-12, with a deadline of 2024-06-27 for submission of claims. The Committee of Creditors (CoC) was formed, and resolution plans were invited. Two resolution plans were received, and inter se auction bidding was conducted. Asons Pharmaceuticals Private Limited

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## Facts

Piramal Critical Care Inc., an Operational Creditor, initiated CIRP against Astral Steritech Private Limited under Section 9 of the IBC. The CIRP was admitted on 2024-06-10. Manish Santosh Buchasia was appointed as the Resolution Professional (RP). A public announcement was made on 2024-06-12, setting 2024-06-27 as the last date for claim submissions. The Committee of Creditors (CoC) was formed, comprising Operational Creditors. Two resolution plans were received from prospective resolution applicants (PRAs). An inter se auction bidding was conducted on 2025-02-13. Asons Pharmaceuticals Private Limited, along with Mr. Jignesh Shah, submitted the highest bid of Rs. 83,40,75,000, which was approved by 93.46% of the CoC. The successful bidder submitted a declaration under

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## Issues and analysis

### Issue 1: Whether the Resolution Applicant meets the criteria approved by the CoC having regard to the …

**Ratio:** The resolution applicant must meet the criteria set by the CoC to ensure they are capable

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**Reasoning:** The Adjudicating Authority considered the CoC's assessment of the resolution applicant's

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**Interpretation:** This ensures that the resolution applicant has the necessary expertise and

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**Application:** The resolution applicant, Asons Pharmaceuticals Private Limited, was deemed to

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Piramal Critical…
- **Respondents:** Astral Steritech…

## Timeline

- **2024-06-10 — CIRP Admi…**: Corporate Insolvency Resolution…
- **2024-06-12 — Public Annou…**: Public announcement was made…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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