# Ashok Commercial Enterprises vs. Ariisto Developers Pvt. Ltd.

> NCLT judgment dated 2021-03-23. Citation: TCN-2021-NCLT-03432. Ashok Commercial Enterprises filed an application against Ariisto Developers Pvt. Ltd.…

- **Court:** NCLT
- **Order date:** 23 Mar 2021
- **Citation:** TCN-2021-NCLT-03432
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/ashok-commercial-enterprises-vs-ariisto-developers-pvt-ltd-otfjgrbp

## Summary

### Background

Ashok Commercial Enterprises filed an application against Ariisto Developers Pvt. Ltd. regarding the adjourned 20th meeting of the Committee of Creditors (CoC) held on 13.11.2019.

## Facts

Ashok Commercial Enterprises filed an application seeking to address the role of the Respondent in the adjourned 20th CoC meeting.

The applicant alleged the distribution matrix was altered after they voted and left the meeting.

The applicant objected to the success fee approved by the Committee of Creditors.

The RP denied unilaterally imposing the distribution matrix, stating the CoC finalized it.

The RP argued the applicant was delaying the approval of the Resolution Plan submitted by Prestige Estates Projects Ltd.

The COC unanimously approved the Resolution Plan submitted by Prestige Estates Projects Ltd.

The applicant voted in favour of the plan.

…

## Issues and analysis

### Issue 1: Whether the RP acted inappropriately in altering the distribution matrix after the Applicant left …

**Ratio:** The authority to determine the inter se sharing among CoC members lies within the domain

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**Reasoning:** The counsel appearing for the applicant stated that the Respondent formulated a

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**Interpretation:** The tribunal must assess whether the distribution matrix was unilaterally

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**Application:** If the tribunal finds that the distribution matrix was unilaterally imposed or

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## Parties

- **Judges:** H.V. Subb…; Shyam Babu…
- **Appellants:** Ashok Commercial…; Jayesh Shan…
- **Respondents:** Ariisto Developers…; Divine Inve…; +7 more
- **Other parties:** Dipco Pvt…; HDFC…; +6 more
- **Advocates:** Krupa R.…; Zal Andhya…; +1 more

## Timeline

- **2019-11-13 — 20th CoC M…**: The adjourned 20th CoC meeting, whereby application seeks to surface the role of the…
- **2021-03-23 — Order Pron…**: Order pronounced on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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