# 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-02775. 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-02775
- **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-2822bd7b

## 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, and to condone the delay in submitting the plan. The Applicant was invited to the 5th CoC meeting on 17.09.2022, where Madhya Pradesh Waste Management Private Limited (MPWMPL)'s Resolution Plan was presented to the COC. The applicant was not satisfied with the resolution plan submitted by the SRA as the plan was covering only 4% of the Operational Creditor's claim.

## Facts

Afita Construction Pvt Ltd, an Operational Creditor, filed an application (IA No. 1410/2022) seeking permission to submit a Resolution Plan and have the delay condoned. The applicant had attended the 5th CoC meeting where a resolution plan by Madhya Pradesh Waste Management Private Limited (MPWMPL) was presented. The applicant was dissatisfied with the existing plan, which covered only 4% of their claim. The COC had already approved a Resolution Plan received after the publication of Form-G. The applicant had not submitted its proposal pursuant to Form-G. The resolution plan submitted by the SRA had been voted on by the COC on 2022-11-10. The applicant sought to submit a resolution plan after the COC's approval of another plan.

## Issues and analysis

### Issue 1: Whether the Applicant can submit a resolution plan post approval of the resolution plan of one of …

**Ratio:** The Insolvency and Bankruptcy Code (IBC) does not allow for the submission of a

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**Reasoning:** The court reasoned that permitting such a process would be unknown to the IBC and

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**Interpretation:** The IBC's intent is to provide a structured framework for insolvency

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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

- **2022-09-17 — 5th CoC M…**: The Applicant was invited to attend the 5th CoC meeting where the Resolution Plan…
- **2022-11-10 — Resolution Plan Voted…**: The resolution plan submitted by…

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