# Approval of Resolution plan- Auromatrix Hotels Private Limited

> NCLT judgment dated 2024-05-09. Citation: TCN-2024-NCLT-01386. The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 9 May 2024
- **Citation:** TCN-2024-NCLT-01386
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-auromatrix-hotels-private-limited-6551ea52

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Regulation 39(4) of the IBBI (Insolvency Resolution for Corporate Persons) Regulations, 2016, seeking approval of the Resolution Plan submitted by Mr. Kumaran Sitaraman for Auromatrix Hotels Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Auromatrix Hotels Private Limited based on an application filed by IDBI Bank under Section 7 of the IBC. The Committee of Creditors (CoC) approved the resolution plan with a 100% voting share. The Resolution Professional (RP) verified the eligibility of the resolution applicants under Section 29A of the Code.

## Facts

IDBI Bank initiated Corporate Insolvency Resolution Process (CIRP) against Auromatrix Hotels Private Limited (AHPL) under Section 7 of IBC. Tharuvai Ramachandran Ravichandran was appointed as the Interim Resolution Professional (IRP). Public announcement was made on 29.11.2021, inviting creditors to submit claims. The Committee of Creditors (CoC) was constituted, with IDBI Bank Limited holding 24.33% voting share and Edelweiss Asset Reconstruction Company Limited holding 75.67%. Kumaran Sitaraman submitted a resolution plan, which was approved by the CoC with 100% majority. The resolution plan includes payment of CIRP costs, statutory dues, secured financial creditor (Edelweiss), and unsecured financial creditor (IDBI Bank). The plan also involves the sale of the Hotel

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Kumaran Sitaraman complies with the requirements of …

**Ratio:** Section 30(2) of the IBC specifies the mandatory requirements that a resolution plan must

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure that it complies with

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**Interpretation:** Section 30(2) is interpreted as setting out the minimum standards that a

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

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Tharuvai Ramachand…
- **Respondents:** AUROMATRIX HOTELS…; IDBI Bank…

## Timeline

- **2021-11-26 — Order for CIRP…**: Adjudicating Authority passed an order initiating Corporate Insolvency Resolution Process…
- **2021-11-29 — Public Annou…**: IRP caused the Public Announcement in Form-A published in “The Indian Express” and…

## 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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