NCLT approves Rs 83.40 cr resolution plan for Astral Steritech

The National Company Law Tribunal (NCLT), Ahmedabad Bench (Court – 2), has approved Rs 83.40 crore Resolution Plan for Astral Steritech Private Limited, the Corporate Debtor, under Sections 30 and 31 of the Insolvency and Bankruptcy Code, 2016 (IBC). The order was pronounced today, 5 June 2025, by the Coram of Hon’ble Mrs. Chitra Hankare, Member (Judicial), and Dr Velamur G Venkata Chalapathy, Member (Technical).

Case Details

• Corporate Debtor: Astral Steritech Private Limited
• Case Number: IA(Plan)/7(AHM)/2025 in C.P.(IB)/286(AHM)/2023
• Applicant (RP): Manish Santosh Buchasia
• CIRP against Astral Steritech was initiated on 10 June 2024 by operational creditor Piramal Critical Care Inc for defaulting on loan facilities granted in 1995

Resolution Plan & Approval: The Resolution Plan was submitted by Asons Pharmaceuticals Private Limited along with Mr. Jignesh Shah. The Committee of Creditors (CoC), primarily comprising Operational Creditors, approved the plan with a significant majority of 93.46% in its 12th meeting held on February 27, 2025. The approved resolution amount stands at ₹83,40,75,000.

Financial Overview: The NCLT noted that the approved resolution plan amount is higher than the liquidation value of the Corporate Debtor’s assets.

• Fair Value: ₹88,76,69,738
• Liquidation Value: ₹61,46,43,322

The plan is designed to ensure the continuation of Astral Steritech Private Limited as a going concern, aligning with the objectives of the IBC.

Compliance and Monitoring: The Tribunal verified that the Resolution Plan is in full compliance with the mandatory provisions of Section 30(2) of the IBC, read with Regulations 37, 38, 38(1A), and 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Successful Resolution Applicant also meets the eligibility criteria under Section 29A of the IBC.

As per the Resolution Plan, a Monitoring Committee will be constituted. This committee will include a representative of the Operational Creditors, a representative of the Resolution Applicant, and the Resolution Professional, Mr. Manish Santosh Buchasia, who will continue to serve as the Chairman of the Monitoring Committee.

The NCLT’s approval marks a crucial step in the resolution of Astral Steritech Private Limited, paving the way for its revival under the new management.

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