# In the matter of Malabar Hotels Pvt Ltd. (Sriharan Vs. Malabar Hotels Pvt Ltd. & Anr.) MAs-249, 264, 268-2018 in TCP-198-(IB)-2017

> NCLT judgment dated 2018-08-03. Citation: TCN-2018-NCLT-01007. The case involves three applications (MA/249/IB/2018, MA/264/IB/2018, and MA/268/IB/2018) filed…

- **Court:** NCLT
- **Order date:** 3 Aug 2018
- **Citation:** TCN-2018-NCLT-01007
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/malabar-hotels-pvt-ltd-sriharan-vs-malabar-hotels-pvt-ltd-anr-mas-249-264-268-20-5c1f3ec3

## Summary

### Background

The case involves three applications (MA/249/IB/2018, MA/264/IB/2018, and MA/268/IB/2018) filed under Section 60, 30(6), and 60 of the Insolvency and Bankruptcy Code, 2016 (IBC). MA/249/IB/2018 was filed by the erstwhile Managing Director of the Corporate Debtor, seeking investigation into the utilization of insurance money and provision of company valuation information. MA/264/IB/2018 was filed by the Resolution Professional (RP) for approval of the Resolution Plan. MA/268/IB/2018 was filed by a third party seeking directions to the RP to provide company information for submitting a resolution plan.

## Facts

TCP/198(IB)/2017 was admitted, and CIRP commenced on 2017-08-16, with Mr. V. Nagarajan appointed as IRP, later RP. The CIRP period was extended. The 9th CoC approved a Resolution Plan by Mr. Sarang Sudhakar Kale. The RP filed MA/264/IB/2018 for approval of the Resolution Plan. The erstwhile Managing Director filed MA/249/IB/2018 seeking investigation into insurance money utilization. The RP filed MA/185/IB/2018 for approval of a resolution plan, which was disposed of. A third party filed MA/268/IB/2018 seeking directions to the RP for company information to submit a resolution plan for Rs. 110 crores. The applicants in MA/249/IB/2018 and MA/268/IB/2018 failed to pay the earnest money deposit of Rs. 25 lakhs. The Resolution Plan submitted by the RP in MA/264/IB/2018

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## Issues and analysis

### Issue 1: Whether the applications MA/249/IB/2018 and MA/268/IB/2018 should be allowed given the applicants' …

**Ratio:** Applicants must comply with the stipulated requirements and timelines for submitting an

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**Reasoning:** The Tribunal found that the applicants in MA/249/IB/2018 and MA/268/IB/2018 were given

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**Interpretation:** The legal principle emphasizes the importance of adhering to the procedural

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**Application:** The applicants' failure to submit an EOI/Resolution Plan and pay the earnest

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## Parties

- **Judges:** K. Anantha…; S. VIJAYARA…
- **Appellants:** Sriha…
- **Respondents:** M/s.MALABAR…

## Timeline

- **2017-08-16 — Commencement…**: CIRP commenced with Mr. V.…
- **2018-02-02 — Extension of CI…**: The period of CIRP was extended for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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