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TMI Blog2020 (2) TMI 443X X X X Extracts X X X X X X X X Extracts X X X X ..... olvency Resolution Process' against Viceroy Hotels Limited, Appellant - Asset Reconstruction Company (I) Limited (ARCIL) filed application under Section 24(3) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'I&B Code') r/w Rule 11 of the National Company Law Tribunal Rules, 2016 praying to grant stay on the reconstituted 'Committee of Creditors' as notified by the 'Resolution Professional' vide notice dated 11th July, 2018. 2. In the said application, Mahal Hotel Private Limited [Appellant in Company Appeal (AT) (Insolvency) No.718 of 2019] was impleaded as 3rd Respondent. The Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad after hearing the parties ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and was so reflected in the Balance Sheet of the Viceroy Hotels Limited ('Corporate Debtor') for the Financial Year 2013-14 onwards. (ii) 'Corporate Insolvency Resolution Process' was initiated against Viceroy Hotels Limited ('Corporate Debtor') on 12th March, 2018 and the 'Committee of Creditors' was constituted. The first meeting of the 'Committee of Creditors' was held on 9th April, 2018, in which Mahal Hotel Private Limited was not the Member. On 23rd April, 2018, the Information Memorandum was circulated by the 'Resolution Professional'. The list of creditors as disclosed in the Information Memorandum did not include the Mahal Hotel Private Limited. (iii) An updated list of Members o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usiness Transfer Agreement dated 2nd April, 2011, which was forfeited by the 'Corporate Debtor' as far back as in 2013 on account of Mahal Hotel Private Limited's inability to perform the part of Business Transfer Agreement. Therefore, according to the Appellant-ARCIL, apart from forfeiture of the debt amount, the amount received under Business Transfer Agreement do not come within the meaning of 'Financial Debt' and, therefore, Mahal Hotel Private Limited could not have been included as 'Financial Creditor'. (vi) It was further submitted that the inclusion of the name of Mahal Hotel Private Limited was made only when a decision was taken to remove the 'Resolution Professional' on 11th July, 2018. It wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l affidavit enclosing copy of Provisional Attachment Order No. 04/2019 dated 26th March, 2019 passed by the Office of the Joint Director, Directorate of Enforcement, Chennai Zonal Office, Chennai under sub-section (1) of Section 5 of the Prevention of Money Laundering Act, 2002. From the said order, it appears that after considering the facts and circumstances of the case and evidence available, the assets of Mahal Hotel Private Limited were attached. 8. For the aforesaid reasons, when the matter was taken up on 13th August, 2019, Mr. Kumar Sudeep, learned Counsel appearing on behalf of Mahal Hotel Private Limited submitted that in view of the subsequent development, the Appellant - Mahal Hotel Private Limited is not pressing the Company A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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