# In the matter of Vistar Construction Pvt. Ltd.

> NCLT judgment dated 2023-09-18. Citation: TCN-2023-NCLT-01562. The case pertains to IA No. 3636/ND/2023 filed in Company Petition No. (IB)-662(ND)/2021 by Mr.…

- **Court:** NCLT
- **Order date:** 18 Sept 2023
- **Citation:** TCN-2023-NCLT-01562
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vistar-construction-pvt-ltd-55f05bd4

## Summary

### Background

The case pertains to IA No. 3636/ND/2023 filed in Company Petition No. (IB)-662(ND)/2021 by Mr. Amit Agrawal, the Resolution Professional (RP) of Vistar Construction Private Limited, seeking approval of a revised resolution plan submitted by M/s Masatya Technologies Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Vistar Construction Private Limited based on an application by Pragati Impex India Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The RP constituted a Committee of Creditors (CoC) with Pragati Impex India Pvt Limited as the sole financial creditor. The RP received two resolution plans, one from M/s Masatya Technologies Private Limited and another from M/s Evalina Powertec Systems

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## Facts

1. Pragati Impex India Private Limited initiated CIRP against Vistar Construction Private Limited under Section 7 of IBC, 2016.
2. The application was admitted on 05.08.2022.
3. Mr. Ankit Agrawal was initially appointed as IRP and later replaced by Mr. Amit Agrawal as RP.
4. The IRP made a public announcement on 06.08.2022, inviting claims.
5. The RP constituted a CoC comprising Pragati Impex India Pvt Limited as the sole financial creditor.
6. The RP published Form G on 07.10.2022 and 06.01.2023, inviting EOIs.
7. The RP received 5 EOIs and subsequently received 2 resolution plans from M/s Masatya Technologies Private Limited and M/s Evalina Powertec Systems Private Limited.
8. The CoC asked both PRAs to revise their plans.
9. M/s Masatya Technologies Private Limited

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## Issues and analysis

### Issue 1: Whether the Resolution Professional failed to adequately value and include newly discovered assets …

**Ratio:** The Resolution Professional is responsible for preparing an Information Memorandum (IM)

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**Reasoning:** The NCLT observed that properties at Dwarka, New Delhi, were discovered after the IM was

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**Interpretation:** The legal interpretation is that the Resolution Professional has a continuous

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**Application:** In this case, the RP's failure to re-value and include the Dwarka properties in

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. L. N.…
- **Appellants:** M/s Pragati Impex…
- **Respondents:** Vistar Constructio…; M/s Vistar…
- **Advocates:** Abhishek…; Mohak S…; +6 more

## Timeline

- **2021-01-01 — Company Petiti…**: Company Petition No.…
- **2022-05-08 — CIRP Init…**: CIRP initiated against Vistar Construction…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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