# In the matter of V.A.M Resorts and Hotels Private Limited CA No. 310 of 2020 in CP(IB) No. 353-ALD-2018

> NCLT judgment dated 2021-07-05. Citation: TCN-2021-NCLT-01855. The case involves an application filed under Section 33(1)(a) read with 33(2) of the Insolvency…

- **Court:** NCLT
- **Order date:** 5 Jul 2021
- **Citation:** TCN-2021-NCLT-01855
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vam-resorts-and-hotels-private-limited-ca-no-310-of-2020-in-cpib-no-353-ald-2018-06944cfd

## Summary

### Background

The case involves an application filed under Section 33(1)(a) read with 33(2) of the Insolvency and Bankruptcy Code by the Resolution Professional seeking an order for the liquidation and appointment of a liquidator for the Corporate Debtor, V.A.M Resorts and Hotels Pvt. Ltd. The CIRP was initiated following a petition filed by the Financial Creditor under Section 7 of the Code. The Resolution Professional, Mr. Ashish Singh, was appointed as the IRP and later confirmed as RP. Despite efforts, no resolution plan was received, and the CoC ultimately resolved to liquidate the Corporate Debtor.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against V.A.M Resorts and Hotels Private Limited based on a petition filed by the Financial Creditor, Indiabulls Housing Finance Ltd., under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Ashish Singh was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Several Committee of Creditors (CoC) meetings were held to discuss the progress of the CIRP. Despite efforts to invite resolution plans, including publishing Form G and extending deadlines, no viable resolution plan was received. The CoC also considered a settlement request from the ex-directors, but the settlement failed. Ultimately, the CoC resolved with 100% voting share to

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, V.A.M Resorts and Hotels Pvt. Ltd., should be liquidated under …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code (IBC) mandates that if the

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**Reasoning:** The Tribunal observed that the resolution process had failed, no approved resolution plan

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**Interpretation:** Section 33(1)(a) of the IBC provides a clear directive for liquidation when the

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**Application:** In this case, the resolution process failed, no resolution plan was received,

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** Ashish…
- **Respondents:** V.A.M RESORTS AND…; Indiabulls…
- **Advocates:** Tanmay…

## Timeline

- **2018-01-01 — CIRP Init…**: CIRP initiated in…
- **2019-10-24 — Adjudicating Authority…**: Adjudicating Authority order based on a petition filed by the Financial creditor under…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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