# In the matter of Jalan Intercontinental Hotels (P) Ltd. CA (IB) No. 743-KB-2018 in CP (IB) No. 397-KB-2017

> NCLT judgment dated 2018-08-24. Citation: TCN-2018-NCLT-00900. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 24 Aug 2018
- **Citation:** TCN-2018-NCLT-00900
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jalan-intercontinental-hotels-p-ltd-ca-ib-no-743-kb-2018-in-cp-ib-no-397-kb-2017-1c4f8d25

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. It also concerns an application under Sections 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, read with Rule 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 11 of the National Company Law Tribunal Rules, 2016. The Adjudicating Authority admitted the Corporate Insolvency Resolution Process (CIRP) application filed by the financial creditor under Section 7 of the I&B Code, 2016. The Interim Resolution Professional (IRP) was appointed, who then issued announcements in

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## Facts

Edelweiss Asset Reconstruction Company Limited initiated Corporate Insolvency Resolution Process (CIRP) against Jalan Intercontinental Hotels Private Limited by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application and appointed an Interim Resolution Professional (IRP), who was later confirmed as the Resolution Professional (RP). The RP invited claims from creditors and constituted a Committee of Creditors (CoC). The CIRP period was extended. Multiple entities expressed interest in submitting resolution plans, and after a series of evaluations and challenges, the CoC approved the resolution plan submitted by H-1 bidder with a 99.67% vote share. The H-2 bidder challenged the declaration of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the H-1 bidder meets the requirements of sub-section (2) …

**Ratio:** Section 30(2) of the I&B Code specifies the requirements that a resolution plan must

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**Reasoning:** The Resolution Professional submitted that sub-section (2) of Section 30 of the I&B

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**Interpretation:** Section 30(2) sets the minimum standards for a resolution plan to be considered

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**Application:** The Adjudicating Authority relied on the RP's submission and the CoC's approval

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## Parties

- **Judges:** Jinan…
- **Appellants:** Edelweiss Asset…
- **Respondents:** Jalan Intercontine…; Jalan Intercontine…
- **Advocates:** Sumant…; Rahul A…; +11 more

## Timeline

- **2017-08-29 — Order by Adjudicating…**: The Adjudicating Authority admitted the C.P. (IB) No. 397/KB/2017 filed by the…
- **2017-09-02 — Announcement…**: The IRP issued the announcement in two newspapers, "The Business Standard" and "Aajkal",…

## 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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