# In the matter of ITMA Hotels India Private Limited IA (IBC)-399-KOB-2022 in CP(IB)-30-KOB-2021

> NCLT judgment dated 2023-03-29. Citation: TCN-2023-NCLT-04013. The case involves an application filed by the Resolution Professional under Section 31 of the…

- **Court:** NCLT
- **Order date:** 29 Mar 2023
- **Citation:** TCN-2023-NCLT-04013
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/itma-hotels-india-private-limited-ia-ibc-399-kob-2022-in-cpib-30-kob-2021-1b3a5c87

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval for the Resolution Plan submitted by the successful Resolution Applicant, a consortium of M/s. Royal Heights Projects Private Limited and Mr. Tiju Varghese Chacko. The underlying Company Petition was filed by the State Bank of India against ITMA Hotels India Pvt Ltd, the Corporate Debtor, under Section 7 of the IBC, which was admitted on 31.12.2021. The Interim Resolution Professional was appointed and later confirmed as the Resolution Professional. The CoC approved the resolution plan with a 100% vote share. The resolution plan includes provisions for payment of insolvency resolution process costs, debts of operational

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## Facts

The State Bank of India filed a Company Petition (CP(IB)/30/KOB/2021) against ITMA Hotels India Pvt Ltd (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted on 31.12.2021. Mr. Kizhakkekara Kuriakose Jose was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Invitations for Expression of Interest (EOI) were issued on 07.04.2022, and the applicant received EOIs from three Prospective Resolution Applicants (PRAs). The last date for submission of the Resolution Plan was 02.07.2022. A consortium of M/s. Royal Heights Projects Private Limited and Mr. Tiju Varghese Chacko submitted the Resolution Plan on 30.06.2022, which was revised on 25.08.2022 and approved by the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the consortium of M/s. Royal Heights Projects Private …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements for a resolution plan,

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**Reasoning:** The Tribunal examined the Resolution Plan to determine whether it met the requirements of

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**Interpretation:** Section 30(2) is interpreted to mean that a resolution plan must provide for

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**Application:** The Tribunal found that the Resolution Plan complied with the requirements of

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** CA KIZHAKKEKARA…
- **Respondents:** ITMA Hotels India…

## Timeline

- **2021-12-31 — Admission of Company…**: The Company Petition filed by the State Bank of India against ITMA Hotels India Pvt Ltd…
- **2022-02-02 — IRP Confirme…**: Mr. Kizhakkekara Kuriakose Jose, the Interim Resolution Professional (IRP), was confirmed…

## 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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