Adv.o|.

i Solrciiori a N ola rY

,ir..:jm &nri , l'J Frr'rl

al vr-rr. r.ih._.* R'rd
F^'l uLhE& - ill: lJ?3
Td. : ?rlr2 cr171339? /:!l1l
66516jlai : !6:{ 6l(11 ; r:
'
fa| i'9 -r?l ?2a? .6:n '

P.qntMaL
.'K SH ROFF
Ckco.
Ref No.1126 l2m2 ' 4t' Octohet 2022

To.
M/8. Saraf & Parlrets-
Advocates lor Resolution Plolessiora!.
Cne lrterrelinna, CenleI.
Tow6r 2, Unit NO. 24c2, 24e flcor,
56napall Bapat Marg, PIabl-adevl (l^'esu
Murnbar-4C0 01-",
Fmail mumbai@saraloarlners-ccm

Ra: Berore the NCLT, Mumbai

l.A. tlB) No. cl ?C2?
lr
CP Nc. 532/IBCINCLT[/B;MAH/2C 1 8
Sicihivinayak Reallies P',il Lld. ,. Applicanl

trJte.@er-el Lld. F Fanc'el Credilor

iGEiEEdxttucrror Corrpany (lrrdra)
V/s
{. V Hclels I imiled Corporele Dahtot

Sirs
luq/e are corcetnec for the App icanl r. ihe abcve rraher

We are erclosing herervtll' e f:cpy cl lhe lrrlerlol App cal on duly rctarised en
Plofess'onal
14,r Octcter. ZOZZ as a-rl by way c{ servrEe upon ll-e ADplicantiResolr,tior

ll tough you.

Ycurs trL Y,
Fcr 1,4,'s Par n'a K. S|roff & Co

Advocates for APP c3nl

Encl As above

iij..r -USTICE : .1i' r:r 'F "-r;r' ^ rr 'r ' '1

!!n
 tsElr(.)titl T'HU Ii()N,lJt E \.\ I tUNi\r. (:()Ntp.,\NY
t.A\\, tRtIlUNAI.,
Nlul.il]/\l I JItN(-t t,A r N.lli\tB.\t
| .\. ( tul N(). ()| l0:l T
IN
-_ * P. A. AU ri
C.f. No. 5.i2irBCN( I. t-,+tBrlvJ_{t iltl]tS GR.if!r,,r.t
EGC. xc.;l3l
t
Siddhivinayr.rk Iiedties [,vr. I rd
-{p1:licerir t T/

I n th.e nr.:*ter o[.1

Asset Rcconsturciion Compan). l

-t.l ... irioner,,
Pet
Finoncial (lrr.ditor
\r/s
V. Hotels l,imited
Rcspr'rndspl
('oq:orere [)rblor
I,N:l)F*\

&e &A6c Ilrnrtriou l,:rr:s

XaEe.$.
I
Me*xr a rJles I
ts
1
Ust o I )a es
4 ppi! --I
on UN d c r
Insttlvencr
sc t' o I'I 6 0 o I 1 he
& B arrkruptc_1 C'odt. l0l 6
for
lnteryention in (-orporate Inso lvencv
R esol utir-rn prr.lcess
l-?g

5 Affidiivi t-in-S trppc)rl o f ,{ppl ic3riun

r0-3 t.{
6 3 t 03.:01)5
Iiaster,qsset pt)rchilse .{qrr,errcnr
hclryecn
I.r''1., co.p,,lrc i)chrcrr i:-81
).'..I"""
iddhivincl,rrk
ond
S
Rtahi,:s prr LrrJ.,
Respondent.

l. [.]00-i l1 I B
Ordr.r plsred ln thc Arhrtrltion pr E.r - 3.1
rit itrn No
-l.r J of I0 ()5.
 rJ,\

.s r)J.01.1.i, ll li\11!Ill'l'- (.'

l . s.5-83 -
j (tr'lec passcd in rhc S!':':ial I errr e '\pp.':tl
No.40ii 01':r.)l(1.
,) 15.(rl.:till E-Lt-ll-Rl'r - !)
tiq-QJ
Le.tter ;rddrcssed by the .'\dvoeltes r)l'Ihc
R.csp(,nddnt 1u .'\lt.CI L.

l0 I :i.07.24! I I rI;l[EI]-t
,{rvard passed by the Solc Arbitraror lvlr'
r Justice S.N.-.Variavx ( R.ctd.) in -'\rhitratitrn 95-15,i
l)roceedings b€t\.een V. l{otels l-td..
Cornurate f)ebtr,r and S icldhitin;ry'rk
Rerrlties Pvt. Ltd.. Responderrt.

r1 10 0.i.20 I ,

.lurlgment anrl Order'6assed in'\ rbitratiutt

:56-39.-<
Prtition No. ff7 of l0l I filed hv the

.l Applicrnt.
{
I
a-
{ I '') 0-1.9 l:l0ll J$!!utr$i$.
I -t _'iq6-,197
iJl ()rder prsserl in ,+ppeal No i:5 oi l0l'l
ti led h1,' (-'orPorate Debtrrr.
1

ll.l0.lllll I L\L[Urirl - H
i(rr.irr passcri !n APPdxl No l-': oi li)l-l
-i,,E--19:'
I tll.d b* tlit Co:"porute Debtt'r I Re'en iirr
"J
t Jridgment I.

.l l9 (r9 l0l.l Illi!,ellil I tl{)

L ()rclr:r plsscd itt ,\rhifritti'rtr Pttilir'rt lllrr'

-<liS oI:tlll ili.:,1 [r" tite -\ppli'.:rrr'

' ti ill.t)9 l()l-l ,L\ TIIBIT -

-lf)1 -l()l
l()rd(r n.ts.rtJ in .{rhirrrriln '\;pli,. n

Ir o lll rrf -rll: llleil l:i tlic \1t'i ':ir L ,

 ,
.n Iri ]_t 0s.:u:2 l:\lrillr'[ - K
!J arl-,10J
i{oticc in l-or-rrt (i i.,.-.
J
Invitation For
t ll Ilxpression rrl lnlcrest issrt.:tl h1 I{esoluriorr
)ro lcss iorral.

I 19 0s.2021 EXll,ltsIT - I.r

406-4 r3
[.ist of (]rcditors oi Citrporate [)chror

l8 09.09.?0?l *
4t+-4I5
Lelte1 , zrddrerytd by the Petitioner to IUr-
Aririh N NiniiVaty, Deloitte, Resolution
I
Professional.

l.) r 3.09.20?2 @m;* l r 6-.t:1

Notice addressed by Nl,rs- Perimal K.
ShrotT & Co.. Adlor--ates lirr the
Responrh-'nt to Nlr. Anish N. Nolavall,. .rltt-..,,1
I )eloitte, Rcsolution l'rot-cssioncl.

0 _i0.0s.:0 rs n-rrnBr rl-^o

J25--429
Letter of the i\pplicant herein 'ro
1

A R(' lLlRescthition PnrL:ssion:rl

1.;;..-
1I |].0q.t022 L\.tft[Br.1 - P
l.l0-J_r 5
Further Notice of thc Applicant herein tir
ARCll. i Resolutitnr I)ro lessionir l.

11 2l .0rr.l0:? E^\TTIRIT -O
-1J ()
Prrhlic Nrrticc is.sued in l-hr Lconomic
I imes bv ihe Applicant.

\'llk lr latnanra '1 17-',1iE

J l)ro,;l ol Sen ice

 'i\ -
t-lF-t:oRI Tl ll,] lloN'lll n N.A.'l l()N.\l (l()\IPANY I \W
TRil]l rNAI . \1t.!NlllAl tsF-N(ll A I \1tlNIll.{l
I ()l; iol:
1..{. {lB)N0.

IN
CP N(). 531,;tB(i/NCI.T;NIBr llAHll0 tS

t'- Siddhivinayck R ellties Prt. I .td. r\1:rplicrrrtt

IAJIIE.UIAII€Ii.QL:
Asse! Recernstntttion Conplny (lndis) I-td ...
itioncr/
Pet
Finoncial Creditor

[-
t- V. Hotels .[.inrited - Respt'ndcut/
..

Corpt-rrate [)cbtrlr
I- UELIO Of J',+\R],lE,s
I_ +
t_ Siddhii inar rk Rrrllics I)r1. Ltd. -,.ti
,\ Plivr'rte Limited Conrpany registered q iEe
I (,iniJer the Comp;uiq's ;\ct. 1013 har ing
t- .jIe
d6E
Registered o l'tlc,-- l.rr Ol-lile:lt C(rnlnler7. .lrr Flo()
-t
Intcmatiortal Rtrsiness Plrk. Ol-.,.'roi C;rrtlcn Ista
t
()ll'; \\'rstcm Erpress Higlrrlav, Cirrregson (East).
t lil umhri ,l00 06-1. A pp lic ant

t
Ir led rhrrru![r

\lrs, Purinrrrl K. Shrofi 8t Cu .

