# In the matter of Saptarishi Hotels Private Limited

> NCLT judgment dated 2025-03-07. Citation: TCN-2025-NCLT-00383. The case pertains to the liquidation of Saptarishi Hotels Private Limited. Punjab National Bank…

- **Court:** NCLT
- **Order date:** 7 Mar 2025
- **Citation:** TCN-2025-NCLT-00383
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/saptarishi-hotels-private-limited-41011e56

## Summary

### Background

The case pertains to the liquidation of Saptarishi Hotels Private Limited. Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. As no resolution plan was approved by the Committee of Creditors (CoC), liquidation was ordered. The liquidator was appointed and initiated the liquidation process, including public announcements, verification of claims, and preparation of reports. The liquidator attempted to sell the Corporate Debtor as a going concern. After multiple attempts, an e-auction was conducted, and a successful bidder was identified. The successful bidder paid the sale consideration, and the liquidator distributed the proceeds as per the priority under Section 53 of the IBC.

…

## Facts

Punjab National Bank initiated CIRP against Saptarishi Hotels Private Limited under Section 7 of IBC, 2016. With no resolution plan approved, liquidation was ordered. The liquidator issued a public announcement on 2022-10-26, requesting stakeholders to submit claims. The liquidator prepared a Preliminary Report on 2022-12-30 and an Asset Memorandum on 2022-11-23. The liquidator issued sale notices five times between 2023-01-24 and 2023-12-31, but no bids were received. A subsequent sale notice was issued on 2024-02-11 for a reserve price of Rs.55.25 Crores. An e-auction was scheduled for 2024-03-09, during which a bid was received from Mr. Kolli Lakshmi Sreedhar Reddy and Mr. Atigadda Venkateshwar Reddy (Joint bidders). They were declared the Successful Bidders on

…

## Issues and analysis

### Issue 1: Whether the Liquidation process of …

**Ratio:** Regulation 45 of the Insolvency and Bankruptcy Board of India (Liquidation Process)

…

**Reasoning:** The Tribunal observed that the Corporate Debtor was sold as a going concern, and the

…

**Interpretation:** Regulation 45 provides a structured framework for the closure of the

…

**Application:** The Tribunal applied Regulation 45 to the facts of the case and found that the

…

## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Respondents:** Saptarishi Hotels…

## Timeline

- **2019-01-01 — CP(IB) No. 599/7/HDB/201…**: Company Petition filed…
- **2021-01-18 — CIRP Commen…**: Corporate Insolvency Resolution Process…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/saptarishi-hotels-private-limited-41011e56