CASE ANALYSIS

Alchemist Asset Reconstruction Company Limited

Versus

M/s Hotel Gaudavan Private Limited & Ors.

Civil Appeal No. 16929 of 2017

INTRODUCTION

Black law dictionary defined Moratorium as “Delay in performing an obligation or taking an

action legally authorized or simply agreed to be temporary1”.

Interim Resolution Professional is a professional in insolvency and appointed to conduct the

corporate insolvency process. He is appointed with power to take charge of company which
is defaulted. His task is to revive the company by taking necessary steps and he can also arise
fresh fund for company. Section 18 of Insolvency and Bankruptcy Code 2016 defines Interim
Resolution Professional duties.

Chapter II of Insolvency and Bankruptcy code 2016 talk about CORPORATE

INSOLVENCY RESOLUTION PROCESS.

Section 7 of Insolvency and Bankruptcy Code explain Initiation of corporate insolvency

resolution process by financial creditor.

Section 14 of Insolvency and Bankruptcy Code 2016 give detail about Moratorium.

1
Black law dictionary
FACTS OF THE CASE

1. The Alchemist Asset Reconstruction Company Limited filed a suit under Section 7 of
Insolvency and Bankruptcy Code 2016 against the M/S. Hotel Gaudavan Private
limited and Ors.
2. On the date of 31-03-2017, the Adjudicating Authority (National Company Law
Tribunal) allowed application and passed an order moratorium and also appointed an
“Interim Resolution Professional” with certain guideline.
3. Thereafter M/S. Hotel Gaudavan Private limited and with other shareholder filed a
writ petition before the Rajasthan High Court, against the order passed by the
Adjudicating Authority. The Rajasthan High Court refused to look into the matter and
left it open to examine by the Tribunal.
4.