# Approval of Resolution Plan - G B J Hotels Private Limited {IA(IBC)-349(CHE)-2023 in CP-IB-279-CHE-2021}

> NCLT judgment dated 2023-08-25. Citation: TCN-2023-NCLT-01909. The document pertains to IA(IBC)/349(CHE)/2023 filed in CP/IB/279/CHE/2021 under Section 30(6)…

- **Court:** NCLT
- **Order date:** 25 Aug 2023
- **Citation:** TCN-2023-NCLT-01909
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-g-b-j-hotels-private-limited-iaibc-349che-2023-in-cp-586504e9

## Summary

### Background

The document pertains to IA(IBC)/349(CHE)/2023 filed in CP/IB/279/CHE/2021 under Section 30(6) & 31 of the Insolvency & Bankruptcy Code, 2016. The application was moved by the Resolution Professional of the Corporate Debtor, GBJ Hotels Private Limited, seeking approval of the resolution plan. The CIRP was initiated following an application under Section 7 of the IBC, 2016 by a Financial Creditor, and an order was passed by the Tribunal on 19.04.2022. The applicant was appointed as the IRP. The IRP made a public announcement on 22.04.2022. The Committee of Creditors (CoC) was formed, and voting rights were assigned. Several CoC meetings were held to discuss the business operations of the Corporate Debtor, appointment of valuers, invitation of resolution plans,

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## Facts

GBJ Hotels Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following an application by a Financial Creditor under Section 7 of the IBC, 2016. CA Mahalingam Suresh Kumar was appointed as the Resolution Professional (RP). The RP convened multiple meetings of the Committee of Creditors (CoC) to discuss the company's operations, invite resolution plans, and evaluate them. A 'Swiss Challenge Method' was employed to maximize the value of the resolution plan. KP Advisory Services LLP emerged as the successful resolution applicant, with their plan approved by the CoC with 100% voting rights. The resolution plan proposed to pay the admitted claims of Financial Creditors, Operational Creditors, Workmen & Employees, and Other Creditors. The RP sought

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by KP Advisory Services LLP meets the requirements of Section …

**Ratio:** The Adjudicating Authority's role is limited to ensuring that the Resolution Plan

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**Reasoning:** The Tribunal relied on several judgments of the Supreme Court, including Maharashtra

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**Interpretation:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution

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**Application:** The Tribunal found that the Resolution Plan submitted by KP Advisory Services

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## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Appellants:** CA Mahalingam…
- **Respondents:** GBJ Hotels…
- **Advocates:** E. Om Pr…; A.G. Sathyanarayan…

## Timeline

- **2021-01-01 — CP/IB/279/C…**: Filing of CP/IB/279/CHE/…
- **2022-04-19 — Tribunal…**: Tribunal orders CIRP in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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