# Approval of Resolution Plan- Asya Infosoft Limited

> NCLT judgment dated 2024-07-11. Citation: TCN-2024-NCLT-01032. The case involves an application for approval of a resolution plan, including a scheme of…

- **Court:** NCLT
- **Order date:** 11 Jul 2024
- **Citation:** TCN-2024-NCLT-01032
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-asya-infosoft-limited-6254dae3

## Summary

### Background

The case involves an application for approval of a resolution plan, including a scheme of amalgamation, under Section 30(6) r.w. 31 of the IBC, 2016, read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Process of Corporate Persons) Regulations, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2023-05-17 against Asya Infosoft Limited, the Corporate Debtor (CD), at the instance of Financial Creditor Fiat Accord Fabric Pvt. Ltd. Sumit Rajnikant Mehta was appointed as the IRP and initiated the CIRP process. The last date for receipt of the resolution plan was 2024-01-05. In the 6th meeting of the Committee of Creditors (CoC), the RP presented one resolution plan received from a prospective resolution applicant.

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Asya Infosoft Limited on 2023-05-17 by Financial Creditor Fiat Accord Fabric Pvt. Ltd. Sumit Rajnikant Mehta was appointed as the IRP. The last date for receiving resolution plans was 2024-01-05. In the 6th CoC meeting, one resolution plan was presented. In the 7th CoC meeting on 2024-01-23, two resolution plans were considered, and the plan submitted by Asya Infosoft Ltd. on 2024-01-22 was approved with 68.48% voting. Key features of the resolution plan include provisions for CIRP costs, secured financial creditors, unsecured financial creditors, and employees. Fiat Accord Fabric Pvt Ltd, an unsecured creditor, filed an application objecting to the resolution plan, citing a late claim by

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## Issues and analysis

### Issue 1: Whether the resolution plan approved by the CoC meets the requirements of Section 30(2) of the IBC, …

**Ratio:** Section 30(2) of the IBC, 2016, specifies the requirements that a resolution plan must

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**Reasoning:** The Adjudicating Authority satisfied itself that the resolution plan, as approved by the

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**Interpretation:** Section 30(2) of the IBC outlines the mandatory requirements for a resolution

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**Application:** The Tribunal applied Section 30(2) to assess the resolution plan's compliance,

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Fiat Accord…
- **Respondents:** Asya Infosoft…; Sumit Rajnikant…

## Timeline

- **2023-05-17 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against Asya Infosoft…
- **2024-01-05 — Last Date for…**: The last date for receipt…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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