# In the matter of Brys Hotels Private Limited IA No. 5027 (PB)-2022 & IA 682 (PB)-2020 in CP (IB) No.1527(PB)-2018

> NCLT judgment dated 2023-03-09. Citation: TCN-2023-NCLT-04279. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s Brys Hotels…

- **Court:** NCLT
- **Order date:** 9 Mar 2023
- **Citation:** TCN-2023-NCLT-04279
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/brys-hotels-private-limited-ia-no-5027-pb-2022-ia-682-pb-2020-in-cp-ib-no1527pb-b4b27e10

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s Brys Hotels Private Limited. Bank of Baroda initiated the CIRP by filing an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, due to defaults in loan facilities. The application was admitted by the Adjudicating Authority on March 18, 2019, and Mr. Sandeep Goel was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The admission order was challenged by M/s Damont Developers Private Limited before the NCLAT, which was dismissed. The RP carried out a public announcement, constituted the Committee of Creditors (CoC), and invited Expression of Interest (EOI) for resolution plans. Several CoC meetings were held,

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## Facts

Bank of Baroda filed an application under Section 7 of the IBC to initiate CIRP against M/s Brys Hotels Private Limited due to loan defaults. The application was admitted on 2019-03-18. Mr. Sandeep Goel was appointed as IRP and later confirmed as RP. M/s Damont Developers Private Limited challenged the admission order before NCLAT, but the appeal was dismissed on 2019-04-24. The Corporate Debtor owns two hotels, one in Jaisalmer and another in Sahibabad (under construction). The physical possession of Hotel Brys Fort in Jaisalmer was handed over to the RP on 2022-05-28, based on a Supreme Court order. The RP made a public announcement on 2019-03-20 and constituted the CoC. The last date to submit proof of claims was 2019-04-01. The first CoC meeting was held on

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Serveall Land Developers Private Limited and Mr. Anil …

**Ratio:** Section 30(2) of the IBC mandates that the resolution professional shall examine each

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan and found that it complied with

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**Interpretation:** Section 30(2) sets out the mandatory requirements that a resolution plan must

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**Application:** The Adjudicating Authority applied the requirements of Section 30(2) to the

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Respondents:** Brys Hotels…; Committee of…

## Timeline

- **2018-01-01 — CP (IB) No.1527…**: Filing of Company…
- **2019-03-18 — Admission of Application…**: The Adjudicating Authority admitted the application filed by Bank of Baroda under Section…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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