# Approval  of Resolution Plan - V Hotels Limited

> NCLT judgment dated 2024-04-26. Citation: TCN-2024-NCLT-01568. The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 26 Apr 2024
- **Citation:** TCN-2024-NCLT-01568
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-v-hotels-limited-79f7a267

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, regarding the Corporate Insolvency Resolution Process (CIRP) of V Hotels Limited. Asset Reconstruction Company (India) Limited, the Financial Creditor, initiated CIRP against V Hotels Ltd. The CIRP was initially initiated on 31.05.2019, but this order was set aside by NCLAT on 11.12.2019, releasing the Corporate Debtor from CIRP. However, the Supreme Court set aside the NCLAT's order on 01.08.2022, reinstating the CIRP. The Resolution Professional (RP) sought exclusion of the period from 31.05.2019 to 01.08.2022 from the CIRP period, which was allowed. The RP then published an addendum to the public announcement and invited updated claims from creditors. The

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## Facts

Asset Reconstruction Company (India) Limited initiated Corporate Insolvency Resolution Process (CIRP) against V Hotels Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP was initially ordered on 31.05.2019, but this was overturned by the National Company Law Appellate Tribunal (NCLAT) on 11.12.2019. The Supreme Court then reversed the NCLAT's decision on 01.08.2022, reinstating the CIRP. Anish Niranjan Nanavaty was appointed as the Interim Resolution Professional (IRP) and later continued as the Resolution Professional (RP). The RP filed an application to exclude the period from 31.05.2019 to 01.08.2022 from the CIRP, which was approved. The RP published Form-G, inviting Expressions of Interest (EoI), and received EoIs from 36 Prospective

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Macrotech Developers Limited (MDL) meets the requirements …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code (IBC) specifies the mandatory

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**Reasoning:** The Adjudicating Authority perused the Resolution Plan and observed that it provides for

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**Interpretation:** Section 30(2) of the IBC is interpreted as setting out the minimum standards

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**Application:** The NCLT applied the requirements of Section 30(2) to the Resolution Plan

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Anish Niranjan…
- **Respondents:** V Hotels L…; Asset Reconstructi…
- **Advocates:** Pradeep Sa…; Pulkit S…; +7 more

## Timeline

- **2018-01-01 — CP(IB) No. 532/MB/C-II/2…**: The case was registered as…
- **2019-05-31 — CIRP Init…**: Tribunal initiated CIRP against the Corporate Debtor and appointed Mr. Anish Niranjan…

## 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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