# In the matter of Saptarishi Hotels Private Limited IA (IBC) 200-2022 in CP (IB) No. 599-7-HDB-2019

> NCLT judgment dated 2022-03-14. Citation: TCN-2022-NCLT-03764. The case involves an application filed by the Resolution Professional (RP) seeking an extension…

- **Court:** NCLT
- **Order date:** 14 Mar 2022
- **Citation:** TCN-2022-NCLT-03764
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/saptarishi-hotels-private-limited-ia-ibc-200-2022-in-cp-ib-no-599-7-hdb-2019-87ce068f

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period by 60 days. The company petition was admitted on 18.01.2021, and a Committee of Creditors (CoC) was formed. The RP published Form G (Invitation of Expression of Interest). The Director of NITHM informed the CoC about NITHM's Board Meeting decision to recommend to the Government of Telangana to permit renewal of lease beyond 33 years for a further period of 33 years. The Director of NITHM informed the COC that the terms and conditions of new lease agreement to be entered into with the SRA, will be decided by the Board of NITHM and will inform the COC shortly and based on that RP advised the Prospective Resolution

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## Facts

Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Saptarishi Hotels Pvt Ltd. The company petition was admitted on 18.01.2021. The Resolution Professional (RP) filed an application seeking a 60-day extension of the CIRP period, citing a lack of clarity from NITHM/Govt of Telangana regarding lease renewal terms. The Director of NITHM informed the CoC that the terms and conditions of new lease agreement to be entered into with the SRA, will be decided by the Board of NITHM and will inform the COC shortly and based on that RP advised the Prospective Resolution Applicants to submit revied plan within one week from the date of intimation of new lease terms and conditions. The RP published Form G (Invitation of Expression of Interest) on

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## Issues and analysis

### Issue 1: Whether the grounds pleaded in the application seeking extension of time for completion of CIRP, …

**Ratio:** The essence of the ruling is that the discretionary power of the Adjudicating Authority

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**Reasoning:** The Adjudicating Authority found that the application seeking an extension of 60 days for

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**Interpretation:** The court interpreted the provisions of the IBC and IBBI Regulations regarding

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**Application:** The court applied the above principles to the facts of the case and found that

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Punjab National…
- **Respondents:** Saptarishi Hotels…

## Timeline

- **2021-01-18 — Company Petition…**: The company petition was…
- **2021-04-04 — Form G Pub…**: Form G (Invitation of Expression…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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