# In the matter of Sri Ramani Resorts and Hotels Pvt. Ltd. CP(IB)-22(CHE)-2022

> NCLT judgment dated 2022-06-06. Citation: TCN-2022-NCLT-04684. State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 6 Jun 2022
- **Citation:** TCN-2022-NCLT-04684
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/sri-ramani-resorts-and-hotels-pvt-ltd-cpib-22che-2022-46513f66

## Summary

### Background

State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sri Ramani Resorts and Hotels Pvt. Ltd. seeking initiation of the Corporate Insolvency Resolution Process (CIRP).

## Facts

State Bank of India, the Financial Creditor, claimed a sum of Rs. 21,67,53,162.30 as financial debt.

The Corporate Debtor, Sri Ramani Resorts and Hotels Pvt. Ltd., is a limited company incorporated on 20.05.2021.

The date of occurrence of default is mentioned as 13.11.2019.

The Corporate Debtor availed a credit facility of Rs. 15,00,00,000 from the Financial Creditor.

The Corporate Debtor's account was classified as Non-Performing Asset (NPA) on 30.07.2016.

The Financial Creditor filed OA No. 242/2017 before DRT-II, Chennai for recovery of Rs. 15,18,93,952.

The Corporate Debtor admitted its liability to the Financial Creditor by offering one-time settlement proposals.

The Financial Creditor issued a Demand Notice dated 12.08.2016 under Section 13(2) of the SARFAESI Act.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 is complete and …

**Ratio:** The Adjudicating Authority is satisfied that the debt disbursed by the Financial Creditor

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**Reasoning:** The Corporate Debtor admitted its liability in the OTS proposal letter dated 04.08.2021.

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**Interpretation:** The Adjudicating Authority only requires a sufficient proof for debt and

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**Application:** The application was admitted under

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## Parties

- **Judges:** (RETD.) RAMALINGAM…; Anil Ku…
- **Appellants:** State Bank of…
- **Respondents:** Ramani Resorts…
- **Other parties:** Mr.NavneethVasudev…
- **Advocates:** Mr.K.Chandrasekara…; Mr.RaviMeenakshisu…

## Timeline

- **2016-07-30 — NPA Decla…**: Account of the Corporate Debtor was…
- **2019-11-13 — Date of D…**: Date of occurrence of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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