# In the matter of Shree Aashraya Infra-Con Limited I.A. No.192 of 2022 in CP (IB) No.196-BB-2020

> NCLT judgment dated 2023-02-28. Citation: TCN-2023-NCLT-04417. The case involves an application (I.A. No. 192 of 2022) filed in a Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 28 Feb 2023
- **Citation:** TCN-2023-NCLT-04417
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-aashraya-infra-con-limited-ia-no192-of-2022-in-cp-ib-no196-bb-2020-0ca1d51b

## Summary

### Background

The case involves an application (I.A. No. 192 of 2022) filed in a Corporate Insolvency Resolution Process (CIRP) concerning Shree Aashraya Infra-Con. Limited. The CIRP was initiated based on a petition filed by Shree Aashraya Souhard Credit Society Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the petition on 06.04.2021 and appointed Mr. Hari Babu Thota as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The RP took steps as per the IBC, including issuing public announcements and constituting a Committee of Creditors (CoC). The promoters of the Corporate Debtor submitted a resolution plan, which was considered by the CoC. The RP sought approval for the

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Shree Aashraya Infra-Con. Limited, with Shree Aashraya Souhard Credit Society Limited as the financial creditor. Mr. Hari Babu Thota was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The promoters of the Corporate Debtor submitted a resolution plan for revival. The CoC approved the resolution plan with 100% voting share. The RP determined that certain transactions were preferential in nature. The Resolution Applicants claimed eligibility under Section 29A of the IBC, citing their status as an MSME, and submitted an MSME registration certificate. However, the MSME registration was obtained after the CIRP initiation date. The

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## Issues and analysis

### Issue 1: Whether the MSME certificate obtained after the initiation of CIRP can be considered valid for …

**Ratio:** The ratio is derived from multiple NCLT and NCLAT judgments, including Digambar Anandrao

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**Reasoning:** The Adjudicating Authority reasoned that allowing MSME certificates obtained post-CIRP

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**Interpretation:** The interpretation of Section 29A and Section 240A of the IBC, along with

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**Application:** In this case, the MSME certificate was obtained after the CIRP initiation date.

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** HARI BABU…
- **Respondents:** Shree Aashraya…

## Timeline

- **2020-01-01 — CP(IB)No.196/BB/2020…**: The main Petition bearing CP(IB)No.196/BB/2020 filed by the Financial Creditor i.e.,…
- **2021-04-06 — CIRP Init…**: The Adjudicating Authority admitted the petition and initiated the CIRP of the Corporate…

## 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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