Adr rrcrtes tirr App lie irtrt,

Rust,rm B rrildin.g. l" Fr
l !1. \'ccr N;rrinrrrn R..rrd.
F t, rt. \lLrrnb:ri -1t]r,l til-i

i:
tt-
(:-
t-
;l IIEF()RT.:'Ttili ] ION I.}I,IJ NA I]ONAI,, CC)I\IIANY I,.{ W I RINUNAL,
\lt;\4llAl IiF-NCII A l .\ll!\lll,\l
t
A
t,\. (tl]) N(') OF itr2l t1
\
cP NO -r3:Jtlc;n\(;I.. I i\lB'NIAH,2r) i.c
Ill
I
Sidrlhivin:rvuk Rcaltics l'\ t. l,ld t
q, t
t
JNiI;EEAI"I.ILE&J}E

Asset Rccor:itruction C')mFrn) llndia) Ltd ,.... Perit

Irincnciol Crtdi lor
Vr's

V. tlotels Limitr'd . Respr'rndent

Corpr:ratc Dctrtor

sYliGI].lSkS

1hc prcsent 4pplir.:al'ion (".\pplicarion") is I'iled hJ thc Applicanr

lvl,,k. Siddhivinal'ak Rt'alties Pvt. t.td- (''Applicont") urlder Section
60(5) olthe Insolrencl & Ilenknrprcl (-t-rdt.20l6 ("IB Code") frrr
seeking inten'ention in thc Corporirte lnsolvenc)' Resc'lutitln Plcn
('CIRP'') ot V- Hotels I.td . (''orpor:rte Dehlor and tbr setking
dirertions a.sairrst tht Resolutitrn Professional tt: refer and gir,-'
notice u hile tbrmularing aud considering of tny resolution plln in

pursuan.e of the Invit:rtion lirr Expression iri lnierest in r'iely trf

various lrocecrlin,.rs perding belirrc rht Hon'ble Higlt ( oLrn arisinq

orrt of .,\rhitrirtir-rri ['roicedings t'etrr een tlte Crrrptrrale Dehtor lnJ

rlre ,\1',i:licrrnt lierein, in.'lrrding st:rtus qtto order Fxssed h)' rlle
Ilon'hlt llir:h CoLrrt oi -ludic:rture rt Br)nlba\ in Arhitratitrn

Petirirrn r.,{o. 5l)! r)flf)l-l rnd rhe riehts accrueil lrr the .{pplicant
irrrdcr lrl.istcr .{sset l)urcfi:!'e A!rer'r'DCnl ( 'l\l.q.l'.\" ) dcted i l''
 Srprcrttbcr. 2(l(15 ttt'i'uterl trlnYecll
B
the ,\lrplii:ant ilu(l lht
I

C'nrporate l)tt''ttrr lntl lor crrrrsequr'nli;'tl ilircetions.

-,
-:
2 Tlre Rcsolution l'rofr'ssirrnal lras nurt pul:lislrcd in l:r-run ''(i'
t lnvit:ition ttrr Fxpression (ri Intcrr'-(I :rnd on thlrt hesis the

I Rcsolutl<rn Professir.lnal ,,r,ill rcceive ofltrs liom thc Resolution

Applicant- Thc Resolutiorr Prttfcssion:rl thcreafter rvill subnriL thc

r
Resolution Plnn to the Adjudicatirr g.'\urhorit-r'(N
t- rrFprovaI u,iihrrut taking into .'{cco nt:-
t-
t- (i) 'l he Status
Qrro ( )r:iJcr that lrjnds the Corp
T +
t_ ttrcrefore. tht Resol,rtion Prolessir-rnll, and tl
t
Courl Albitrarit'rn Peiition No. 508 of .201l:

I
liij I he lrlAP.\ dated i l{ Ivlarch, 20fi-5 cr(cured lreirrcen the
t_ (.orp',orltc l)ebtt:r ;tnd Applicanr-SRPt. in respu'tt rrf the said
t_ proFeny h:rving crerted prLle\isting hinding contractual rights
I in our far',-rur and hinding olrligation orsed kr Appliccnt-SI{PI..

I shich is sn irrte{rlrl oblipation .ltlrcht(l tr) Ihe o\ur.r'shiF tlf the

t ;'tssels c(r!ered b-'- :he lil,\P.\ irtclrrJinq the seid Tulip Star
I krtcl.

I
(iji) Ihe in llir, ttr enstrrL' that thg ( o1p1t11119 f)tl\lirr
ohlilration
honours tlrc \'t-\PA lnrl r)ischlrqes the t'rbligrtion<
cLrrre(p()nJinE to r'ghts cri' Applicant-SRITL dr) not ccase to

cxist. and theretirre 1he l{cr-olrrtion Protessic,nal eltnrlol (lo or-

onrit trr dn arrr act. rrhieir rnr,, prr'judiciallr nft'ect cr trndcrminc

the prt' ,-':,:irling nght:. th:t heve irlreaJv lrccnt,iii in ihct rnd in
l:rr,,, rrhich rights rrr' not irt th.' n3nlr.e r)l ,\pplitcnt-SRP[.

!-
.'1, 3

't, b*ing trrerc crc'ditor$ r'.'lrosc riqhtl lrtr d!'rrolnllliltctl itl rlcht
j t (!\1ed hy tlte ( orporllc [).'lrttrr:
I
(ir.) (-trd.'r rlutcd l?th Scpletnlrer. 2illJ pusrr:d irr llonrl:lv l-li.slt
(-lourt Arbitrrtitrn .'\pplicrlitrn r'-,r 2? l ol ?0l l lSec(ion l l
.lpplicrtion ,rt SRPL) in rcspctt nf'rlte srirl Trrlip Stirr llotel'

(r') 'l'he pen,Jing Bonrhal lligli ('rrurt.\ppcrl Ntr. .155 of 2(ll'l lilcd
hy \,. I lotcls I.td. challenging th,.' Ord.'r tlaterl I :1.

sctling aside Arvarr! daterl l3'h .lull'. l0n

thcreon hrve hren lcsen cd. a
;i
i \:l 'lhe said fer)diDg Bontbay High ('ourt (lonr

l3-1 of 2016 l-iled b;- rrs SRIjI. againsL $. Ilot

lbl specitic 1:terlorrnlnte of the l\lAt'.\

lvii) The siriJ pcnding Noticc dated J'h.luls, 20ti inloking de-

novo arbirration bv us SRPL asainsl \'. llotels l.td. & Othcrs

;rnd arbitration hlvinu tt.:mrntrt6g,l rrpi-rtt rhr' scid Notice oi
;\rhitreli()n.

l ln the cirtrnnstonccs the Appliccnt - Sitkllrii inal'ak Rerltir's P\ t.

Lrd. has taken out lht present Applicntiorr lbr seeking directions
aq.ainst the Rrs.rlrrtion Pr',.r l-essionu I to reler [o :rnd to gir e notice in
all ( ll(P procetdings:lnd cr-rntmunications inclurlinq the l\-'-<olutitrn

Plan elrout NI-\P,{. Status Qtro Ord,:r. ,\p{,\'irl f.'r(,ceeJints arising

out oi r\rhitratir)n protclJ;ncs. Cr',tnnrerci;rI Srrit, nr.rtice ol ,L: novt
Arbitretion :rnrl tlre cluims rrl th.' .\pplrcrrr)r iltirnri the (iorporirtt.
Dehtor- Thc'lgllg;..;5otrglrt in tlte r.rc:,cnt Lirse arre in tlre interest oF

.justice :rnri he .-r;rnrcd to Lhc .-\ppl icunt

 Lr\\\:TRII]lJN'\1
uIl()llli lllE HoN ttl.ElrlA'.l toNht'co]"rPANY
-
li
Nit i\lliA
\lt'll'\l1-|Al bEN(:ll'\T I
,
l,
l.A. (lll) NO.
.\ /r
IN * iiu
J.. C.P. N(l i32llll(l/NCL-l it\ltr,'\lAlli20 lS
-')Ir:012
1,

lnl . ,L
tsi
Sid.lhivinayek Reahics Pvt

l.n th.e nu.lte.r of :

l ld' {PpE"%a
#
l'td ... Petitioner,'
Asset Reconstruction Cornpen-v- F inanc ial Clreditor

\rls
Respondcnt
t- \i. Ilolels l.imitcd (lrrrpotate Debtor'

t-
t- $rs't.or IraJ-Si.
I-
t_ EM 3l.01.200i D Pa rticu.Lrr s
Pttrchlse Ae.rcetletrl
P:r e

\.{:tsicr AsseI
t (',\lAP.{") erccuted hetweetr
s ')
t- L.,-nr.," Debtor and the '\pplicrnt lirr _) -:

slle oi propertl' r iz' l ulip- St:tr Hote'l

t Propertl'along rrith Ileven Flr]ls
arrJ rll
nr'""t, f Proncrli!-s 1() the
,Vt
"
Applicrnt.("SuLrj e ct l)ropert\" )

t_ 1 Order of the llon ba; Iligh

('r-rt:rl ttt
21, I 2.?0u5
r

t Arbitratic,n Petition Nn -1-i1 ol l0(l-5

8l-E-l
llled unrj.'r Seetion 9 ol tltc '-\rhltrrrirrn
I
& (lonciliatir'n Ae t' 199(r b) rvhich
Corlte'r'.rt,-' f)et'rlur 'trnl '\p1 liirrnt
rr erc
(
tlirccrcil tt-'' nreintrrin slJttlJ qu(l irr resp"ct
t: of strbiect Pr.!pcrt\"
t-- 1l 0s.l(J0'', Disprrt"s ht'tir cen
('rrrF(.rate Deht.,r 3 r)d

t-- .'\pl.'licrnt rvcre r e icrrcd t,r \rt,itratli'rt

erising t',ut tll Nl\[''\
t.,-
i:-
l:-
l-
[-
[:-
 I

,D
| | ,'.t,?.r0ll erhinrf r ritunsl
lasfififiJf-ffi
alra. h,riiliog lhot \t..\p.{ slootl,
{-
+
?
termjii.rLedrep diati,:n un the parr
h_y
,\ppliiarrr artc lr:ccpt:rnce of rh:rrif 95-25i II
4.t t. ',;
rcl)udtirlron hy Cr.rrpor te l)ebtor
(')tlrclr & a
L,-...*
(1.()i.t0
I I .t IJ r:) l) b s I
C r-1Ll rl !tr't lrs d h e .\ I rd
g,lr
n rb fa
r'l P cl I o n o {) 6 7 oI 2 0
\t h e ruLl n tle r A pp c {l T h d c h a g
CD e d
t h c ,\ a rd U!s J + o A rb f
ril iJn A c 1th 255-_195
i h C t) u rl c o n ue
he n IC n nl
F r0 cc h o n o rdc J o I s efu s q ll() e 3 r r
o pe f e n c t1 e ni a er for p
a c r iod o f J
nl o o rh s
.q-
h 01.(,7.:0 l] A p p I tl:sn t n !'( e d r h I raI I o fi
s (r c n e n I c a n a !!e d 'I n lvl :lP.{ lo I d e
n rh ra t o n tn vl gw o f s c t n o
(.1
a s de
o t he :I rt'l d a, :d I J rh J u
0 I :r .J
n tc I I on b e
a ll Fo {r .t il I s t
e J N
sr krrsh n o ( R ctd ) a5 S r.l c r l ru:t (r r-

rr:i.ul.ltl t..i c G rp( r:l I c D4 bto r nd h c IS fi e

., ,q pp ec I t l No s 6 o , 0
(
(n I f _1

,-} h !- I n o rtn e rI N o J o 1 0 + I il P a I n s I f 'i()rr-lo?

