# In the matter of Leading Hotels Ltd.

> NCLT judgment dated 2023-09-15. Citation: TCN-2023-NCLT-01590. The case involves an application by Citron Strategies Pvt. Ltd. against Leading Hotels Ltd.…

- **Court:** NCLT
- **Order date:** 15 Sept 2023
- **Citation:** TCN-2023-NCLT-01590
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/leading-hotels-ltd-97f489be

## Summary

### Background

The case involves an application by Citron Strategies Pvt. Ltd. against Leading Hotels Ltd. under Section 7 of the Insolvency & Bankruptcy Code (IBC), 2016. The applicant, claiming to be a homebuyer (allottee) qua a villa, had their claim submitted belatedly. The Resolution Professional (RP) is directed to examine the claim with reference to the books of accounts of the Corporate Debtor (CD) and take a decision on merits. Another application (IA-4006/2022) is for approval of the Resolution Plan, and other applications (IA-3940/2022 & IA-255/2023) are objections to this plan. IA-4005/2022 concerns a valuation report of the CD's property.

## Facts

Citron Strategies Pvt. Ltd. filed an application against Leading Hotels Ltd. under Section 7 of the IBC, 2016. Citron Strategies claims to be a homebuyer (allottee) in relation to a villa. The claim was submitted late in the insolvency resolution process. The RP is reviewing the claim against the books of accounts of Leading Hotels Ltd. An application (IA-4006/2022) seeks approval of the Resolution Plan. Other applications (IA-3940/2022 & IA-255/2023) raise objections to the Resolution Plan. IA-4005/2022 concerns a valuation report dated 2021-06-15 by I S Associates Pvt. Ltd., which valued the property at Rs. 6,82,28,000. The court found the valuation report lacking in analysis and discussion. The court directed the valuator to submit a detailed report. The RP is

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## Issues and analysis

### Issue 1: Whether the claim of the Applicant, being a homebuyer (allottee), can be considered despite being …

**Ratio:** The Resolution Professional (RP) has a duty to examine all claims against the Corporate

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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:** This issue concerns the interpretation of the IBC and the duties of the RP in

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**Application:** The RP is directed to examine Citron Strategies' claim as a homebuyer

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## Parties

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

## Timeline

- **2021-03-31 — Fresh Valuati…**: The RP is allowed to obtain a fresh…
- **2021-06-15 — Valuation Rep…**: Date of the valuation report…

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