# 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-02752. 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-02752
- **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-8862a6a7

## 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 Committee of Creditors (COC) for approval, also requesting condonation of delay. The Applicant was invited to the 5th CoC meeting on 17.09.2022 where the Resolution Plan submitted by Madhya Pradesh Waste Management Private Limited (MPWMPL) was put before 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. The Applicant felt that it could give a better resolution plan than the one approved by the COC.

## Facts

Afita Construction Pvt Ltd, an Operational Creditor, filed IA No. 1410/2022 seeking directions for the Resolution Professional to accept their Resolution Plan and place it before the COC for approval, also requesting condonation of delay. The Applicant attended the 5th CoC meeting on 17.09.2022 where the Resolution Plan submitted by Madhya Pradesh Waste Management Private Limited (MPWMPL) was considered. The Applicant was dissatisfied with the SRA's Resolution Plan, which covered only 4% of their claim. The COC had already approved a Resolution Plan received pursuant to Form-G publication. The Applicant had not submitted its proposal pursuant to Form-G. The resolution plan submitted by the SRA has been voted by the COC on 10.11.2022.

## 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 provide for a process where an

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**Reasoning:** The court reasoned that permitting the Applicant to submit a resolution plan

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**Interpretation:** The IBC outlines a specific procedure for submitting and approving resolution

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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 — COC Vote on SRA…**: The resolution plan submitted by…

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