t h ( rd Li r s c t n as J t
')]l Li"l he .{
rP I i.l ) ( , -1 O J l.| F e b ru
I e sa I d _{ p !' il
r d tl J t c
3 T\ 0 I -1
n I s c dr n I t te
I I 19 r,9.16 I ;, .A,pplicanr li i ed ..{tbitrltioiirP
I Ort No
50li of 0li fi)f inlcrim rclir.l:.s tr/s
!) rrt
.{rhir rilli'.rn i\('t otd rhe Hi,ah Coun
itl -lo()
llcrml r!,lv ror)ii:ltred the r,rrlier
order ol
slatl,r: (lurtr rill rl.isSosll ol rhe
Appr-.:rl
No l-Si .'t :,.r1_l fllcJ hr (.rrrporrre
I)ehro: & ( )r hers.
I

i ,)
l,r ltr l(1lt P .r\sc\slon irir rt:i. c p;rl:1i shed bi
r rn.rncilrl ( rcrlir -,\RCIl. u,'s I
l(.i ) ot
S.\RF.\tiSt .\e r ti ,r oUtstan(lit)ql.lues
l)f
R s.l.: -J -i (', (lr.r.,re.. i;'r tll ing. Ilossessi()tl
.rl lire sujd Irri ) S tlr Hr,t i r'lntl ,., I
 F

c:ltlt ltr r)in-q PLiblic rr( tl to dtol rlith itrr:

) s tid ProPellY

c iI l't t n ,l ,1 C H tl h C
J l0 1(i.10.2()li I a Pp
C

f C t) n II p
S p n1 CoL n t') d 1t

J.
l'c tr t n oI
No 4(6 0 _l i-l fl n s
h e r s t') c t1 d n
C o rp or a e Dc b r lt t'l d
() (-')

RC I ll II d s
ll a c a C c d o L
(
t( r b rC a ch o I h e S 3
U r d (: r
D r o
rl d { I l a n U a ry 1 0 0 f th e S u p e tI
()onrt.

c a nt .: e d n e h L^ o u r o f
ld A p.p f
3 ) o
B rrln h AY (: nl m tr rc a S u
t No
1 0 I 6 a ga inst th o rp o a tc D b to I n t e f
t 'N.
d :l Ie d
a a lo f d e c nr aI o n Ih
P
n
1F \ I 3 Ic h 2 0 ) ( a s 3 d ) e ('r i] t'lcd
s hS
t
r,,; .- d bi n d n u Fo n o rp o TT
l {!'1 " - oh and [o I d e c r c t) I s pc c fi
c
I
1
p e r fo n a ncc o NI P
I f end

c o n seq u en A r e I e fs
I
'-)
24.01 10r8 T e on 't
c uI rc n c (_ (11 rt dl SI sse d
I \l
tlre ConlemP t P l"' l o n o
{ 6 of 0 ,t

I oI ApplicanL'

I
ti1l9 ARC]L inslitute d procet rfi;rgs irscinst
/ tll
_)
ton
rhc Crrrporate Dcbtor r'tndtr SecL
I l' Nlrrnr t,a i.
11,g 113 1t'.,de betore NCI'
t
j0.08 10 le e rt I J d LI e s s e d b e p rr t iI n t-) e
IJ I
I R 5 () u t t) t1 I' t (l te s s II LI tl e 3

t( he S a tu s
(l U o () I rl C ll: -l l9
fe tTl n
t I e te T a l:
le lcrrcJ tlrcrein (t'eing s 3 n.l e a s
:l d,
t hereinl and the s3n e bc n

tindin r and s Lrhsistin z

t

t )lotic:
l) ul l l loi j APPI icanr L'ousc d a Puhiic
t publisht d and niaile it clerr
ti' th:
generrl puhlic r.hlt (111 s.count
I thc

Srrtus ( )uo ()rder oPeraltrnP

I
ln the
l]13tt\lr, the strblec t nr,lne Itic\ c ll r I'l.rI hc
l _l f-..-re

i-
t_

L,

[-
 de g i;Tf,;].;, slerreil In ctlv t))ll t.tficr Y
wl at s{)E\ c r lnd Jn\.one (l()il)
'r
J(
h,: r,;l'lg ir;rt his strlc I :'-rt 11ar,r1.1
risk i:{
r l). lr,l9 [t,l iscell nr.<t uS I
ApFlicarion hr'ing No
tr
t
(:iJ .. ot l0l9
tllert hv -,\ ItC I t_ agcinsr
the. i\nFlic:tnt in te, o]ic sceking
Injxnrtive relieft agsinsr lhe
Appliclnr
inclrrtling unconr1i lional \\it
hdrau nl o l'
the I'uhlic Notice itatcd 40r'
Noubmber,
20 19 lhr order resrra
rntng- the',{pplicant
t'rorn i111"r1orirr* *; th
CJRP in 0ny,
ln-$Dner, for. dcclarai iirii:'itrattrlic, ti
dre prupcq,.. vesr \}i*r,.
s+ff
rhi.,C (:!Iporate
I)ebr or ond lhat Rqsolution p
rrlltssion sl
ls cnt itled to rjesl wirh rhe a
ssets of the
c rrrporatu I )t httrr.

t7 trt.OS.:Ol c)
ec rl4'orate Dchtrri 'challon ged tlrt
IrrrCer.:di ngs initiarrd herbre N CLT by
rlllr ..\RCII. h1. li lin_q \fisc.
I t
serl,lng ,lismissal of tlc A
A ;:plicalion
pplicati 0n ot
the I' t narrc ia I f_'y,jd!rir15 q(r
ntending rhat
I the .\ F plication filsd b,v
ft e -{RCIL tas
bancd hy limirul.ion
I ; tvhich \v6s
rsnlissed hv the Adiutli ('lriDg.{uth0rir\
I
i r'. NCI.T h.v rrs- r. ).der

1.{ l l .1 :.1(.)rrq Be;ng agg rier'..,J b rhc

.l srid (irder (lltlefl
\lu'.. thg (-orForrre f)ebtor
1111r1.
prelcrred nn -{ pptul
hc [orc. rhc Nsiionrtl
C'oilprrnl. Lt \\'
Anpellrrrc Tribun al
('N('t-.{ r', \} hich rvns 3llo..ve.l
Ntil ,{T hokii nc tha the CIRP br. lhe
I in iriared
hy rh.- AFIC I L rvrs- [r;r rred
hr. limiration
I,) 0l 0i trtti 'l'he II ,)r)'hle \L:t rt-'ntc Cortrt
lrt
IrrdL:rrren in ( ilil .ipperl Nos. SJ_S
t
l0lr) rtf
sir rrs id,r rh lr.rtJ,:llcn I lntJ
C) rcJe r
drt:etl l l'1,
l0l()
NCt.\i' Itol,'jint trr;ir rhe ( IRP .f ths
IJL'\:c;rt hc[_

in iri:rrcrj
r-r '\R( l I- rg;rrnsr the ( -r,
rpr'rrate [)ehlrrr
i]lrs n, rl l: cen hart r.rl ltr
lrnt irtttjrrn an ri in
 r-t

t ':i!:\\ (hcrtt)l (lll{l' inilirtctl trv tlr,:

.\ ll( lll. slc,rrrl ievived.

l{) ll.rlli.lul l [n vicu f rcro] l1t Itellci ilg rrnJ reviving

,-r

)l (.I t{ P. tlte Resolulitrn ['roAssionrl

issucil Notic.' in [rorlll'G' ()f l n\-itado n
ibr Fir;.'ressitltr of Itlterest'

r9 0s 20ll ln the t.isr ol'(lrc J-itr'rIs prc-lrarcd bY tltc

Rr'solution Pr.'rhssicrnal' at ltenl l9
undcr the Caption 'Other Crcditors
.106-.1 l-1

Clainr'. the .r\;rplicant is slrorsn os

Creditor of the Ctrrporaie Dehtor and in
{ $c said List. the Resolution Professional
t slrosn [ts.75.00 Crores as
veliiied
+ or)rount tnd Rs.37l 1.57,0()-000r- as
\ anrount pending vcrilication.

1l 09.09 2011 Bv a lefler ad dresscd hy r\ (lll to \'lr.

,\nish Nirsnjan Nsnavary' Rest'rltttitrn
Prrrlcssion;rl ol V. Ihrtels Ltd" 111-415
c()nten(1.:,1 lllit sitlce tlre clecutiott r'rf
\lAIrr\ in 1005 rrntil thc L'orr ll'rcncement
ol CIRP on 3 l-' N'lay. 20lti and rrntil
t oddressing of the seid lgtler' no px\ lnent
hus heen rnltrle bv rhe ALrplicant to
,\R('tL Loriards senlenlent ol' its
trrrtstanding detrt tlnd th:rt tlre
prcc,rnoirion stipulnred in rhe l'l'\PA ltas
not been hrltllled hv the Applic;rrrl as of
d;ttc lrd :rs sut l) th!'soid tlu IStan dinq
I ,leht is n,o"l suhicct ntttter rll the CIRP
I b1' a t
.,) 1'1 gq.lr))l l hc i\, oc;rres lbr rhc .\ ppl ican
{ l'.Jotice aiidre ssed lcr lhe Resrrl tttitrtr
Proti'ssion:1 :tltcr setlinc out the lll'rteri3l
t antl rel('\'3llt llcts lnelrrdint the I I 6-.r l.l
prrocc.',lings penJilrg b.-tbre the Ilorr blt
tllrh Coun attrl trlhcr detlils;:ointed trrrt
rh.rr irL the e\cnt thc litsolutitlri
f'r.,fesii()nJl trtkes anr slc'fi c(li'trJn' 1r'r
I tlr, ri qiris,rf tltc \PPlicInt
unrlt'r' tltrl
I Nr ., p, .\. the sanre .,rill he trllF rrsed hr t.l'r,:
 Applicent nt Lre cni:rr rr.k- as tr., the i /5,
c(}str tl}d cuns.-.qurnces. lt.
4 3.09.2032 I hs ,\ pplicun r tl y enr'.r;l ,fulrd j' a
I
Septenrhrr. f till t.)
I
'epliecl tirr l.-rcr ot'
Pctilioncr'l :inanciol Crudr tr.rr. citterl
9'I J I (t. J.]5
Setrr t.:nlhcr. l0!l aud puinre<i
i
our (lrir lltc
I
RP (,\ves a fiducisrt.
I dutr ttr .'r ll
stakehol ders oF Cot'p6rilre l)thtor_\,
I lottls Ltrj. to 11n 111* ;rllsin in
a ltonner
that is. ilrrparrjal, rrtnsisrcnr rvith
c.pplicable larv antl rr irhour tjishc,nourinf
tlie. legal.and ionrrucrrral ohligrrions j,
.the Corporarc I)ehror. Bv rhe said
lerrcr,
pe Applicanr called upon thc Rp not lo
mrlulge in or rtdopl cnv stcAs in thr:
CIRp
Frocess. irr th6 msllpgr cloin:ed trr
stggesrud gy Peritioner ,, Financ
ia I

