# Approval of Resolution Plan - Shree Aashraya Infra-con Limited

> NCLT judgment dated 2024-10-01. Citation: TCN-2024-NCLT-00515. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Shree Aashraya…

- **Court:** NCLT
- **Order date:** 1 Oct 2024
- **Citation:** TCN-2024-NCLT-00515
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-shree-aashraya-infra-con-limited-36316bc0

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Shree Aashraya Infra-Con Limited. The CIRP was initiated based on an application filed by Shree Ashraya Souhard Credit Society Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor was incorporated in 1995 and registered as an MSME on 15.07.2021. The main Company Petition (CP(IB) No. 196/BB/2020) was admitted on 06.04.2021. An earlier resolution plan was rejected on 28.02.2023 because the MSME registration was obtained after the CIRP initiation, making the Resolution Applicants ineligible under Section 29A read with 240A of IBC. An appeal was filed before the NCLAT Chennai, which was also disposed of upholding the NCLT order. Subsequently, an appeal was filed

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## Facts

Shree Aashraya Infra-Con Limited, the Corporate Debtor, was incorporated in 1995 and registered as an MSME on 15.07.2021. The CIRP was initiated by Shree Ashraya Souhard Credit Society Limited, the Financial Creditor, under Section 7 of the IBC. The main Company Petition (CP(IB) No. 196/BB/2020) was admitted on 06.04.2021. An earlier resolution plan was rejected on 28.02.2023 because the MSME registration was obtained after the CIRP initiation. The Supreme Court restored the matter for reconsideration, stating that Section 240A of the Code carves an exception for MSMEs. The RP was appointed, and the CoC was constituted, comprising the Financial Creditor and Home Buyers holding 100% of the voting share. The RP appointed registered valuers and prepared an Information

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the provisions of Section 30(2) of the Insolvency and …

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

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**Reasoning:** The Tribunal examined the Resolution Plan and found that it provides for the payment of

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**Interpretation:** Section 30(2) of the IBC is interpreted to ensure that the resolution plan

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**Application:** The Tribunal applied the provisions of Section 30(2) to the specific details of

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Appellants:** Hari Babu…
- **Respondents:** Shree Aashraya…; Shree AshrayaSouha…

## Timeline

- **1995-01-01 — Incorporation of…**: Shree Aashraya Infra-Con…
- **2020-01-01 — Filing of Company…**: Main Company Petition bearing CP(IB) No.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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