# 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-03990. 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-03990
- **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-2021-99499a47

## 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 Resolution Plan was submitted on 30.06.2022, revised on 25.08.2022, and approved by the CoC on 01.09.2022 with a 100% vote share. An addendum to the resolution plan was

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## Facts

The State Bank of India initiated corporate insolvency resolution process (CIRP) against ITMA Hotels India Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application 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). The RP issued invitations for Expression of Interest (EOI) from potential resolution applicants. A consortium of M/s. Royal Heights Projects Private Limited and Mr. Tiju Varghese Chacko submitted a Resolution Plan, which was revised and approved by the Committee of Creditors (CoC) with 100% vote share. The resolution plan offered a significantly lesser amount than the liquidation value. The CoC

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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 Insolvency and Bankruptcy Code, 2016 specifies the requirements that

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**Reasoning:** The Tribunal examined the Resolution Plan and found that it provides for the payment of

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**Interpretation:** Section 30(2) of the Code is interpreted to mean that a resolution plan must

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**Application:** In this case, the Tribunal found that the Resolution Plan complies with the

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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 — CoC Meet…**: The Interim Resolution Professional was confirmed as the Resolution Professional in the…

## 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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