This case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), Hyderabad Bench, approving a resolution plan for Golden Jubilee Hotels Private Limited. EIH Limited, the appellant, is the suspended promoter of the corporate debtor and operator of the hotel. The dispute centers around the eligibility of EIH Limited to continue as the hotel operator under the resolution plan, given its status as a promoter and shareholder of the corporate debtor. The appellant argues that Section 29A of the Insolvency and Bankruptcy Code (IBC) should not apply to them as they are merely a third-party operator and not a resolution applicant. The respondents, including the Resolution Professional and the Successful Resolution Applicant (SRA), contend that
…EIH Limited, the appellant, is the suspended promoter of Golden Jubilee Hotels Private Limited, the corporate debtor, and operates the Hotel Trident. A shareholders agreement was executed between My Home Constructions Private Limited, VBC Finance & Leasing Limited, and EIH Limited. The Corporate Debtor entered into a management agreement with the Appellant. Disputes arose between the Appellant and the Corporate Debtor, leading to arbitration proceedings. Bank of Baroda, a financial creditor, filed an application under Section 7 of the IBC for initiating CIRP against the Corporate Debtor. The Adjudicating Authority admitted the application and declared a moratorium. The Resolution Professional invited Expression of Interest (EOI) from prospective resolution
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My Home Constructions Private Limited, VBC…
A Development Agreement was executed between…
This case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), Hyderabad Bench, approving a resolution plan for Golden Jubilee Hotels Private Limited. EIH Limited, the appellant, is the suspended promoter of the corporate debtor and operator of the hotel. The dispute centers around the eligibility of EIH Limited to continue as the hotel operator under the resolution plan, given its status as a promoter and shareholder of the corporate debtor. The appellant argues that Section 29A of the Insolvency and Bankruptcy Code (IBC) should not apply to them as they are merely a third-party operator and not a resolution applicant. The respondents, including the Resolution Professional and the Successful Resolution Applicant (SRA), contend that
…EIH Limited, the appellant, is the suspended promoter of Golden Jubilee Hotels Private Limited, the corporate debtor, and operates the Hotel Trident. A shareholders agreement was executed between My Home Constructions Private Limited, VBC Finance & Leasing Limited, and EIH Limited. The Corporate Debtor entered into a management agreement with the Appellant. Disputes arose between the Appellant and the Corporate Debtor, leading to arbitration proceedings. Bank of Baroda, a financial creditor, filed an application under Section 7 of the IBC for initiating CIRP against the Corporate Debtor. The Adjudicating Authority admitted the application and declared a moratorium. The Resolution Professional invited Expression of Interest (EOI) from prospective resolution
…My Home Constructions Private Limited, VBC…
A Development Agreement was executed between…