# In the matter of Srishti Hospitality Private Limited

> NCLT judgment dated 2024-03-11. Citation: TCN-2024-NCLT-02120. The case involves an application (IA No. 2390 of 2023) filed by Shree Siddhivinayak Cotspin…

- **Court:** NCLT
- **Order date:** 11 Mar 2024
- **Citation:** TCN-2024-NCLT-02120
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srishti-hospitality-private-limited-11ff46de

## Summary

### Background

The case involves an application (IA No. 2390 of 2023) filed by Shree Siddhivinayak Cotspin Private Limited in connection with CP(IB) 518 (IB)2020 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant sought to direct the respondents to permit the submission of an Expression of Interest (EoI) for Sristi Hospitality Private Limited, the Corporate Debtor, and to consider the EoI despite a delay. The Corporate Debtor, Sristi Hospitality Private Limited, was incorporated on 08.08.2023. Saraswat Co-operative Bank Limited (Respondent no. 2) had initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 7 of the IBC, which was admitted on 27.02.2023, and Respondent no. 1 was appointed as the Interim Resolution

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## Facts

Sristi Hospitality Private Limited is the Corporate Debtor, incorporated on 08.08.2023. Saraswat Co-operative Bank Limited (Respondent no. 2) initiated CIRP against the Corporate Debtor under Section 7 of the IBC, which was admitted on 27.02.2023. Respondent no. 1 was appointed as the IRP. The IRP issued a Form-G invitation for EoI with a deadline of 31.05.2023. Shree Siddhivinayak Cotspin Private Limited (the Applicant) sought to submit an EoI but missed the deadline, citing a director being out of station. The applicant sent an email on 01.06.2023 requesting permission to submit the EoI and another letter on 02.06.2023 requesting condonation of the delay. The applicant claimed a delay of 2-5 days. The RP rejected the request, stating the CoC had decided not to extend

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## Issues and analysis

### Issue 1: Whether the delay in submitting the Expression of Interest (EoI) by the Applicant should be …

**Ratio:** Regulation 36A(6) of the IBBI (Insolvency Resolution Process of Corporate Persons)

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**Reasoning:** The NCLT reasoned that the applicant's director was back in Mumbai before the EoI

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**Interpretation:** The legal interpretation emphasizes the importance of adhering to the timelines

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**Application:** The NCLT applied the ratio and reasoning to the specific facts, noting that the

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## Parties

- **Judges:** Kuldip Kumar…; ANIL RAJ C…
- **Appellants:** Shree Siddhivinaya…
- **Respondents:** Srishti Hospitalit…; Rajan Deshraj…

## Timeline

- **2023-08-08 — Incorporation of…**: Sristi Hospitality…
- **2022-01-01 — Filing of Company…**: Saraswat Co-operative Bank Limited filed Company Petition (IB) no. 518 of 2022 under…

## 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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