# Approval of Resolution Plan - Leading Hotels Limited

> NCLT judgment dated 2024-07-15. Citation: TCN-2024-NCLT-01008. The application IA-4006(PB)/2022 was filed under Section 30(6) read with Section 31(1) of the…

- **Court:** NCLT
- **Order date:** 15 Jul 2024
- **Citation:** TCN-2024-NCLT-01008
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-leading-hotels-limited-b02edc9f

## Summary

### Background

The application IA-4006(PB)/2022 was filed under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, seeking approval of the Resolution Plan dated 30.07.2022 submitted by M/s. Devrat Developers Limited, the Successful Resolution Applicant, and approved by the Committee of Creditors (CoC) in its 9th CoC Meeting held on 08.08.2022 with 88.77% voting in favor.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Leading Hotels Limited ('Corporate Debtor') based on an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by M/s. Citron Strategies Private Limited ('Financial Creditor'). Mr. Sapan Mohan Garg was appointed as the Resolution Professional (RP). The Corporate Debtor was engaged in the business of running hotels, resorts, motels, restaurants, and cafes. The Corporate Debtor had proposed to set up an 18-hole signature championship golf course and 209 key 5-star deluxe villa resort in North Goa. The public announcement was made on 01.07.2021, inviting creditors to submit their claims. The last date for submission of proof of claim was 13.07.2021. The Committee of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan approved by the Committee of Creditors (CoC) meets the requirements of …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the requirements

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure compliance with Section

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**Interpretation:** Section 30(2) sets out mandatory requirements for a Resolution Plan to be

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**Application:** The Adjudicating Authority found that the Resolution Plan submitted by M/s.

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Respondents:** M/s. Leading…

## Timeline

- **2021-07-01 — Public Annou…**: Public announcement in Form A was made in the newspaper, inviting creditors to submit…
- **2021-07-13 — Last Date for Claim…**: Last date for submission of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 46 — Relevant period for avoidable transactions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-46)

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