# In the matter of Jalan Intercontinental Hotels (P) Ltd.

> NCLT judgment dated 2018-05-07. Citation: TCN-2018-NCLT-01456. The case involves CA(IB) No. 405/KB/2018 in CP(IB) No. 397/KB/2017 concerning Edelweiss Asset…

- **Court:** NCLT
- **Order date:** 7 May 2018
- **Citation:** TCN-2018-NCLT-01456
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jalan-intercontinental-hotels-p-ltd-f86f4d80

## Summary

### Background

The case involves CA(IB) No. 405/KB/2018 in CP(IB) No. 397/KB/2017 concerning Edelweiss Asset Reconstruction Co. Ltd. versus Jalan Intercontinental Hotels (P) Ltd. A resolution applicant (ranked H-2) filed CA(IB) No. 405/KB/2018, seeking a stay of the H-1 applicant's rank and an opportunity to revise its bid. The Resolution Professional (RP) stated that a Modified Information Memorandum was published, allowing applicants to revise their offers, and the H-2 applicant submitted a revised offer on 26/04/2018, which was less than the H-1 applicant's offer.

## Facts

Edelweiss Asset Reconstruction Co. Ltd. initiated a corporate insolvency resolution process against Jalan Intercontinental Hotels (P) Ltd. A resolution applicant, ranked H-2, filed an application seeking a stay of the H-1 applicant's rank and an opportunity to revise its bid. The Resolution Professional (RP) had issued a Modified Information Memorandum, allowing applicants to revise their offers. The H-2 applicant submitted a revised offer on 26/04/2018, which was lower than the H-1 applicant's offer. The H-1 applicant objected to the court issuing directions to the RP to reconsider the offers. The Committee of Creditors (CoC) had not yet finalized the resolution plan.

## Issues and analysis

### Issue 1: Whether the Resolution Professional should be directed to reconsider the modified offer submitted …

**Ratio:** The court has the power to issue directions to the Resolution Professional to ensure a

…

**Reasoning:** The court reasoned that the objection from the H-1 applicant lacked legal force because

…

**Interpretation:** This implies that the court prioritizes maximizing the value of the corporate

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**Application:** The court applied this principle by directing the RP to receive a modified

…

## Parties

- **Judges:** Jinan…; Madan B.…
- **Appellants:** Edelweiss Asset…
- **Respondents:** Jalan Intercontine…
- **Advocates:** Lishou cho…; Nilay Sen…; +10 more

## Timeline

- **2018-05-07 — Hearing…**: Attendance-cum-order sheet of the…
- **2018-04-26 — Revised Offer S…**: H-2 applicant submitted…

## 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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