I Creditrrr rrr in aDy ntanner ut all tlrirr

I
prcj udict.r con tmchrll rights of rlre
.4 ricaut irr a maunt'r u'h3 [! (le Yr'r.
ls I r.09.:021 The Applicanr s;r,,.p lil rther
Pul.,'lir
N otice in Econuntc Ti mes
generol public abour the Stslrrs (.),.ro
iutontring rhr.. r:6
Ortler rhsr hincls rlre Cr'rporar.'D,:hrr,r
pending (i>un pruceeC rnls rnrl
rjlhts o{
the Applicrnr rrlder \.1 .\ [' {
,rnd rr.amed
thc lluLrlic- rhar su h.litat
:t.L-
-
\\,,,,- t
,.'. du-alt u,i
Pr(ll)L'n! C a nnol
lh or tra ns Ie rre,.J.
t:, )
,
ll. tl' '
'''.ty
;o \\ a
 .t ,a?f'
I -$
., t!i
'oi Jr. -i\ -5'r,', ,} Fis" 10
1'-
' i.- ,1r 0 , .:,,
'-::.

- i;i $1 o th:
1,{&il,F -*L ilUi'liifi
r- ffi*r
'drrd ,'t' I

I-
.:
,it
t
dI C"!/
iat IN *s rl
,!! ,n '' rl

i rl
[- :,: I

I_ rt6rtTs MAHARIIS
.*;i.-:.*=.-1i* -

2022(I 25lA 701615

I_
t_ EN i
.4oooo;
11 ocr 2[r
t' snrsfurfi L
t
REF(ll{F, l l lF: l lON' t}l,ll NATIOT.\AI. CO\IPANY LA \\1 I lt l ut iNAl.,
(
t!lt;NlBAI flFNCIl ;\ I [rl|Nll].\l
I
I A (lBr Nr,) OF l02l sfia. ca.c€' qFrA
I
IN
t
C P. NO.:-il,flJC:N(l..l .NlR i\1/\ll lr,llS
t
In the rnarter of SL'ction
I
6[]tj) trl the Inslrl.,cnc-v turd
t
Benl,rtrptur C,,d,-.. l(l lt': anrl
t
,\NT)
t in th!- .rJttrr rri Rrtlc I i irl
I rl'rc \,rtir ):lIl (-orIl1':rtir I.rrt

t I r itrLrrt.rl RLLlcs, lt.tl6

I
!. .-
L.-
1..-
 tr)
.Hi
tc.
A':-'3i'lt-'r r\' - r''(:
r

,I,t i ri?rirfl rElr'l rl'i h: "' ;" ' ? a co'

\i\
r,'r,rifi ii -,I" 1
sa:I. Jsla 0?}
:F'
'i,:;r !i.fl 'i
.,-,711+*llo{:r. * 7?r1t{.r

tt . .l'.1 t'!.i :i n&

?

# r&

tI{ $t
e
$
 :)

:-]
-:) h
g
f t 2
, ,-.\l clJhit-irrlr lrk lieahies Pst. l"td )

A I'ritatc I inliterl CorrrP:rrtv le3istcred )

t Inder tlt,j tiontprnies i\ct. f0)-l hor't-

I{cgistercd ollice cr [)lficc lt C'onrtlrcrz,

tsttsi ness Park.

-i"l I: I rxrr, I rlterrlat ion3l
()her,ti (llrden Estlte' O l-l-: Weslcm )

F'xprcss l{ighryl1" (ir'ltgatrn (E;rtt)' )

,:-ffi-ruiiilr-J00
J ,.1- t'-.'-' .'! :!
061 ) ... ;\prrlicrnL
J -.J '-"
r .:,
./ ln (hg in.ltt-c r o f :

I
')-r.{ a :' c.P. N(). si2ilBC:,NCl.'tTtrlll;lut Al{illt l8
Ol' l'HIl lt] COD} ' iol 6)
'grl ,
(LUS 60(5 )

ftril#.,',rsrruction cornpir.) r.rd' ,l',11"'11,iia,..,,,,,.

I

Rcspr,ndtrlt
V Hotels Lin.rited
CorJroftttt I)rhtot

t
AP P
(F1 IIF. IN s.oL\'!.
A T Y RI TER\ T
.,\-RF 'il.(. NI'
RA:I 'ti I OLV F,N( s.() )-c, S
t RP(

t A. Dcteils of the APPlit-rttion

t Nl''s'
Tlris Applicarirrn (",\pplicati'rn'-) is filed [r1 rhe Applierrrrr
Scction (rtli5
Sid,lhivinarrk Realties Pvt' I tr]' {'Appliu'rrrt'') itrrJcr
)

t 111 111.- In5plvtnct h llartktuprct

Crrilc l()16 t'lB Ct'de' ) s':ckrng
I'llr|1 t (llRl''t
inten'ention in llte Ctrr;rtrr:'te ltlstrllctrcr R'-srrluLion
t(i llle
Ilottl's LiJ. Lorptrralc f)th[or lor ecnailr dirtcti'-'ri\
of \'.
t R t st) ltlti, )n P rotcssi()nr l'

i
 ii
_r\
...) l
-:.
2 3
2. l'lte lt.'sc'ltrtion Fr,rlessionll i)rJqht fo 1:i,er ttr rrnd gi.,,c rrrLice lo the
t
u ..\pplicrnt s'hilc lirlnrrrle'.inrr lrrtl fonsiilo-irrq:rny rc;;lurio;l plsii i,

JrtlrStlil,rcL: rrl tltt lrtr itrrtirrn tirr EXpr.eSSirrn Of InrerL.st qnd indeerl hc
lnrlhii,l in nrsking tJigclrr-rLtres to rl.)e prrhlic rr l:rrge rrf r11i11s5

orders pil,'-si:rl bl, and prrocecdings pcnding bctirrc the Hon'trlc

FJornh;rr- High L-ourt reliring to r\rbitmtion proceedings bos.,cu

"l
,ciilffi#::'
,'*/tgffifi3!
:: : :'
i I,r :::,;Tjl' T ;,';:::ru H,: ;,:T;
Hish Court in Arhirrotion perition.No..50S ort 2013 ro
';'J,i!IL,i,,. corporarc t)ebror is sut:jecr.
f\..t*' such proccedings inctude
trf righis oi thc r\pplicanr undcr .ltastcr
"{i*PXfr*.tt*,
- ' purchasc
As-scr
Asrr.,tmertt [.lvlApA'J dnLr,d 3lr' Sepr..rnher. 200S
c\ecutcd betrtcen rhc Applicant ancl the ClrrrTroralc Dcbiir.

'lhe Rcsolrriion l,rotissirrnal

ptlrlisirrd in l.orm .(j,. hr,;itation
has
rrl l:rprcs.sion ()f ttilerrst. On the blsis of alrv ot'Ibr thilt nr.v be
receivcd lrt lrinr liom enr-- Resoluti()n Applicant,
the Ilcsolution
Pr,rlcssionul nls\, suhmit lr Resol0rion plan to tlrc i\tliudicllinr.l
thr approvll. It is erirlcntl_y cliscenrible thlt suclr
Arrrhorit-v
Rcsolutiolr Prn Dtuy not take inh accoun( rllrioUs (.toun
pr0cc'i-'dirrgs hcrlr.cr-n thc ,\pFIicanI and the C)orptlrotc I)ehtor.
stirtus_quo order and rhc riglrts llorvi.ng lionr rhr \li\pA,
goinu b),
the conducr of the Rcsrtlulion prolessionll il)d
thc slJncL, ;rrlrptr,tl
hl the orpt'rrare L)ehL,.lr in t.hesc procr.-dings un<ler thc rn.crsighr.
(.

s trpe r in t,-'ndentt ln,.l c.rntrol

of lhe R cstr ltrt it rn [,trr lcssiul tt l.

l Thc propenics purchlserl br the ,\pplicrrrrr liont the (.rrrJ)orJlL.

Deht()r uitder th!' i\.lAt,.\ iiar.-tl _i i , i\llrch. l(J()i ti)rnr .rn inteqrirl
11d suhslanriall_\ rhc r,,hrrtt rlj thc .,\ssers ol rhe (iorprtratc [)eltror.
 \.'
.'(- i'irI
' ,o
*i
'rl'-
I lrr pro;rertr c()\'cred rlndL'r thc N I;\ l'.'\ is lrlso srthject rllilttvr ()l lh.
I
strtltts (llr() r,rJtt plsseil hv thc lliill ('ourr irl ,\l'hitratirrn P.'tititln
J;Y No. i0S oi20ll tr hi.'h hinds rht: CorFl,rirt(' l)r'hli,r.

