# In the matter of BJN Hotels Limited C.P.(IB) No.49-BB-2017

> NCLT judgment dated 2018-06-04. Citation: TCN-2018-NCLT-01337. The case pertains to a Company Petition (IB) No. 49/BB/2017 filed by Edelweiss Asset…

- **Court:** NCLT
- **Order date:** 4 Jun 2018
- **Citation:** TCN-2018-NCLT-01337
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bjn-hotels-limited-cpib-no49-bb-2017-62e1270b

## Summary

### Background

The case pertains to a Company Petition (IB) No. 49/BB/2017 filed by Edelweiss Asset Reconstruction Company Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against BJN Hotels Limited (Corporate Debtor). The Adjudicating Authority admitted the case on September 25, 2017, initiating CIRP and appointing Shri Vikram Bajaj as Interim Resolution Professional, who was later confirmed as Resolution Professional. The Committee of Creditors (CoC) decided to invite Expression of Interest for a resolution plan, with the last date fixed as January 15, 2018, later extended to January 23, 2018. Several resolution applicants submitted plans, including Cigam Ventures Private Limited, Hotel Polo

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## Facts

Edelweiss Asset Reconstruction Company Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against BJN Hotels Limited. The petition was admitted on September 25, 2017. BJN Hotels Limited has two businesses: hotel operations ('Museum Inn' Hotel, closed since October 2016) and restaurant business (37 restaurants at its peak). Edelweiss Asset Reconstruction Company Limited (EARCL) took possession of the 'Museum Inn' Hotel under the SARFAESI Act. As of the commencement of insolvency, only one restaurant, 'Samarkhand', was operational, employing 47 people. The Committee of Creditors approved a Resolution Plan under Section 30(4) of the IBC, seeking to revive the hotel and restaurant businesses. The Resolution Plan submitted

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Sunspaze Homes LLP complies with the provisions of the …

**Ratio:** Section 30(2) of the IBC and Regulation 38 of the CIRP Regulations outline the

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**Reasoning:** The Adjudicating Authority considered the Resolution Professional's certification that

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**Interpretation:** Section 30(2) mandates that a resolution plan must adhere to specific criteria,

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**Application:** The Resolution Plan was found to comply with Section 30(2)(a) regarding CIRP

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** Edelweiss Asset…
- **Respondents:** BJN Hotels…

## Timeline

- **2017-09-25 — Admission o…**: The case was admitted by the Adjudicating Authority, initiating Corporate Insolvency…
- **2017-10-24 — Confirmation of…**: Shri Vikram Bajaj was confirmed as Resolution Professional by the Committee of Creditors…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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