# In the matter of Neoaska Pharma Pvt. Ltd. IA (IBC) 1410, 1344-2022 & IVN.P (IBC) 7-2022 in Company Petition IB-241-2021

> NCLT judgment dated 2023-06-28. Citation: TCN-2023-NCLT-02759. Afita Construction Pvt Ltd, an Operational Creditor, filed IA No. 1410/2022 seeking directions…

- **Court:** NCLT
- **Order date:** 28 Jun 2023
- **Citation:** TCN-2023-NCLT-02759
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/neoaska-pharma-pvt-ltd-ia-ibc-1410-1344-2022-ivnp-ibc-7-2022-in-company-petition-11b000cb

## Summary

### Background

Afita Construction Pvt Ltd, an Operational Creditor, filed IA No. 1410/2022 seeking directions to the Resolution Professional to allow them to submit a Resolution Plan, accept it, and place it before the COC for approval, also requesting condonation of delay in submitting the plan. The applicant was invited to the 5th CoC meeting on 17.09.2022, where a resolution plan submitted by Madhya Pradesh Waste Management Private Limited (MPWMPL) was presented to the COC. The applicant, after gaining knowledge of the details of the SRA's Resolution Plan, was dissatisfied as it covered only 4% of the Operational Creditor's claim and believed they could offer a better plan.

## Facts

Afita Construction Pvt Ltd, an Operational Creditor, sought permission to submit a resolution plan after the Committee of Creditors (COC) had already considered a plan from Madhya Pradesh Waste Management Private Limited (MPWMPL). Afita Construction was present at the 5th COC meeting on 17.09.2022. Afita Construction was dissatisfied with the existing resolution plan, which covered only 4% of their claim. The COC had already approved a resolution plan received pursuant to the publication of Form-G. The Resolution plan submitted by the SRA had been voted by the COC on 2022-11-10. The applicant did not submit its proposal pursuant to the Form-G.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can direct the Resolution Professional to accept a Resolution …

**Ratio:** The Insolvency and Bankruptcy Code (IBC) mandates that the resolution process must adhere

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**Reasoning:** The Tribunal reasoned that permitting an applicant to submit a resolution plan after the

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**Interpretation:** The IBC establishes a structured process for resolution, including timelines

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**Application:** In this case, the applicant sought to submit a resolution plan after the COC

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Afita Construction…
- **Respondents:** Neoaska Pharma…

## Timeline

- **2023-06-28 — Hearing…**: Hearing held on…
- **2022-09-17 — 5th CoC M…**: The Applicant was invited to attend the 5th CoC meeting on 17.09.2022 wherein the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/neoaska-pharma-pvt-ltd-ia-ibc-1410-1344-2022-ivnp-ibc-7-2022-in-company-petition-11b000cb