# In the matter of BKR Hotels and Resorts Pvt. Ltd. CP-472-IB-2017

> NCLT judgment dated 2022-12-01. Citation: TCN-2022-NCLT-00267. The application was filed under Section 60(5) r/w Rule 11 of the NCLT Rules and Regulation 31A…

- **Court:** NCLT
- **Order date:** 1 Dec 2022
- **Citation:** TCN-2022-NCLT-00267
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bkr-hotels-and-resorts-pvt-ltd-cp-472-ib-2017-1ec29af6

## Summary

### Background

The application was filed under Section 60(5) r/w Rule 11 of the NCLT Rules and Regulation 31A of the IBBI (Liquidation process) Regulation, 2016, seeking the replacement of the Liquidator of the Corporate Debtor.

## Facts

The application IA/1330(CHE)/2022 was filed under Section 60(5) r/w Rule 11 of the NCLT Rules and Regulation 31A of the IBBI (Liquidation process) Regulation, 2016. The primary purpose of the application was to replace the existing liquidator of the Corporate Debtor, BKR Hotels and Resorts Pvt Ltd, with Mr. Shriraam Sheker, an Insolvency Professional. The 8th stakeholders committee meeting held on 03.10.2022, indicated the stakeholders' decision to replace the liquidator. The Financial Creditor, Indian Bank, was involved as they were directed to settle the outstanding dues of the outgoing liquidator within seven days from the order date.

## Issues and analysis

### Issue 1: Whether the Hon'ble Adjudicating Authority should replace the existing liquidator with the proposed …

**Ratio:** Section 60(5) of the IBC read with Rule 11 of the NCLT Rules and Regulation 31A of the

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**Reasoning:** The court considered the recommendation of the stakeholders committee, as reflected in

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**Interpretation:** Section 60(5) provides the NCLT with the power to adjudicate on matters related

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**Application:** The court applied the ratio by considering the stakeholders' recommendation to

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## Parties

- **Judges:** Ramalingam…; Shri. Samee…
- **Respondents:** BKR HOTELS AND…

## Timeline

- **2022-10-03 — 8th Stakeholders…**: The 8th stakeholders committee meeting was held, where the decision to replace the…
- **2022-12-01 — Order Da…**: The court passed an order to replace the existing liquidator with Mr. Shriraam Sheker and…

## 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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