# Approval of Resolution Plan - Astral Steritech Private Limited

> NCLT judgment dated 2025-06-05. Citation: TCN-2025-NCLT-00011. The case pertains to an application filed under Section 30 read with Section 31 of the…

- **Court:** NCLT
- **Order date:** 5 Jun 2025
- **Citation:** TCN-2025-NCLT-00011
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-astral-steritech-private-limited-d5803801

## Summary

### Background

The case pertains to an application filed under Section 30 read with Section 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. An insolvency application was filed by the Operational Creditor under Section 9 of the IBC, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The CIRP was admitted on 2024-06-10, and the applicant was appointed as the Interim Resolution Professional (IRP). Public announcement was made on 2024-06-12, inviting claims from creditors, with a deadline of 2024-06-27 for submission.

## Facts

Piramal Critical Care Inc., as the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Astral Steritech Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was triggered due to unpaid operational debt. The application was admitted on 2024-06-10. Manish Santosh Buchasia was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 2024-06-12, inviting claims from creditors with a deadline of 2024-06-27. The IRP constituted a Committee of Creditors (CoC) comprising operational creditors. The CoC approved a resolution plan submitted by Asons Pharmaceuticals Private Limited with a 93.46% voting share. The resolution plan was for Rs.83,40,75,000.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Asons Pharmaceuticals Private Limited should be approved …

**Ratio:** Section 31 of the IBC empowers the Adjudicating Authority to approve a resolution plan if

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**Reasoning:** The Adjudicating Authority observed that the resolution plan complied with the mandatory

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**Interpretation:** Section 31 of the IBC is interpreted to mean that if a resolution plan meets

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**Application:** In this case, the resolution plan submitted by Asons Pharmaceuticals Private

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## Parties

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

## Timeline

- **2024-06-10 — CIRP Admi…**: The Corporate Insolvency Resolution Process (CIRP) against Astral Steritech Private…
- **2024-06-12 — Public Annou…**: Public announcement was made…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30 — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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