# In the matter of Phadnis Resorts and Spa India Ltd. IA No. 843-2020 in CP(IB)No. 3603-MB-C-II-2018

> NCLT judgment dated 2022-07-08. Citation: TCN-2022-NCLT-01816. The case involves an Interlocutory Application (IA No. 843/2020) filed by M/s Marathe…

- **Court:** NCLT
- **Order date:** 8 Jul 2022
- **Citation:** TCN-2022-NCLT-01816
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/phadnis-resorts-and-spa-india-ltd-ia-no-843-2020-in-cpibno-3603-mb-c-ii-2018-9a6eac60

## Summary

### Background

The case involves an Interlocutory Application (IA No. 843/2020) filed by M/s Marathe Hospitality objecting to the approval of the Resolution Plan in CP(IB)No. 3603/MB/C-II/2018. The applicant contended that the Resolution Professional (RP) had improperly included assets belonging to them in the information memorandum, affecting the valuation. The applicant and the Corporate Debtor had previously entered into a lease agreement on 18.05.2016 for a property in Lonavala. The RP challenged this agreement, leading to IA No. 3031 of 2020, alleging it was preferential, fraudulent, and intended to defraud the Corporate Debtor and its creditors.

## Facts

M/s Marathe Hospitality filed an Interlocutory Application (IA No. 843/2020) objecting to the approval of the Resolution Plan, claiming the Resolution Professional (RP) included their assets in the information memorandum. M/s Marathe Hospitality and Phadnis Resorts and Spa India Ltd. (Corporate Debtor) had a lease agreement dated 18.05.2016 for a property in Lonavala. The RP challenged this agreement via IA No. 3031 of 2020, alleging it was preferential and fraudulent. IA 3031 of 2019 was allowed on 20.03.2020, declaring the lease agreement null and void because the rent was meager and M/s Marathe Hospitality was a related party. M/s Marathe Hospitality challenged this order in NCLAT but did not obtain a stay. The RP requested details of assets from M/s Marathe

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## Issues and analysis

### Issue 1: Whether the Resolution Professional (RP) correctly included the assets claimed by M/s Marathe …

**Ratio:** Assets already in the possession of the RP, based on a prior order of the Tribunal, are

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**Reasoning:** The Tribunal relied on its earlier order dated 20.03.2020 in IA 3031 of 2019, which

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**Interpretation:** The interpretation is that once the Tribunal has determined that assets belong

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**Application:** Since the Tribunal had already directed the RP to take possession of the assets

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## Parties

- **Judges:** P.N. Deshmukh…; Shyam Babu…
- **Appellants:** M/s Marathe…
- **Respondents:** Phadnis Resorts…; Mahesh S…

## Timeline

- **2016-05-18 — Lease Agr…**: Applicant and Corporate Debtor entered into a…
- **2019-04-24 — Claim Fi…**: Applicant filed a claim of…

## 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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