# In the matter of Phadnis Resorts and Spa India Ltd. IA. No. 1236 & 1767-2021 in CP(IB)No. 3603-MB-C-II-2018

> NCLT judgment dated 2022-07-08. Citation: TCN-2022-NCLT-01810. Union Bank of India, a financial creditor with a 64% voting share in the Committee of Creditors…

- **Court:** NCLT
- **Order date:** 8 Jul 2022
- **Citation:** TCN-2022-NCLT-01810
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/phadnis-resorts-and-spa-india-ltd-ia-no-1236-1767-2021-in-cpibno-3603-mb-c-ii-20-863f3beb

## Summary

### Background

Union Bank of India, a financial creditor with a 64% voting share in the Committee of Creditors (CoC) of the Corporate Debtor, filed an Interlocutory Application seeking clarification on the Resolution Plan. The bank sought clarification on the timeframe for the Resolution Applicant to infuse Rs. 4 Crores and the tenure of the Monitoring Committee, which was initially set for 30 days and the bank wanted it extended to 1277 days. The Resolution Applicant provided the necessary clarifications, stating that the Rs. 4 Crores would be infused and spent as required in the first year on the resort at Lonavala and Alibaug properties, as approved under the Resolution Plan. The Resolution Applicant also clarified that the Plan envisages adequate means for supervising and

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## Facts

Union Bank of India, a financial creditor with a 64% voting share in the Committee of Creditors (CoC) of Phadnis Resorts and Spa India Ltd. (Corporate Debtor), filed IA No. 1236/2021 and IA No. 1767/2021 seeking clarification on the Resolution Plan. The bank sought clarification on the timeframe for the Resolution Applicant to infuse Rs. 4 Crores and the tenure of the Monitoring Committee, which was initially set for 30 days and the bank wanted it extended to 1277 days. The Resolution Applicant clarified that the Rs. 4 Crores would be infused and spent as required in the first year on the resort at Lonavala and Alibaug properties, as approved under the Resolution Plan. The Resolution Applicant also clarified that the Plan envisages adequate means for supervising and

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## Issues and analysis

### Issue 1: Whether the clarifications sought by Union Bank of India regarding the Resolution Plan are …

**Ratio:** Once the Resolution Plan is approved by the members of the CoC, the role of the

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**Reasoning:** The court reasoned that the Resolution Plan had already been discussed, deliberated upon,

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**Interpretation:** This legal issue concerns the extent of the Adjudicating Authority's power to

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**Application:** The court applied this ratio to the facts by noting that the CoC had already

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Union Bank of…
- **Respondents:** Phadnis Resorts…; Madhavi Nalluri,…

## Timeline

- **2018-01-01 — CP(IB)No. 3603/MB/C-II/2…**: Corporate Insolvency…
- **2019-01-01 — IA 3969/201…**: IA 3969 of 2019 filed for…

## 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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