# In the matter of BKR Hotels and Resorts Pvt. Ltd. MA-232-2019 In CP-472- (IB)-2017

> NCLT judgment dated 2019-04-22. Citation: TCN-2019-NCLT-03798. The case involves an application before the National Company Law Tribunal (NCLT), Chennai…

- **Court:** NCLT
- **Order date:** 22 Apr 2019
- **Citation:** TCN-2019-NCLT-03798
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bkr-hotels-and-resorts-pvt-ltd-ma-232-2019-in-cp-472-ib-2017-13c2a28a

## Summary

### Background

The case involves an application before the National Company Law Tribunal (NCLT), Chennai Bench, concerning a corporate insolvency resolution process. The Counsel for the Corporate Debtor has submitted that the Corporate Debtor is willing to settle the debt and has requested time to file a report before the Resolution Professional (RP).

## Facts

The application number is MA/232/2019, and the petition number is CP/472/(IB)/2017. R. Venkatakrishnan is the petitioner, and BKR Hotels and Resorts Pvt Ltd is the respondent. The application is filed under Section 33 of the Insolvency and Bankruptcy Code (IBC). The Counsel for the Corporate Debtor has submitted that the Corporate Debtor is willing to settle the debt and has requested time to file a report before the RP. The tribunal directed the Corporate Debtor to make a representation before the RP within two working days, and the RP is to convene a meeting of the CoC within a week to consider the settlement proposal. The RP is to report the outcome on the next hearing date, which is scheduled for 01.05.2019.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be granted time to file a report before the Resolution …

**Ratio:** The principle of facilitating settlement and promoting resolution in insolvency

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**Reasoning:** The court considered the submission of the Counsel for the Corporate Debtor that the

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**Interpretation:** This involves interpreting the IBC's provisions to encourage settlement and

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**Application:** The court applied this principle by allowing the Corporate Debtor time to file

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** R.VENKATAKR…
- **Respondents:** BKR HOTELS AND…

## Timeline

- **2019-04-22 — Hearing…**: Hearing of Chennai Bench, Chennai National…
- **2019-05-01 — Next Hearin…**: The case is put up on 01.05.2019 at 10.30 A.M. for the RP to report the outcome of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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