# In the matter of BKR Hotels and Resorts Private Limited IA-422-2020 in CP-472-IB-2017

> NCLT judgment dated 2020-07-23. Citation: TCN-2020-NCLT-00979. The case involves an application filed by the Liquidator of BKR Hotels and Resorts Private…

- **Court:** NCLT
- **Order date:** 23 Jul 2020
- **Citation:** TCN-2020-NCLT-00979
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bkr-hotels-and-resorts-private-limited-ia-422-2020-in-cp-472-ib-2017-ab159b33

## Summary

### Background

The case involves an application filed by the Liquidator of BKR Hotels and Resorts Private Limited, which is undergoing liquidation. The Corporate Insolvency Resolution Process (CIRP) was initiated against the company based on an application by Indian Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Tribunal ordered the CIRP on 2018-08-14. The applicant was appointed as Interim Resolution Professional and later confirmed as Resolution Professional. As no resolution plan was received, the company was ordered to be liquidated on 2019-05-03, and the applicant was appointed as Liquidator.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. BKR Hotels and Resorts Private Limited based on an application by Indian Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was ordered on 2018-08-14. Subsequently, the company was ordered to be liquidated on 2019-05-03, and a Liquidator was appointed. The Corporate Debtor owns a BMW car with registration number TN 09 BU 2525, which is part of the liquidation estate. The Respondent, a former director of the company, is in possession of the vehicle but has failed to hand it over to the Liquidator despite repeated intimations between 2019-06-03 and 2020-01-27. The Liquidator approached the police for assistance. The Respondent sought time to file a response and expressed

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## Issues and analysis

### Issue 1: Whether the Respondent is obligated to hand over the BMW car, registration number TN 09 BU 2525, to …

**Ratio:** Section 36 of the I&B Code, 2016 defines the 'Liquidation Estate' and stipulates that

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**Reasoning:** The Tribunal found that the BMW car is owned by the Corporate Debtor and, therefore,

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**Interpretation:** Section 36 of the I&B Code mandates that the Liquidator must take custody

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**Application:** The BMW car, being an asset owned by the Corporate Debtor, falls within the

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** R.VENKATAKR…
- **Respondents:** M/s. BKR Hotels &…; Balakrishnaraja…

## Timeline

- **2018-08-14 — CIRP Ord…**: Corporate Insolvency Resolution Process (CIRP) ordered by the Tribunal based on an…
- **2019-05-03 — Liquidation…**: The Company was ordered to be liquidated…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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