# Approval of Resolution Plan - Genesis Resorts Private Limited

> NCLT judgment dated 2023-12-20. Citation: TCN-2023-NCLT-00114. The case involves an application (IA No. 1177/2021) filed by the Resolution Professional (RP),…

- **Court:** NCLT
- **Order date:** 20 Dec 2023
- **Citation:** TCN-2023-NCLT-00114
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-genesis-resorts-private-limited-918df289

## Summary

### Background

The case involves an application (IA No. 1177/2021) filed by the Resolution Professional (RP), Mr. Vijay P. Lulla, of Genesis Resorts Private Limited, seeking approval of a Resolution Plan under Section 31 of the Insolvency and Bankruptcy Code, 2016. An objection application (IA No. 1768/2021) was filed by the ex-director of the Corporate Debtor, Mr. Madhukar Shetty, objecting to the approval of the Resolution Plan approved by the Committee of Creditors (CoC). The CIRP was initiated on 11.12.2019. The CoC confirmed the appointment of the IRP as the RP on 10.01.2020, which was confirmed by the Tribunal on 17.01.2020. The RP invited Expression of Interest (EOI) and received multiple EOIs, extending the timeline due to the COVID-19 pandemic. Finquest Financial Solutions

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## Facts

The Corporate Debtor, Genesis Resorts Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated on 11.12.2019. Mr. Vijay P. Lulla was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The IRP published a public announcement on 12.12.2019, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 03.01.2020. The CoC approved the appointment of registered valuers. The RP invited Expression of Interest (EOI) and received multiple EOIs. Due to the COVID-19 pandemic, the timelines for submission of EOI were extended. The Municipal Corporation of Greater Mumbai (MCGM) took over the hotel premises of the Corporate Debtor to set up a COVID hospital. Finquest

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## Issues and analysis

### Issue 1: Whether the objection application (IA No. 1768/2021) filed by the ex-director of the Corporate …

**Ratio:** The Tribunal has limited jurisdiction to interfere with the commercial wisdom of the

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**Reasoning:** The Tribunal found that the ex-director's objections lacked substance, as the Resolution

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**Interpretation:** The Tribunal interpreted the scope of its jurisdiction under the IBC,

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**Application:** The Tribunal applied the principle of limited interference to the facts of the

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** Vijay P.…
- **Respondents:** Genesis Resorts…

## Timeline

- **2019-12-11 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) was initiated against Genesis Resorts…
- **2019-12-11 — Appointment…**: Mr. Vijay P. Lulla was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30 — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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