# In the matter of Krish (Raipur) Hotels Private Limited IA(IB) No. 272-KB-2021 in CP(IB) No. 28-KB-2019

> NCLT judgment dated 2021-05-19. Citation: TCN-2021-NCLT-02114. The case involves an application under section 30(6) for approval of a Resolution Plan under…

- **Court:** NCLT
- **Order date:** 19 May 2021
- **Citation:** TCN-2021-NCLT-02114
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/krish-raipur-hotels-private-limited-iaib-no-272-kb-2021-in-cpib-no-28-kb-2019-e39bf49c

## Summary

### Background

The case involves an application under section 30(6) for approval of a Resolution Plan under section 31 of the Insolvency and Bankruptcy Code, 2016, in the matter of CP (IB) No. 263/KB/2018. The initial company petition, CP(IB) No. 28/KB/2019, was filed by JM Financial Asset Reconstruction Co. Ltd against Krish (Raipur) Hotels Private Limited, the Corporate Debtor, under section 7 of the Insolvency and Bankruptcy Code 2016, and was admitted on 2019-09-30. The Resolution Professional (RP) was appointed and later confirmed at the first meeting of the Committee of Creditors (CoC) on 2019-10-23. Public announcements were made to invite claims from creditors. Thirteen CoC meetings were held during the CIRP period. Invitations for Expressions of Interest (EoIs) were issued,

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## Facts

JM Financial Asset Reconstruction Co. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against Krish (Raipur) Hotels Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2019-09-30. Amit Chandrashekhar Poddar was appointed as the Resolution Professional (RP). Public announcements were made to invite claims from financial and operational creditors. Thirteen Committee of Creditors (CoC) meetings were conducted. Expressions of Interest (EoIs) were invited, and five resolution plans were received. The resolution plan submitted by Vyapak Enterprises was approved by the CoC with 100% voting share. Vyapak Enterprises provided a performance security of Rs. 7,50,00,000/-. The Resolution Plan includes

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Vyapak Enterprises complies with the requirements of …

**Ratio:** The Resolution Plan must comply with the provisions of sections 30 and 31 of the IBC,

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**Reasoning:** The Adjudicating Authority found that the Resolution Plan was approved with 100% majority

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**Interpretation:** Sections 30 and 31 of the IBC and regulations 38 and 39 of the IBBI Regulations

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**Application:** In this case, the Adjudicating Authority was satisfied that the Resolution Plan

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** JM Financial…
- **Respondents:** Krish (Raipur)…

## Timeline

- **2019-09-30 — Admission of Company…**: Company petition CP(IB) No. 28/KB/2019 filed by JM Financial Asset Reconstruction Co. Ltd…
- **2019-10-23 — Confirmation of…**: The Applicant/RP was confirmed as the Resolution Professional of the Corporate Debtor at…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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