(t- 5. 'l he r\lAP,'\ rlered I l'' Nlare h, l(t05 executcd [:etrr,ecn the

rI Colp,lrule Dcbror und tlrc .\pplicarrt in respecl ol' rhc propertl'

co\'rrcd thereutrtlcr rcpresent prc-c:<isting, Ltiniling cttntrlrctual

t
lights in lhvour of the Applicenr rnd hinding ohli.qation orvetl hv
I he Applicurt. Such pre-e.risrlng aad
r; P
to the orvnership ol the sssels covered
I J. A inclurJing rhc taid V. ll<:tels Ltd./Tulip Ster Hotcl-
I
ruptc;-' Ctrdc, 201(i ("lRC") dtrcs not
I
ct'l1il il rc-ruriting n\ c()utrir(:lrrrl ,rhligations orvcJ bv ,t co+rorrltc
('lchl()r ro iher rtorkl lt lltrgt:. lt is onl-v deht ohligntirrns rlret nrc

rerlrrcurl lo quantilied arn()unts th:rt;rrc capohle oI being rc-rvrilt.-lt

I
tundcr resolutiorr plons. The legal end contractultl rights do ncrt gct

t'roded ond c lutttatotium ttndcr tlte IIIC onll susptnds rhc lbilit-v

tt-r iltstitttlc or continue 1.:r-oceeding.- rtll!tine t() clairns arrainsL tlrt

corltorate delrtt tr.

l-he Iegal ohliuttion to ansL)t!- that tht Corpr late l)elrkrr hotltturs
t
tht N4AP:\ :rnd disthlr':es the ohlir.llrtions cr'rrrcsporlrlitri: tcr the
I
rights ol' tlrc Applie'rnt d() llol cease lo e\isl. arrd rherelorc tht
t
[iesolLrtion ['r0lissior,:rl c:lllll(-rt d(r or crtltit ttr dr] alt] alt. \\hich
rna-v prcjudiciall-r elttct "r ttrtdcnltine tite pre-eristirtt rights that
hr'rr c llrctdr ttcrueJ itt fr.'t rrrid irl le\r'. rrlticll ritltts llre tltlt itt tllt

nartLIr ol'n]trl.-l] bcirlS ir right to rcccivc nl()nL'\ in the il:prcit-r rs I

e r!'( lit. r
 5

5
_v
\r
S .\nl Rcst.rluliorr l'lan sutlrnitted by luy resolitrton lJ-.pJicllit sltlll hc
st-Lhicct tu tlrc firllor,,in.g, u,hich.111rl L-lrc-(,i11911,tq- I)ehttt r
(J
)
(ir) ()rdcr dated lTth Septenrher. lt)l'l prlss.'d irl lStrnrhuv lliplr
l
('orrrt .,\rhirrirtirrn Applic:ttion )'1r,. 271 of ?01i lSeetion ll
tl 'q'tlpplication of SRI'L) in rcspcct,rl thc said'l'ulip Stlr Hottll
i'
Ic
*'{t

e thc penrling Ronrhll'lligh Court Apperl No. .i55 ui:01'l

+ hl ed b1, \:. I Iotels Lttl. challenging tlre Order d3tcd l0'h lvla)'
t
t.\ 201 -'l scfiinH asidc the. Au,ard daidcl lSrl' July, z0l
VT l;

(c) thc said llonrba.v Tligh Coun Comnrcrcial Suit No. lll ol
l(, l{j lllcd bl thc Applicant ogain.rt V. Hotels Ltd. & Orhcrs
Ior sJrctific perfotnrnnc.. of thr' l1-,\PA: nnd

(d) pendin-e NoLicc dated ,lth lull'. 2(t lj invoking de-r'rr)r,o

I irrhilrilion hl the -{pplicrtnr againsl V. Hotels I ttl. & Othelsl

I

lrrd
l

{cl irrhil rrt ion hr'tvi'rf c<rnrrnenced ttprot: thc said l..loricc ,rI
Ar[rit lctiorr.

9 It is subrnittc,l tlrlt insofcr as iln opcrationrtl drht is concL'me(l. all

that llrs to bc se(n is rvhcther tlre soirl dcbt can he ssir.l ro [.rc

dispL:red. Irt thc insttrit case, thc inl itatirn ol'crprc.s5ion ol ir.)lercst

is prcc.'detl hr a recortl repl.-tr' *'ith procec'dinis r:rngin.g fronr

rrhitrtrtion prrrceedings: to iilinp oi a pr--rition undr-r Sccrir:n i-l rrf
tl']!' r\rl)itation untl Concili:rrion Acr. l99ti; t(J an Jpperl itclinst thL'
ordcr untlcr Section l-1. .rll ot r',.hich srrulJ sircrs urt i,tr'rLrr.rhle
.,,rrclrr- r,rr ('t I pr(.c\i-itinI r,islttrle
 6

lr) Ir --lr.rukl bc rottJ tlral rltc slrJrtrtl lilttl l)1' thc Crrrl':orutt l,tclrttrr"

slrieh s'as ptrrsttttl ttrrtlcr th.l r'rvetsipht- sttPerjn[cndt'ttit ;tnd

irrsuucliorrs ol'the tits,rlttrion l)roitssionrl rt'ls hrrt'd ill dttlil b1 rr
Dir,rsion llench ol the lkrn'hlc llonth,rl' l-{iph (-oun arrd ()rdtrs on
.l2.
tlre sornc hiLuc heerr rcscrt'r'el (rr'r Ortr)her lfl:1.

I l. lt is thc ,\pplittnl's case (ltnd such a \ iew llils beerr rtc'-'epteJ b1 the

+ n gh Corrn vidc order ol'a Single Judge r)lttd

I Lhe lvl-APA hos not corne to an L'nd- An appcal

.t
4 or(ler pursued bv thc Corpttrote I)uhtor u rrd,: r
I,' Resr,rlutiort ['rofcssional h:ts lrcetl hecrd and

r'- j!.
!?i.i* ,t. rcserved. A! such e ]uncturt it \\r)uld not et rrll ht olrt'n

l- tor thc Rcsolutitln Prolcssiorr.ll to f retcn(l tlrlt tlle N'l {P'\ hils con'lL'

t- t() in crtd Srrch a pnsiti<-rn hrls heen rrdoprtcrJ l.ry tlle llusr)luiioll
Protessiorral puhliclv lvlrer.r intiting cspressiott of itrteresl Tlro
I_
3d,.rprion oI such I s(ancc is evidentl-t' unrrtrthILrl inrtccttrrte ''tnrl
t_ (
nrisstrtement rri a nratr'rial nature. r'itirtingtltc entire IRP'
l-
-l
I ll (.lrrder rhe lBC. this H,lrr'hle tihLrnlll r'lt,,.rs rl(rt l)ll\ e the jrrlisdictirrn

tr.rcnlcncitr c()tll.rilettlil disprrtes arrd cdjtrdic:rtc trpoll them' lt hJS

t tlte srtle jurisJictlon td d!'ii(le a disputt thtt :rrises lrtttlt ttr rclltes 1"
lhe ('ll{f' oi tht Corporrte l)cbt,rr rr'ltcre tlle proptrri of tlre

C orpr-rrste I)ehLor tic rlrt pre:etrt e11sc ri.!.hls rrrrder l"ltl)At is

I
sotrgltt ttr be iiishtrnourcd, disrespecteJ. lhlogat'"d rrnd r:r['ctt J\\.1\
t
ort tlte groutld oi irlsolvt'tlct prt'eccdittos.
t
I Ii ln the circutrtst'.llrecs. llr. Irlterinl '\pplit:t;1]rr r\ l\ci)lg tilcd irr tlre
i al,ore Cttmpi'lt't\' lJe(ltiLrn irltti Jlid sctkilig LrrJtr llrrd dir"ti'lrr
i

1..

t--
 7
ir(ainst tltc l(estrlrrtirrrr Pri)ltsliionjl its tnorc IrJrricHlsrly s(:I ()ut
hctt'inalier.

t.l I he irddress ol thc coLursel of rhc rho\en0lrcd A1:rpliurnt lbrtlrc

ser'\'icc.'i'itll noticcs. prucess. etc.. is that ()j'th('ir Advoc0tes:
\[,/s. [)trrirnal K. Shrt,t]& C,r..
Rust0rn ll U ild ing. l*' l.loor-
19. \'eer Nlrrinran Road.
lumhai-.100 0?3.
d. : narinrali0.;pg!4g\fu4Lq.
It
l: t
:
fIiet rhis llon'blc -fribunrl has jurisdicrion lo r:ntertain this
,'\plrlicatio, rs the slm!- thlls rsi$in the Lerrikrri:rl juristJicti.n ,l
th is Hrrn'hlc Tribunul.

(-. L.irrrit:r lirr n

16. Tlrc Applicrnr declares that the presenr applic;ttion is not

btrrrerJ bt,
limilrrtit,rr

l). Rriel F:r cts of lht'ca s c. a-,i g,iric n he.lr )u.]

l7 'l I'lre '\pplic:rt srrres :hirr unt.rer N'r:ster Assel purch:rsc

Aerccnlcnl
("\1,\P.{"t dlrrd I l', N.larch. .2fl0i execltrL.d
helleerr Corporirre
[)ehtor r'i rlle ()ne pln anJ the .\pptiuatrt ll
rhr (-)thcr l,rirl. rIc
( ,)iT)or.rtl: [)ehtirr rlreed to sell tlte
nrofrert- tJesr.-rihcil in tlre
.schedLrle tlrereunder rr rilten viz. I ulin
Star I [o19l pp1rpg11_y
"1..y11,r
rujrh Fleren Flals :rn,l all Nlorerrllle pr<rpgnies (..rhe srr[riecL
ntr)prrt\"') trr thr Applieerrt lirr rhc e ons it jer.at ir)n Jr.td {rn ihe te .n\
.rrtJ ci,rrdrtii,ns thrrein containctJ Ilerct.o
il.llcliL_rJ :rniJ rnur[:c,l
 , I
' -.5
416 t_\ I lllll l -:\ is :t et )!\ ol'l)le i\lrtsler ,,\sl;er l'ulchlse Agretltreol
ol rlrrted I l'' lvlrrrrh. 2(t05

I 17.2 l)isputcs Jro:i(' hcl\\ecn Ap1-.''licl:rt antl

('irrpirr:te f)el-rtlr ltnil

()thcrs rnd herrct r\pplicant lilcd in thc lliph (-r)rtrt tti ll('rrlbil)'
No. li1 rrf 2(r05 l-tJs t) rrt' Arhitrittion and
,.a;^. r\11:irrlti,rn Pclition
lrQiiq:l nc if iation Act. 199(r ('Arhitratirrn Att") in rvhit-h trr' Oriler
J -J'd Decr:nrl'rcr. 200-5 psrtics
s'erc direclerl tt maitttain statrts

ol srrbject propertv of thc rrrhitratitln and irJi\l)A

r.-.spect

r- *
u
0 anrered and rnarkcrlI,I.EJBL!$is thc copl'oIthe
ssid

rder dmc,l 23nl Dccemtrer, 2t)05

20C6 clisputcs betrver:n Corlotitlr' l)ehlor

enLl
ll (')n ll'n i\ugusI.
olllon'hlc i\4r' lustice S N'
Applicant stre relerrt'rl lo Arbitrali()rl
\,ariai,a (l{ctd.) ("4rbitrrr(or/Trihun:tl") anJ
ihe erlrilratir:rt
co rrt rttetrccd.

