# In the matter of BD and P Hotels (India) Private Limited CP (IB) No.226-MB-IV-2022

> NCLT judgment dated 2023-06-23. Citation: TCN-2023-NCLT-05415. Bank of India filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 23 Jun 2023
- **Citation:** TCN-2023-NCLT-05415
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/bd-and-p-hotels-india-private-limited-cp-ib-no226-mb-iv-2022-02462da6

## Summary

### Background

Bank of India filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against BD & P Hotels (India) Private Limited, the Corporate Debtor, due to a default on a term loan.

## Facts

Bank of India sanctioned a term loan/FCL of INR 65 Crores to BD & P Hotels (India) Private Limited.

The Corporate Debtor defaulted on repayments, leading to the account being classified as NPA on 09.05.2015.

The date of default is 01.02.2017.

The Financial Creditor claimed a total amount of Rs. 111,61,53,766/- as due and payable as on 31.12.2021.

The Corporate Debtor argued that the petition was barred by Section 10A of the Code and by limitation.

The Corporate Debtor offered to pay Rs. 85.00 crores in its last OTS offer.

The Corporate Debtor challenged the maintainability of the petition based on insufficient stamp duty paid on loan documents.

The Financial Creditor filed IA-3943/2022 for condonation of delay under Section 5 of the Limitation Act, which was allowed.

…

## Issues and analysis

### Issue 1: Whether the petition is …

**Ratio:** The petition is not

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**Reasoning:** The Corporate Debtor acknowledged the debt in its audited financial statements and

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**Interpretation:** Acknowledged debt and OTS

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**Application:** The acknowledgments and OTS proposals extended the limitation period, making

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Bank of India…; Bank of…
- **Respondents:** BD & P Hotels…
- **Other parties:** Birendra Kumar…; Marine Drive…; +1 more
- **Advocates:** Zal Andhya…; Kara…; +6 more

## Timeline

- **18/02/2022 — Application…**: CP (IB) No. 226/MB-IV/2022…
- **23/06/2023 — Order Del…**: Order delivered admitting the…

## 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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