# In the matter of V Hotels Limited IA No. 2403 of 2022 in CP (IB) No. 532-(MB) 2018

> NCLT judgment dated 2022-09-30. Citation: TCN-2022-NCLT-00860. The case involves an application filed by the Resolution Professional (RP) of V Hotels Limited,…

- **Court:** NCLT
- **Order date:** 30 Sept 2022
- **Citation:** TCN-2022-NCLT-00860
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/v-hotels-limited-ia-no-2403-of-2022-in-cp-ib-no-532-mb-2018-7720d9b4

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of V Hotels Limited, seeking permission to resume the Corporate Insolvency Resolution Process (CIRP) that was initiated against the Corporate Debtor. The CIRP was initially admitted on May 31, 2019, but was later set aside by the NCLAT on December 11, 2019. The Supreme Court then set aside the NCLAT's order on August 1, 2022, remitting the Corporate Debtor back into CIRP. The RP seeks permission to allow stakeholders to update their claims, allow persons dealing with the Corporate Debtor to file their claims, review transactions undertaken by the Corporate Debtor, and reconduct the fair value and liquidation value of the Corporate Debtor.

## Facts

The Resolution Professional (RP) of V Hotels Limited filed an application seeking permission to resume the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The CIRP was initially admitted on May 31, 2019, with the appointment of an Interim Resolution Professional (IRP) who invited claims from creditors and constituted a Committee of Creditors (CoC). However, the admission order was set aside by the NCLAT on December 11, 2019, rendering the IRP functus officio and returning control to the Corporate Debtor's management. Subsequently, the Supreme Court set aside the NCLAT's order on August 1, 2022, reinstating the CIRP. The RP now seeks permission to update creditor claims, review transactions, and reassess the Corporate Debtor's value,

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## Issues and analysis

### Issue 1: Whether the Resolution Professional should be permitted to resume the Corporate Insolvency …

**Ratio:** The Corporate Debtor is liable to be re-admitted into the rigors of CIRP and released

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**Reasoning:** The Supreme Court's decision to set aside the NCLAT's order reinstates the CIRP. The

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**Interpretation:** The Supreme Court's decision effectively reverses the NCLAT's decision,

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**Application:** The Supreme Court's order directly applies to the present situation, mandating

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Anish Niranjan…
- **Respondents:** V Hotels L…; Asset Reconstructi…

## Timeline

- **2019-05-31 — CIRP Admi…**: Corporate Debtor…
- **2019-12-11 — NCLAT Or…**: NCLAT sets aside the…

## 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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