# In the matter of Srishti Hospitality Private Limited

> NCLT judgment dated 2024-03-11. Citation: TCN-2024-NCLT-02129. 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-02129
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srishti-hospitality-private-limited-97e3fcc4

## Summary

### Background

The case involves an application (IA No. 2390 of 2023) filed by Shree Siddhivinayak Cotspin Private Limited in relation to CP(IB) 518 (IB)2020 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant sought directions to permit them to submit an Expression of Interest (EoI) for Srishti Hospitality Private Limited, the Corporate Debtor, and for the respondents to consider it, despite a delay. 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. The applicant claims a delay of one day in submitting the EoI, attributing it initially to a director being out of station and later alleging deficiencies in Form G published by the

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## Facts

Srishti 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 Insolvency and Bankruptcy Code, 2016. The Tribunal admitted the petition on 27.02.2023, initiating CIRP. Respondent no. 1, the Resolution Professional (RP), issued Form-G on 16.05.2023, with a deadline of 31.05.2023 for EoI submission. Shree Siddhivinayak Cotspin Private Limited (Applicant) sought to submit an EoI but missed the deadline by one day. The applicant initially attributed the delay to a director being out of station and later claimed deficiencies in Form-G. The applicant claimed to offer a higher resolution amount (Rs. 35 crores, later revised to Rs.

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## Issues and analysis

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

**Ratio:** Timelines prescribed in Regulation 36A(6) of the IBBI (Insolvency Resolution Process of

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**Reasoning:** The Tribunal found the Applicant's reasons for the delay inconsistent and not factually

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**Interpretation:** Regulation 36A(6) mandates strict adherence to timelines for EoI submission.

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**Application:** The Applicant failed to provide a consistent and factually correct explanation

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## Parties

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

## Timeline

- **2023-02-27 — CIRP Init…**: Tribunal admitted the petition against…
- **2023-05-16 — Form-G Is…**: Respondent no. 1 issued Form-G…

## 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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