# In the matter of Leading Hotels Ltd.

> NCLT judgment dated 2023-09-15. Citation: TCN-2023-NCLT-01597. The case involves an application filed by Citron Strategies Pvt. Ltd. against Leading Hotels…

- **Court:** NCLT
- **Order date:** 15 Sept 2023
- **Citation:** TCN-2023-NCLT-01597
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/leading-hotels-ltd-645f9865

## Summary

### Background

The case involves an application filed by Citron Strategies Pvt. Ltd. against Leading Hotels Ltd. under Section 7 of the Insolvency & Bankruptcy Code (IBC), 2016. One of the issues raised is regarding the acceptance of a claim by a homebuyer (allottee) qua a villa, which was submitted belatedly. Another application concerns the approval of a Resolution Plan. There are also objections to the Resolution Plan. Furthermore, an application is based on a valuation report of the corporate debtor's assets.

## Facts

Citron Strategies Pvt. Ltd. filed an application against Leading Hotels Ltd. under Section 7 of the IBC. A homebuyer's claim was submitted belatedly. The Resolution Professional (RP) is considering the claim. An application for approval of the Resolution Plan is pending. Objections have been raised against the Resolution Plan. A valuation report dated 15.06.2021 by I S Associates Pvt. Ltd. indicates that the property was allegedly sold at less than market value (Rs. 6,82,28,000). The RP took management and control of the Corporate Debtor (CD) as per Sections 17 & 18 of the IBC. The valuation report lacks detailed analysis and basis for the value arrived at. The property is located at Avishkar Complex, Near GEB Colony, Old Padra road, Vadodra 390007, Gujrat, India.

## Issues and analysis

### Issue 1: Whether the claim of the Applicant, a homebuyer (allottee) qua a Villa, can be considered by the RP …

**Ratio:** The RP has a duty to examine all claims against the corporate debtor, even if submitted

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**Reasoning:** The court acknowledged the RP's statement that the claim would be examined with reference

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**Interpretation:** The IBC aims to maximize the value of assets and ensure equitable treatment of

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**Application:** The RP will examine the homebuyer's claim against the books of accounts of

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## Parties

- **Judges:** Sh. Ashok Kumar…; AVINASH K.…
- **Appellants:** Citron Strategies…
- **Respondents:** Leading Hotels…

## Timeline

- **2021-06-15 — Valuation Rep…**: Valuation report prepared by…
- **2023-09-15 — Order Del…**: Order delivered by the…

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