# In the matter of ACCIL Hospitality Private Limited

> NCLT judgment dated 2025-07-15. Citation: TCN-2025-NCLT-00790. IFCI Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 15 Jul 2025
- **Citation:** TCN-2025-NCLT-00790
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/accil-hospitality-private-limited-8ad59097

## Summary

### Background

IFCI Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against ACCIL Hospitality Private Limited, the Corporate Debtor, based on a corporate guarantee.

## Facts

IFCI Limited extended a financial facility to Asian Colour Coated Ispat Limited, secured by a corporate guarantee from ACCIL Hospitality Private Limited.

The Principal Borrower defaulted, leading to an outstanding debt of ₹390,54,33,312.15 as on 13.04.2021.

The loan account was classified as NPA on 30.09.2016, and a loan recall notice was issued on 16.12.2016.

IFCI invoked the corporate guarantee by issuing a notice dated 11.01.2017 to ACCIL Hospitality Private Limited.

IFCI had previously filed a petition (IB No.1167(PB)/2019) against the Corporate Guarantor, which was dismissed on 21.10.2019 based on the decision in Dr. Vishnu Kumar Agarwal v. M/s Piramal Enterprises Ltd.

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## Issues and analysis

### Issue 1: Whether the approval of a resolution plan and the subsequent assignment of debt extinguish the …

**Ratio:** The liability of a guarantor is not discharged merely by operation of a resolution plan

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**Reasoning:** The Hon'ble Supreme Court in Lalit Kumar Jain v. Union of India, (2021) 9 SCC 321, has

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**Interpretation:** The guarantor's liability remains

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**Application:** In the present case, there is no evidence placed on record to show that the

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## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Appellants:** IFCI Li…
- **Respondents:** ACCIL Hospitality…
- **Advocates:** S.S. Ahlu…; Saniya…; +6 more

## Timeline

- **2003-08-11 — Incorporation of…**: ACCIL Hospitality Private…
- **2014-08-22 — Corporate Loan…**: Corporate Loan Agreement between IFCI Limited…

## 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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