# 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-01920. 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-01920
- **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-a17f979a

## 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. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 of the IBC, 2016 by a Financial Creditor, with the Tribunal ordering CIRP on 2022-04-19. The applicant was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 2022-04-22. The Committee of Creditors (CoC) was formed, and voting rights were assigned. The applicant convened multiple CoC meetings to discuss the business operations of the Corporate Debtor, appointment of

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## Facts

GBJ Hotels Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated by a Financial Creditor, and an Interim Resolution Professional (IRP) was appointed. The IRP formed a Committee of Creditors (CoC). The RP placed the only Resolution Plan of M/s. Poppys Knitwear Private Limited to the CoC and briefed, the advantages and disadvantages of the plan to the CoC. The PRA's has made a further request to extend the submission of the Resolution Plan and accordingly the CoC after detailed discussions has decided to extend the same upto 07.09.2022 to get more plans but denied to extend the submission of Eol. Mr. Senthil Kumar, son in law of Promoter,

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. KP Advisory Services LLP meets the requirements of …

**Ratio:** The Adjudicating Authority must ascertain that the resolution plan meets the requirements

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**Reasoning:** The Tribunal found that the Resolution Plan had been approved with 100% voting share and

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**Interpretation:** Section 30(2) and 31 of the IBC, 2016, outline the requirements for a

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**Application:** The Tribunal applied the ratio to the facts of the case and found that the

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## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Appellants:** CA Mahalingam…
- **Respondents:** GBJ Hotels…

## Timeline

- **2021-01-01 — CP/IB/279/C…**: Case fil…
- **2022-04-19 — CIRP Init…**: CIRP ordered by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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