# In the matter of Viceroy Hotels Ltd. CP (IB) No. 219-7-HDB-2017

> NCLT judgment dated 4 Oct 2018. Citation: TCN-2018-NCLT-00671. The primary case involves an application filed by Asset Reconstruction Company (India) Limited…

- **Court:** NCLT
- **Order date:** 4 Oct 2018
- **Citation:** TCN-2018-NCLT-00671
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/viceroy-hotels-ltd-cp-ib-no-219-7-hdb-2017-36c33bf4

## Summary

### Background

The primary case involves an application filed by Asset Reconstruction Company (India) Limited (ARCIL), the Financial Creditor, under Section 24(3) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. ARCIL sought a stay on the reconstituted Committee of Creditors (CoC) as notified by the Resolution Professional and a directive to prevent the Resolution Professional from making any further decisions, including entertaining new claims, until the final disposal of this application. The Corporate Insolvency Resolution Process (CIRP) was initiated against Viceroy Hotels Limited (Corporate Debtor) by an order dated March 12, 2018, and Shri Koteshwara Rao Karuchola was appointed as the Interim Resolution

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## Facts

Asset Reconstruction Company (India) Limited (ARCIL), the Financial Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against Viceroy Hotels Limited (Corporate Debtor) under Section 7 of the IBC, 2016. The NCLT admitted the petition on March 12, 2018, and appointed Shri Koteshwara Rao Karuchola as the Interim Resolution Professional (IRP), who was later confirmed as the Resolution Professional (RP) in the first Committee of Creditors (CoC) meeting on April 19, 2018.

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## Issues and analysis

### Issue 1: Whether the Resolution Professional committed irregularities in conducting the CIRP, including the…

**Ratio:** The court did not explicitly lay down a legal rule on this specific point but…

**Reasoning:** The Applicant alleged that the Resolution Professional (RP) did not accurately record the…

**Interpretation:** The Tribunal interpreted the RP's actions in light of the allegations and…

**Application:** The Tribunal did not directly apply a specific legal provision to rule on the…

## Parties

- **Judges:** Ratakonda…; Pava…
- **Advocates:** For the Applicant:…; Shabbeer Ahmed,…; +8 more

## Timeline

- **March 12, 2018 — CIRP Init…**: Corporate Insolvency Resolution Process initiated against Viceroy Hotels Limited, and…
- **March 17, 2018 — Public Annou…**: Resolution Professional issued public…

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