# Approval of Resolution Plan - Sarga Hotel Private Limited

> NCLT judgment dated 2024-01-04. Citation: TCN-2024-NCLT-03322. The case pertains to an application filed under section 30(6) and section 31(1) of the…

- **Court:** NCLT
- **Order date:** 4 Jan 2024
- **Citation:** TCN-2024-NCLT-03322
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-sarga-hotel-private-limited-08093427

## Summary

### Background

The case pertains to an application filed under section 30(6) and section 31(1) of the Insolvency & Bankruptcy Code, 2016 read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for approval of a Resolution Plan for Sarga Hotel Private Limited. The Corporate Debtor was admitted into CIRP on 11.02.2022. The Resolution Plan submitted by Shriram Multicom Private Limited was approved by the CoC with 100% voting shares. The Adjudicating Authority is considering the approval of the Resolution Plan.

## Facts

Yes Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Sarga Hotel Private Limited. The CIRP was initiated on 2022-02-11. Avishek Gupta was appointed as the Interim Resolution Professional (IRP). A public announcement was made to invite claims from creditors. Shriram Multicom Private Limited submitted a Resolution Plan, which was approved by the Committee of Creditors (CoC) with 100% voting shares. The Resolution Applicant issued a Letter of Intent to the Successful Resolution Applicant on 2023-05-31 and received a Performance Bank Guarantee dated 2022-10-27 for Rs. 25,00,00,000/-. The Resolution Plan provides for a total plan value of Rs. 30,099.01 Lakhs for the Corporate Debtor. The Adjudicating Authority is considering the approval of the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Shriram Multicom Private Limited complies with the …

**Ratio:** Section 30 and 31 of the IBC, along with the CIRP Regulations, outline the mandatory

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan and the affidavit of the

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**Interpretation:** The Resolution Plan must adhere to the mandatory provisions of the IBC and CIRP

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**Application:** The Resolution Plan submitted by Shriram Multicom Private Limited was found to

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## Parties

- **Judges:** Smt Bidisha…; D. Ar…
- **Respondents:** Sarga Hotel…; Abhishek S…
- **Advocates:** Ramji Srin…; Manju Bhu…; +10 more

## Timeline

- **2022-02-11 — CIRP Init…**: The Corporate Debtor was admitted into…
- **2022-02-14 — Public Annou…**: The Applicant made a public announcement to invite claims from the creditors of the…

## 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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