# Express Resorts and Hotels Limited vs. Amit Jain, Resolution Professional & Ors.

> NCLAT judgment dated 2024-05-25. Citation: TCN-2026-NCLAT-00204. Express Resorts and Hotels Limited (Successful Resolution Applicant - SRA) filed an appeal…

- **Court:** NCLAT
- **Order date:** 25 May 2024
- **Citation:** TCN-2026-NCLAT-00204
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/express-resorts-and-hotels-limited-vs-amit-jain-resolution-professional-ors-ah6a5

## Summary

### Background

Express Resorts and Hotels Limited (Successful Resolution Applicant - SRA) filed an appeal against the National Company Law Tribunal (NCLT), Ahmedabad Bench's judgment dated 04.03.2024. The NCLT order rejected the resolution plan for Neesa Leisure Limited (Corporate Debtor), which had been approved by the Committee of Creditors (CoC), primarily on the ground of non-compliance with Section 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016). This case represents the third round of litigation concerning the Corporate Insolvency Resolution Process (CIRP) of Neesa Leisure Limited. Previous NCLT orders allowing for fresh resolution plans were set aside by the National Company Law Appellate Tribunal (NCLAT) and upheld by the Supreme Court, directing the NCLT to

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## Facts

The National Company Law Tribunal (NCLT), Ahmedabad Bench, passed a judgment dated 04.03.2024 in IA No. 851 of 2020 in C.P. (IB) No. 127 of 2017.

The NCLT judgment rejected the resolution plan submitted by Express Resorts and Hotels Limited (Appellant/SRA) for Neesa Leisure Limited (Corporate Debtor).

The resolution plan had been approved by the Committee of Creditors (CoC) with a 67.85% voting share on 24.10.2020.

The NCLT rejected the plan primarily for alleged non-compliance with Section 31(1) of the IBC, 2016.

This appeal marks the third round of litigation related to the Corporate Insolvency Resolution Process (CIRP) of Neesa Leisure Limited.

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## Issues and analysis

### Issue 1: Whether the NCLT erred in rejecting the resolution plan approved by the Committee of Creditors …

**Ratio:** The NCLT's assumption of a non-transparent process was without basis, and negotiating

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**Reasoning:** The NCLT failed to provide specific reasons or evidence for its claim of a

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**Interpretation:** The NCLT's jurisdiction is limited to verifying compliance with Section 30(2)

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**Application:** The resolution plan, being compliant with IBC Sections 29A, 30, and 31(1) and

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## Parties

- **Judges:** Yogesh K…; Ajai Das Me…
- **Appellants:** Express Resorts…; GSEC Li…; +4 more
- **Respondents:** Neesa Leisure…; Amit…; +14 more
- **Other parties:** SBI…; ARCI Li…; +13 more
- **Advocates:** Abhijeet…; Raheel…; +16 more

## Timeline

- **2017 — Original Case…**: C.P. (IB) No. 127 of 2017, the original case…
- **2019-04-26 — CIRP Init…**: The Corporate Debtor, Neesa Leisure Limited, was admitted to CIRP under Section 7 of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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