# In the matter of Viceroy Hotels Ltd.

> NCLT judgment dated 2023-08-01. Citation: TCN-2023-NCLT-02232. The case involves an application filed by Asset Reconstruction Company (India) Limited, the…

- **Court:** NCLT
- **Order date:** 1 Aug 2023
- **Citation:** TCN-2023-NCLT-02232
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/viceroy-hotels-ltd-fb5a16ec

## Summary

### Background

The case involves an application filed by Asset Reconstruction Company (India) Limited, the Financial Creditor, against Viceroy Hotels Limited, the Corporate Debtor, under Section 60(5) of the I&B Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The applicant sought a direction from the Tribunal to the Resolution Professional to immediately publish an invitation for expression of interest vide Form-G, as per the Insolvency and Bankruptcy Regulation, 2016, in compliance with the Tribunal's order dated 09.06.2023, which had rejected a previous resolution plan and directed the issuance of a fresh Form-G.

## Facts

Asset Reconstruction Company (India) Limited, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Viceroy Hotels Limited, the Corporate Debtor. The Tribunal initiated CIRP against the corporate debtor on 2018-03-12 and declared a moratorium. A resolution plan submitted by M/s Anirudh Agro Farms Limited was rejected by the Tribunal on 2023-06-09, directing the Resolution Professional (RP) to issue a fresh Form-G for inviting expression of interest. The applicant claimed that the RP had not issued Form-G, causing delays. The applicant expressed willingness to offer Rs.200,00,00,000/- to revive the corporate debtor. The RP contended that the Committee of Creditors (COC) had resolved to prefer an appeal against the Tribunal's order

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## Issues and analysis

### Issue 1: Whether the Resolution Professional can be directed to immediately publish an invitation of …

**Ratio:** The mere filing of an appeal does not operate as a stay on the order of the Tribunal. The

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**Reasoning:** The Tribunal reasoned that its previous order dated 09.06.2023, directing the issuance of

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**Interpretation:** The interpretation is that an order of the NCLT remains in effect unless

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**Application:** The Tribunal applied the ratio to the facts by stating that since there was no

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Asset Reconstructi…
- **Respondents:** Viceroy Hotels…; Dr.Govindarajula…

## Timeline

- **2018-03-12 — CIRP Init…**: Tribunal initiated CIRP against the…
- **2023-06-09 — Rejection of Resolution…**: Tribunal rejected the resolution plan submitted by M/s Anirudh Agro Farms Limited and…

## 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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