# 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-03806. The case involves a hearing at the National Company Law Tribunal (NCLT), Chennai Bench,…

- **Court:** NCLT
- **Order date:** 22 Apr 2019
- **Citation:** TCN-2019-NCLT-03806
- **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-a0afa4e7

## Summary

### Background

The case involves a hearing at the National Company Law Tribunal (NCLT), Chennai Bench, concerning an application under the Insolvency and Bankruptcy Code (IBC). The Resolution Professional and Counsel for the Corporate Debtor are present. The Corporate Debtor has expressed willingness to settle the debt.

## Facts

The hearing took place at the National Company Law Tribunal, Chennai Bench. 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 case is under Section 33 of the IBC. The Corporate Debtor's counsel expressed willingness to settle the debt. The court directed the Corporate Debtor to make a representation to the RP within two working days, and the RP to convene a CoC meeting within a week to consider the proposal. The outcome is to be reported on 01.05.2019.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be given an opportunity to present a settlement proposal to the …

**Ratio:** The court has the power to direct the Corporate Debtor to make a representation before

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

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**Interpretation:** This demonstrates the court's willingness to explore settlement options during

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**Application:** The court applied this principle by directing BKR Hotels and Resorts Pvt Ltd to

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## Parties

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

## Timeline

- **2017-01-01 — Petition…**: CP/472/(IB)/2017…
- **2019-04-22 — Hearing…**: Hearing held at NCLT…

## 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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