Itt Scprernhcr, 20(i9 Applieanr rook. out

Application u/s 17t'i
r 17..1 Orr
Arl-rirration ,\ct helo:c the 'l ribttrral lirlliretiion tt-r Corp'orut<
t
L)chlrrr trr disclose nlrnrtslnd adrlrtsses of 'secrtred leltilcr.s trltetltrr
lhc secLrrit'l' ol tlre
\\'itl't docurnellts c\ectllcd b1' ct-lttlplnics and
of rtccorrnt'
Itrlip Slur Hotel rtlong \\'ith DFlo d3le st3tcnlent

after he'tring \Fplic:)liorl

t t7.5 1;n 23nl fl1"ert.thcr. l()09 tht' Trihrrnal-
I I oi rhe .Arbitratirrn Act
r.Lis
lreld thar .'\p;rlitarrt s ill rrot bc
{
th)lt sttlLlc ;rntl 0hscrrc'l llilt
I enlitlctl lo lurthcr ad-inrcrill reliell 3l
(
the staterlcrrts mrrtle lrr tltc otrntcl
tbr C ()rPorirle
irr of
t ',ic$.
l)cirrrrr ltttl (itl'lcrs tlrlt rlill oi\c pri(rr irllillljrlron t" Ap1'lieant
111gr
I

ol- l'rir:te Aqrtcrrltnt *'ith r\R(

ll- lo st'li Lrr lrrilr'rf'r
irr rcspc'cr
i,

t
 a gs
suhiect propcrtics ro N.lr. Aiit Kcrkflr or llis r)ot.ninecs or xny olher
pcr:,0n \till) tlteir c, inscrrt.

E'
17.(r Bcino rtsgrieved hl rhc ssiii ( )r.der dutetl li.,l Nor.ernhrr. l0t)9
Ap.rl.rlicsnr prclerred Appcal No. I ()l2all0 ujsJT rrf ,,\rhirraiion,,\cr
he lirrc. rhc High Coun of Fkxnblr .

,
201{) Appcal No.l ol 201(} rvas r.lisposed ot by
li Goun of .Rornhal' colt llrmin g thc order pussed b_v rhe
^

+
ppl t prcli'rred Appeal \tr 2'J_5 ol' 201 I to rhe on'ble
Suprcme Coun egainst rhe Ordcr darcd 21,',' Jenrrarv, 201(t ol rhc
flornbuy Fligh Corrrr-

17.9 ]l]l, lho l lou'trlc suprcmc Crrrrrt of..tndia disposcd

Orr J'h Jarirrarr.

ol thc Appcirl No, l8j ot 20ll giving option r() ,Applicanr to pr3.
lhe irrnirurrt tlue lo Finenrill Crediror _ z\RCIl. and secur_e
rssipnment sutriect kr rinar lrvlrrrJ or- rrrc .\rbirraror. Hereto inne)ied
Ex.-c anrl nrarked IIX HIRt't.- Ci s thc cop! tlll rhr
said Or.dcr tl;rretl J,,,
IuLriln,. l0l I

17. l(l On 1-i'h Jauuar1,. 10 I I in viu.v 9l'thc Ordr-,r drted .lrh .lanux' :01 I

of tlre Suprerne Courr. rhe AJ:,plicant br. lhrru-uh ;ts

Ad\ ouirra:i
lctlsr c;rllerl upon lltr Firr;lrcitl Credirrrr _\RCll.
m inltrnr
,\pplitlnt thc sl.rrtus ol proprrsrrls.,rcprcscnt:ttions
ior s,.,ttlernr.nt r-,i
Alir Kerkar & ()thers orrd rrr inltrrrrr uh{rur initiatir,n
ot.tn\ oclion
rrrrtler sectiorr ll tl) ol S.,\H t-;\FSl ;\ct .l
he ..\py.:licunr srttes rhtt
tll' lic.trIrrti,rrr Prtrlessiurrrrl i: .r,,,,;,,., t,f tlre lrlbr.es;rid llrcl: hr
tersorr tri rlre trlirreslitJ letlcr rrdtlressed
tr.., tlte finurcial (-rediri,r
 r0
1C
+
Ilctetrr :rnrte'scr:l tttrl nlttkt:d l'.\llllll'l-t) is a crtl:v r,l'the letrcr
7
c] ilrrc,l li'r' Jrrnrr::r-r'. lt) I I irddressetl b-v the Applicunt to thc

Irinenc ia I ('r eJitor'-

r ()n g"' i\hr,-'lr. & ()thcrs inlitrnrcd rhc 'l'ribunrrl

r'r l7.ll 2till .\iit Kerkrr
tlr:t irn A!rcr'nrcnt datcd 2!l'h Fchruary- 201 I firr scttlemcn[ \\'1"
rn
irrrivcd irt rritlr Fin;rncial Ctedittrr -i\R( lL by thcLl.
I

l7.ll ()n l+'r'I\lsrch.20ll Applicant dernanded copy of the Agreettrcrtt

f'- ..*'ili;i 6area 13 ' Fcbruarl'. 2tll I and Arlvot'ates t'or Ajit Kerkar and
I l+.14Khcrs l,r' their letter riatcd 29"' lrlarch, 20ll informe.l r\1:plicont
,,,,,.,. .Jated 4rh rilnrarv. 20 ll rlous nor r:equire ( rrrporirte
, IiUi$rUJt* n' disclose the seftlernent agrccmcnl.
1..
Nl]- _D!$9l
['t-
"f tii--g'<-'r'
"l2t;-[1,, l.']'r Julr'. l(l ll .\rbitral Tribtrnrrl pussed A\\'ard intcr rlia
I holding thrn.\lAP,,\ stood [erlnirlate(! hy nllcgcd repttdi:rtiiln on tlr.'
IL p::n of Applic:tnr and acccptance ot rlrat rcptrdiation hr C orpototc

I l)ehr,rr & Otltcrs, antl in tlre satnc breuth. h1' frustrrrtion rrl the
\lAPA. ,\ copv of the ;\s'ard Jrrted l.irk lul1. 2t)ll is antraxc,l
t
Ex. t hcrcto and rrr:rrk.'il $\!!$!|!!f

I
I i.ll (Jn l0'r \ler'. l()li Bornha-v High ('ourt set asiJc the r\rvutd in
l ,\rhitretion Pc'tilion No. (r67,oi 3011 \\'llcrr:urlder Applic:rni had
.l
t ch;rlleni.:ed thc ;\rvard tr"s -lJ ol- I'rhitrstirrn .{cL. he High ( otrlt

rrrled that tlte .'\u'ard was Illltcrlithlc lnd pencrse' artd cortiitrued

L tlrc inrerittt prolcctitrn i.rtlel ttt stsIus r'ltlo carlier tlper;lting irl thc
mlLter (fr.rtn ?i'r l).-ccnlhcr. l(t05 in Arbitrsrion Pe tition No J-1'l

L
,:i 1005) lor ir pcritld oi .l rtrlrnrhs lleret() irr'rne-'e(l :rrd n'rrI'cd
I Ex. F E\l!,!&!I-E i; ,r co p\ (rl rlrr: Jttdgnrenl atld ()r(l(r 311.'1; 1i)rh l\1rLi

t
 l1
11
5l- 2(t1-i Irrsscrl b1 II,rnhly Iliqh (loun in i\r'hitnrion l'ctition No
{i(i? ol l{)l I scuirrq;lsiJc rhc.{rvrtrd.

I 7 l5 ('rn l'h .lrrlr'. 101..} .,\pplicant invokutl ArbitroLion ASrrter)tcnt

rcrl in NL\l)A tor dc-n,rvr: flrhitrxlion in vierv ol sctting asidt:
V
Arl ard rlared I .l'l' J rrlr', 201 I rrl' Ilon'lrle lrlr. .lusrice S.N.
a (Iictd.) tud appointecl Hon'hle VIr. lustic'.'U.lr. Srikrishna
rd ) as St-rle i\rbitritor.
+
ln ?0 t3 (iorporate Debtor cnd Others filcd Appeul (1.) No. 2$6 of
20l i (norv hearinlr Appeal No. 355 ol'201-l) against the Order
sctting aside rhu .,\rverd rlste.l l0'l' F"lry, 2013. On id l.chruurv.
lu l-l thr s:tid Appeol rvos adrnitred. l{creto annerul and marked
Er.{G ll\Hl|JIT-J;. is the lopv of rlre suid orrlcr dulcd :iN },cbnrarl.,
l() l+, Thc Appcrl hal been hcard Jin..rlll and orders $,err rc'served
hv an Appr.al llench rrJ rhc llorr'l-.'lc l]omhrrl- High ('ourt on lf
Ex.-H October. ?(i2l Ilercro anrre rcd lnd rnarked us f;$i[!E[! is a rrrpy
olrhc C)rder d:.rrcd l2* October, 2{)12.

