The appeal challenges the order dated 31.03.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad) dismissing an application filed by the Appellant under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The application sought reliefs against the Rajasthan State Industrial and Investment Corporation (RIICO). RIICO had allotted land to Neesa Leisure Ltd. (Corporate Debtor), which availed loan facilities and developed a hotel. RIICO cancelled the lease deed on 01.12.2015. The Corporate Debtor's appeal against this cancellation was dismissed. The Corporate Debtor's account was declared an NPA, and SARFAESI proceedings were initiated. ACRE filed an application under Section 7 of the Code, which was admitted. An IRP was appointed,
…RIICO allotted institutional land to Neesa Leisure Ltd. (Corporate Debtor). Neesa Leisure Ltd. availed loan facilities and developed a hotel. RIICO cancelled the lease deed on 01.12.2015. The Corporate Debtor challenged this cancellation, but the appeal was dismissed. The Corporate Debtor's account was declared an NPA, and SARFAESI proceedings were initiated. Axis Bank assigned its rights to ACRE. ACRE filed an application under Section 7 of the IBC, which was admitted. An IRP was appointed and later replaced by Mr. Amit Jain. A resolution plan was approved by the CoC. Elica Hospitality LLP (Appellant) claims to have entered into a Management Contract Agreement/Lease Agreement with the Corporate Debtor on 01.04.2017, after the lease deed was cancelled. RIICO allegedly
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The appeal challenges the order dated 31.03.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad) dismissing an application filed by the Appellant under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The application sought reliefs against the Rajasthan State Industrial and Investment Corporation (RIICO). RIICO had allotted land to Neesa Leisure Ltd. (Corporate Debtor), which availed loan facilities and developed a hotel. RIICO cancelled the lease deed on 01.12.2015. The Corporate Debtor's appeal against this cancellation was dismissed. The Corporate Debtor's account was declared an NPA, and SARFAESI proceedings were initiated. ACRE filed an application under Section 7 of the Code, which was admitted. An IRP was appointed,
…RIICO allotted institutional land to Neesa Leisure Ltd. (Corporate Debtor). Neesa Leisure Ltd. availed loan facilities and developed a hotel. RIICO cancelled the lease deed on 01.12.2015. The Corporate Debtor challenged this cancellation, but the appeal was dismissed. The Corporate Debtor's account was declared an NPA, and SARFAESI proceedings were initiated. Axis Bank assigned its rights to ACRE. ACRE filed an application under Section 7 of the IBC, which was admitted. An IRP was appointed and later replaced by Mr. Amit Jain. A resolution plan was approved by the CoC. Elica Hospitality LLP (Appellant) claims to have entered into a Management Contract Agreement/Lease Agreement with the Corporate Debtor on 01.04.2017, after the lease deed was cancelled. RIICO allegedly
…RIICO allotted…
RIICO and Neesa…