# In the matter of Hotel Milestonnez India Private Limited

> NCLT judgment dated 2024-02-09. Citation: TCN-2024-NCLT-02677. The Corporate Insolvency Resolution Process (CIRP) was initiated against Hotel Milestonnez…

- **Court:** NCLT
- **Order date:** 9 Feb 2024
- **Citation:** TCN-2024-NCLT-02677
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hotel-milestonnez-india-private-limited-5c5126fb

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Hotel Milestonnez India Private Limited (Corporate Debtor) following a petition filed by State Bank of India (SBI), the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor was admitted into CIRP on April 19, 2022. The applicant was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (COC) was formed with SBI as the sole financial creditor. Despite efforts to find a resolution plan, none were received, leading the COC to resolve for liquidation on November 15, 2022. The Adjudicating Authority ordered liquidation on February 15, 2023, appointing the applicant as

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Hotel Milestonnez India Private Limited, with State Bank of India (SBI) as the financial creditor. The Corporate Debtor was admitted into CIRP on April 19, 2022, and later ordered for liquidation on February 15, 2023, with the appointment of a liquidator. SBI holds a mortgage on landed properties owned by Respondents 2 and 3, where the hotel owned by the Corporate Debtor is constructed. SBI had initiated SARFAESI proceedings and took possession of the land premises on September 15, 2015. SBI relinquished the rights of the property to the Resolution Estate and consented to add the entire assets in the resolution estate. The properties of the guarantors were included in Form G. Respondents 2 and 3

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## Issues and analysis

### Issue 1: Whether the assets of the personal guarantors can be included in the liquidation estate of the …

**Ratio:** The legal principle revolves around the interpretation of Section 36 of the IBC, which

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**Reasoning:** The court reasoned that while there are precedents both for and against the joint sale of

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**Interpretation:** The court interpreted Section 36 of the IBC to mean that the liquidation estate

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**Application:** The court applied the ratio to the facts of the case by acknowledging that the

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Amier Hamsa Ali…
- **Respondents:** Hotel Milestonnez…; State Bank of…

## Timeline

- **2022-04-19 — Admission in…**: Corporate Debtor was…
- **2022-04-22 — Public Annou…**: Public announcement was…

## 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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