I?.17 On lg'r' septemhrr,2itl3 .t,',n,'.,n, flletl r\rhirrcti6l l)crition N(r-

t0S ot f(,1j iitr intcrinr relicls u,rs 9 rrl ,\rhitration Act xnd thc
Hislt Courr of BomltN. crrniirruecj lhc carlie.r order oi stutus quo
lliorl 2-3"1 lX-rcrnhr, 1r)05 in .\rbitrarlon ptririon No. 4l,l ol
2005 t rrll di.-posrl rrlrhe Appeal (1.) No. 2S6 oll0l j (nou,bearinr
{ppcel Nrr. _l5J oi 1013.) filrrt hr, ('orporare l)ehrr.rr.(t ()rhrrs.
Exl Ilereto ;rnnered anrJ mrrkrd flXlIlBl T- is the e op_"., of the Order
rlit..d I 9'r' Scprrnrher. l0 I3

1 7.15 r )n l9'r' ()ctobc'r. ?lll3 .,\pplicarrt cirnre JCro\s ptrssession n,.lrict

l.lr s)red br, f 1n,,n.,", ('ri:rlir _.,\R(.Il. uis l.l(l)
pL r
oiS..\Rl.\I SI Atr
 ,ll { 17

.'il ll $I \)
,1v'l'd
I
l tbI r,Lrtsi,tn,lirrg drrcs rrl I(s.234-lt5 Crtltcs tul'tillg Po:scssi'trt trl lltc
lLrlil-r Strrr Ilrrtcl lrrtd c:rrtriotlittL: prrhlic rrot ltl
tlelti sitlr thc
V slr.l
siLitl p rirpcrt I.

Applitlrnr tlled in the Htrn^hle Supremc

.17. ti) On l()'r'Octol'cr.20ll Lhc

( otrrt of Irrtlia ('otttenrl't P'"tition No' J56 ol' 10 Ij ogainst

Corporr'IteDcbtorandoth"'rsiltclrrtlingl'irtanci;rl('r-ctliror--'\R('ll
r
,tlii for breech of the said Orricr datc.l {'} Janucn '
i-'.'t
"rll4 irs l)irccttrrs
't-he Applicant sotes thrt tlre
":t'ry?a/.}nl trf tlte Supreme court'
r:- j' Hf"?"r; fts<,r*ri..n I,rofessio,rrr is arv)rc oI u, the r'ucts ser o*r in ihe s.irl
i !.lrr.1' J:r r
'' ol 20 li f-ilec-l in the Hon'hlc SLrpr'i:nte
.,r'i.-" ':;,,icgn,",rp, PcLitiorr No. {56
''f,F'
,.: .-i'ii't.air.r1
.'.f
trr nrdir.

)lo' l7l uf
l7.i() ()n l?"'Scptenbcr' 201'l in thc Arhitration Application
'10 l.l tlllrl u"s I I ot'rllr Arbitfirtion Act h'v r\pp]icant
()ril'r \\'3s

b-r' llon'ble lliglr Ciorrrl allorsing

rvithdrarsul of tlrc scitl
plsse,J
rtith lih'-'rlv trt
Applicltion (lirr appointrllent trf t1e-tltlvt't arhitrirlor)
r'rppeitrirrt
lllc ireslr apPticlti()n ilso ;rril ised l'he Scnitlr '\dvocstt
f)cl)tor on ir.tstntctions sLatctl thltt ther slrrll
rtrrl
frlr ( r-rqlt;rirte
( eol.rtcl'ld in lultlrc thitt orl rvithdrarrdl oi Arbitlntion i\plllicltiorr' lht'
PetiLit'n
t ()rdcr deLt'j l9'5 ScplenlbL'r' l0 l-l Irassed in Arhitratiolr
ln tact thc ()rdtr drted
t No. 50-i' of lf)l'l is of nrt tottsequencc
I9'i' Sentclnher, 201I shell contilluc to
bt irl lorce and tht
t
.qrhitlation Pctiti0n Nrt' 5{JS of 20ll \lt:rll bu trkcn rrp tilr lrtitring
{
ru itr r thc -\PPeel is.rfi t'rnlrllr' lleret'-r :rtttr':'cil rnd
tlispose,J
t tlre saicl L)rtlcr- tj'rtcil l? "
tx. J nr:rrkr:d l- \H llll't -'l is thc .-rr;rr oi
Se pterllhtr l[] l-l

t
 L3 rr
l7.L.t t.rrr l l'r' ljebnurr.),. ?016 .\ppliearrt [iletl ir tirr: Iligh Coult ul
o lJ(rrnl:l-t ('r)nlrrer(:ial Suit N..r. l.i_l i,i 2(i l6 aeitinsI tlrr.. (-orl)(]riltr
f)ehtor inrcr alia firr dccl;rrari()n thot Nti\p..\ tl:rted -l 1,, \lnrch. l{t05
rvls r alirl, .,-uhsisring tnd hinding rr;.ron (:'orF,rrare l)chtor rrrrrl

Orhers irrrd t'crr rlcrrcc of sFecilit perf.rlnlr.rtc of \lAp,{ and rrther

equcnliirl relietis. Tire Corpor;rrc I)ehtrrr has clrendv tlled their
I
Stntement in rhe soid spccilic perlbnlancc Srrir ancl the
dr High Court hes elso framcd the issues nnd given directions

+ g Evidcncc ,.,\ffidavit and Coniflllltion of or._.i-cinul

c ntS- The i\pplicant states th r the Applicanr hcs ulrcndv
their lf
idcncc At'lldsyit crrd Compilation of Docr.rmeurs. The
said Su it is pending on the tjle ol' igh (iourl ol Ilornhnv

l?.1? On 1{'h .l:rnusn,. 20lS rhe l-lon'hle Suprg6" Conrr di;nrissed

thi:
('(,nrcnr nl Irct ition of;\pplicant.

r7.2i In or lrhrtut 20 19. ,\RCll_ institutctl proetcdings rgainst tlre

( orporrtt I)thror under Section 7 rhc
of lR Corle.

l7-l'l \\'hen the Applicant heclnre arvare (\f the instiruti.n of lrrt
proceetlirr.rs hy ARCIL b..fbrc rhis llrrn.hle .l.rihun:rl.
io prot(:ct lhr:
rights rnd intt-resr tjorvinq liorn r\{Ap.A qua rhc
subjccl properties,
tlre .Applicanr c:luscd c public Norice puhlisheri
on 4'l Nrrl.r_nrhcr.
l0l9 and nratJc it clclr Lo thc. !:cncr:tl Ftrblic lhar ()n account of the
SLr'rlus (.)n{.r ()rder rrperltin_u in the nrltter,
the slid proper tic.s ( nn(,r
l,r: r'lc:rlr rvilh clr rranster in lrtt.rnaruter rrltalsttever
iind iln\()ne
doi11g .11 r,,.r.ruld hc, d,ting it at his srrle .l.he,,\ppliianL
risk. crare.r
lrlie lu rc ii,r to rind rclies up(ro rl)e I)rrhlic Nrrlite dlteJ 1,.
Nrr\ eri)ller. lr) prrh ished in Nerrs paper.
?tJ
l hen proJuccd.
 t ll
a
iJ
)
I 7.15 Thc' \1.rplir:tnt -itiltes tll lt itl vierr ol'thc I)rrL-rlic Nt'ticc ptrlrli'hcd h1
tl)t \pplicurrl. tlte [tcsct]rrlii,rt ['roli'ssional. lht Rcstrlttlir>tr
['rr t'css io n.Ll tppoittred in tht' rrruttcr tor'rk out lhe ahorc
r

Nliscell:rnto rts .\pplicrtion [.leirrg No. i617 of ]1)lt) 3grin5t llte

,\pplicant intclrlia scckittg in.lunctire'tcliel:s irgiinst the Applir:;rrrt
inclutling unconrlirion;tl \\'ithdra\\'i,t'l of tlrc Public Notice d:rt,:d J'l
I'l-
her, 2019 ftrr ,rrdc'r restr.rining the Applicenr liom
'I rng \r'r t h (.lRP in:rn.s rllrrloer. lirr dctlaration that the title

to nronen \: \,est \rirh rhe C.orporotc Dchtor:rnd that Resolution

* ttssio na I is .'nritled tu dt:al rvitlt the Bsscls r'rl lltt' Corporttlu
A
De bror

17.16 In tht merns'hile, tlt\: (:trrP()rilte Debtor challungcd thc Srrtrcetdings

initiarerl h<'lixc \(lL'l h)' AR(lll, hy liling Nlisc. App.licatiotr
seekinq rlirnrissll ot the Appliciltiorr ol the Filruncial Cretlittlrs

L'rrnlL'ndi0g tlrat lhe Applitatiorr [rletl by thc .AR(ill- $'o.5 harri'(l h!'

lirritetion. lhc s;rrd .,\pplic:rtion rvrs. tlortct'er. disnrissed by rlle

Arllrrdicating ,\uthoritf i.t. NCI T hr'Order datetj l"rNlay. i0l0'

-r"l11-,
)7.27 tlcing i'lEgr'rr'\c(i br tht slid (-)rdcr dnted l"' :tl lt), d)e

('{rrpor.1te L)tbtrrr prctr-'rred rlr Appe;rl [rr:lirtt' tlrc Nltitln:rl

(- r,riipattr I .ru .\ppe liirc Trihunal ("NCl.A l") uhich u:rs rrlLrrved
t
Lrr rhe NCI \T holding rhrt thc CIRI) initiated bv thc AR( IL rvrs
t
hlneJ hr linr ttirtio n
I

t I 7.lS llr' ( )rder Jltetl I l'r D.'ccnrb.'r' l0l9 the \Cl A I rrllorvctl thc

t Appu-tl c,i ll)e Corpoirte I)chtrrr :rnd htltl thrrt lltc clrirll ol tlle
,AR( ll i]g,rrr:st tll: ('trrP()ratr- [)clrtttr ult: h'rnt-d b} I ir]rilirlir)r) itrl(l
t
(
sct it5rde the ( )rder of N(- l.I l'hc '\pplicrnl crn\e\ le3\e [t] rclet t'r

i
(

I
I
 t5

'1' 15
rr J r'clies rlltL)u tlle (-rrder dlr"tcd I I s L)eccmber, 2019, lvhe.n
D
pr(rduccd.
*
17.19 ln r ii-'rv ol N(iLA1 holdirrg thar (.llll' iniriatetl hy thc,\ltcll.
aglinst tlrt- ('orloriltc Deht,rr r'r'as hlrrcd l') linritat.irlrr, the ehovt
fi
f'tirrr Pinv PctiLion inchidirtg thLr a h(lve lv[iscc]luncorts Applieatitrn
L'l
t?
BiIA keirlout bv the Resolution Plo l'cssional agoinst thc Appllcant
o-n^ 6 JIili $c3r limitation.
a,
e rlisposcrl ol"neing hanr'd b-r-

t
0 Uhimatell,, the I lt n'hle Suprente (-'ourt hy .lu<igment ilsted tt
.Augrrst, 2022 set asirle thc J rrdumenr and Ortler rhtcd 1Il
NCLAl' hokling thrt fhr-. CIRP initictcd by
f)r:uernber. 20 l9 ol'thc

AR(ilt, against Lhc (itrrporrte [)ehtor hls nor heen halrcd hy

limitgtiorr and in view thcreof CIRP initietcd hy the AROII, srrtod
revived. l'he Applicanr crl)t es leate t.r ref'er t() lnd rclir:s tlpoll the

.ltrdgr:enL dotcd ln ,\ugrrst. 2022 pirssed hv thc lk:n'hlc Suprcnr.-':

(.ourt irr Cliuil r\ppcnl Nos. $,1-.q5 of l0?0. uften produccrl.

l7.l I ln vie,.r, oi rccon)rncncing lrrd reviting oi' Clltl', lhe Resr'riuliott

Protissitrnal isstrcd Noti,.'e in Fomr '(i' ie. lrrr'iration lirr
l:.rpressiorr () l' Intcrest on 23d ;\ugrtsr, l0l3^ Her.-to ,rnn':rcd xnd

EX,A rnarked $[!!$![$is tht ctrpv t:f tht l]orn't '(i' Notice.

