# In the matter of BD and P Hotels (India) Private Limited CP (IB) No.226-MB-IV-2022

> Read the full IBC case summary for In the matter of BD and P Hotels (India) Private Limited CP (IB) No.226-MB-IV-2022. NCLT judgment dated 2023-06-23.…

- **Court:** NCLT
- **Order date:** 23 Jun 2023
- **Citation:** TCN-2023-NCLT-05418
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bd-and-p-hotels-india-private-limited-cp-ib-no226-mb-iv-2022-facc68de

## Summary

### Background

The Financial Creditor, Bank of India Limited, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against BD & P Hotels (India) Private Limited, the Corporate Debtor, due to a default in repayment of a financial debt.

## Facts

Bank of India Limited, the Financial Creditor, filed an application under section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against BD & P Hotels (India) Private Limited, the Corporate Debtor. The total amount claimed by the Financial Creditor was Rs. 1,11,61,53,766/- as of December 31, 2021, with further interest and penal interest. The date of default was stated as February 1, 2017. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on May 29, 2015.

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## Issues and analysis

### Issue 1: Whether the application filed by the…

**Ratio:** Acknowledgements of debt in audited financial statements and OTS proposals extend the…

**Reasoning:** The NCLT found that the Corporate Debtor had acknowledged the debt through various…

**Interpretation:** The NCLT interpreted Section 18 of the Limitation Act, 1963, to mean that a…

**Application:** The Corporate Debtor's acknowledgements of debt on November 1, 2017, and March…

## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Advocates:** Zal Andhya…; Karan B…; +5 more

## Timeline

- **May 29, 2015 — Account decla…**: The Corporate Debtor's account was…
- **February 1, 2017 — Date of D…**: The date of default in repayment of…

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