I i.3i lhe .Applic:rnt statcs lhat in pursulncc ofl ttrc Invitittion litr
l:rpressirrn rrl' lrrterc5t. tht Rcsolution Protessirrnll slsrr 1-rrepsrgj
Nirtice irs ilso Note orr Corpr'rr:rre [)c[rh)r, 'I he Reso]utiorr

I)rofassir)nal alsrr prcparcd List oi Credirors r-rl'thr C'orltorite

I)chtrrr ls rrn l9'h ALrlusr, lt.rll. ln tlte List f ('reditors r.r
FrcFxrc(l
L'r1. ihe llrsulutirrn l'rotessionlrl at Iterr i9 Lltdcr tlrc Ctrptirxi 'Orher'
( r.'tlitLrrs ( lirirrr'. thr. ,\ppliccnt hu-reir: is slrour) ls ('redlrtrr ol'rhc
 rii
i-o
(.(lrl)oratc De lrtrrr- ltt tlre slritl l.i.st, tllu [{u"r]Lllirrn Pl oli'!siorrill hxs

slro rr n tis 75.i1() Cror tr as \cIilie(l JIll()urlt irn(l

lls, lT l 1,57.011.0U0.i- :)'r ir.tt,l(rullt penrlir.tu rerificatiorl 'l he

Resrrlutitrn Pr()t'essi(rll0l has llso chrii"d fL'silrds L'\c'1(linu

r r critlclrtiorr cleint:ts I tttde r:

l' "+*()ttr ai lJ'R -t7.66,57.00,(t00!- clained hy Sidlhivit'ttntk

Rrir/ri.]s Pt'r. l.ttl.. claint .ttnttittt, Rs-7-i,u0,00,000"- l5
t' r:fr. ilied ,trul rha: rhe h, tutcc rtnrrt tt oJ Rs-i7l 1,57,00.nn0
I :'"1-i4,' toint to 1i) Lflt 299,5 i'.00,0()01- for conpnsarion
in lieu
-'Jil ';llecilic p,ttlitr tnance ttiilnr tlanoget Jor brcatth o1
I (ii t Din 712,00.0n,tt00 for interest ar
I iLt)t n'act of 14,1P,'l an,l
ror, o-l' lS+; j,'otn rllle resPecri te ,late oJ payntent till Jlu.r'
3t. :0t9, .;''hitlt ltas not bccn verijial h1' tln Resolutirttt
PrDfL..\sii fttl b.tsl'al in tlrc ittlor ntation ttvuiluhle tith
tlrc
l ResnlttlIott Pro/essioni
'l'he claint oJ Sirl,'lhit'inatuh
Rea/1i is lrur Ltt:crt -/ilcil witl:r'ur ltr'.:indicc t o SRI'l.'s ci,rin Jitr
r,p*:iJic ltitrlnrmant:e rrl l/l,l .Slir ,\h. /.1 3 of 1016
jilet h1'
t .S/l /'/. ir,g.rirr.rr tht Ccrrp,tral,: Dehlor.
"

EX.-t Ilelt'to onncxctl tutd rnarkct'l EXH,l.Bl !;-l'. is rllt I ist oi thc

(-rr-'ditors ol\'. Ilrttcls l,rd, irs on lgrh ;\ugtr"-t' 1032

17.i1 Tlre Applicenr stales (hrt rht ,\ppliclnf hlts ttorv eonte [o ktltlrr

i.orrt thc orcler of tlre Hor.r'blr Suprrnrt c.rrurt dotrJ l{ Auqllst.

'lttlip Strrr
l(rll in C.ivil Appt'al Ntrs. S1-ti-5 of l()10 (;\RCllL rs
Hrttel& Othcrs ) lilllorving lirrther lacls:
. \' llotels l.Ld. rras tleclirrctl NP'\ olr l'' [)c'cenrbur' ](l(tSl

Ilv lctl'ri rlltetl 7': lrehrttltrr. l0 I I irlirten rvithirl J rcrrrs' \-

IJolels I t(t. C orylL,rrtre I)ebtor atkrrou lcJge'tl irs liahi)itv rrrrd

1rr'1,1)115(rl i setlicrnent

I lrrs .,ilrs tirllorvetl h1 se".'rlrl re(ltlest:: rll L'litellsiorl (1t lllll.:

li tt;tkt' l,3t nltLtt rrnd rei isc :'e111( mcllt'

I
I

i-
 ,t
71

4. l1
'-Y
o
t)n 6'r',\pril,:0!l \'. llote ls l .iil.-(-olporilre l)ehror sor)ght

c\tr'nsi{)I) rri ritne trr p;i1 lls.?.i().Sli Crtrres irLttstanding ls on

I I ir \ lrrch. l0 l-i.

, .}, (Jn l.)':'r\pril. 2(lll the (-'orporarc Debkrr nlude pll)-n)cnt of

i: Rr-. 17.<0 Crrrres

t 'l(
E ,r OnI Jrrlv, i013 \'. Hotels I-td. Corpor:'rre I)c'bttrr
*
ackno* lcdrlcd its liehility this rvus after Financial $edltor
-
,\R(lll rtvoked the settle.nlent invoking the delhrrlt clause

!". Hotcls Ltd. (irrpolrtc l)ehtol achnrrrvledgetl its liabilitles

in its llrrsnciel stuterr]cnts trorn ?008-09 till 20lti-17.

.\ppliiatir.:n uis 7(:) ot thc lnsolvcncv und Hanhruptcy' Codl'.

20 l() ("lRC") '.vcs filetj hy Finan.:ial Creditor - i\RCll.. utt

-.1'J April. ?0 18.

On I l'r' Ilccen-,hrr. ?(il9 N('t,;\ I oll{)u,ed Appeul No- -5?5 ol'

l0lg rrnd Appeal Nrr. 627 rrl'10 l9 ol Y. Hotcls Ltd.
('orporate [)etrtor on the grounrJ oi it lreing berrctl bl

I inri tat io rr

( )n i ' Auoust, l()ll the Suprcnre Ctttrrt in ('ivil Appcal Nos

El )i5 ol :010 sct asitle rhc (.)rtler of NL'1.,\l d,u.-d I l'l'
Dce < rub.. r. l(t I 1).

l?.1+-lhe Appli.lnt stiltL-s Ilrrt it

rn|rrcnt tlrrrt in vic\y ol ihe sai,l
i:'-
( )rdct r.rl' the lkrn'hlc Suprerrc. ( t-rrrrt drr(e ri l" ALtgu:t. 3021 in

t-'iril .,\pferl Ncrs. S.l-S5 ,rl l0l(.1 t:\l{Cll rs. lrrlip Stilr Hotcl &
 r8

, i3
Othcrs) tlre ( ()rl)()rrltc ltrs.tlvtrtev l{rslitrtion l'r'cicsss ('('llt}'") lrls

rr,'rv rtviverl Jn(l llL.soluliorl Prr,fessilrlrl ltrs reuctivatttl thi:

CIRP ls ResrrlUtiril.l T)r;)ttssi(illtl irr respcct c'l' Ctrrpotitr-'l)rtrtrrr'

in Ilt'- tlt':alttirnt h1 ir lrtter dcled 9'h

17,.j5 l-he .'\pplicant si:lIes lhal
Sept'rtthcr. ?021 addrcssctl hl AR('ll' to ir'lr' ''\nish Niraniarr
Niinavrn. Rtsolution Protessional o[ \' l-l'ttcls l'trl' cnd
copy

e Applicant it h;rs l-reeu contendcd that since the

\
.\PA in l 005 rrntil lhe commenctrnent oI Cllil' rrn

,l0l!i irnil rrnril addrcssing olthe srrid lctter' no psynlcltt

r- c'
f br thc Appliclnt trl ,\RCll- tttrvards senlemcnt of
[- ,,o dchr an.l thet Il.te I'1rccoll.litiolr stiprrlateil ilr Lhc'
+
t- lv',I, been tirlillerl l,r' thc .\pPlicrnr as of dutc r\R(lll'

hos lirrrher cr)rll.cndeJ irl the saitl lctter th:rt lhe said
otttstirrrrling

tlelit is norv stlbjcci nrrltrcr oi thc ( lRP' lt is trrriher

(:onl()lded in
t_
l tlre Corptrrrrtc l)ehtot or'tght ro bc
l_ lhe said lcltel tl)at C IR P o

ct,rrductccl rn.t rnarrner unl('llercd h1. anlclailn tlrat tlre Applica|t

t,_
ttrlt\.hitvetrnrjcrNl.\PA.Bvtlresaidltlter.,\R(]llrcquestcdtl-r,.'
I
Rtsolul.iorl Pr otessi() Ixl to tJlic n()Ie ol' thr slirl
t'61111nli1tn lrnd

txkL. n eccssa ra stel)s to t't'tsttrt thar ('lRI' is proceedcd u'ith on the

brsis sel out ill tlle saicl lclter' lltrt.to lntle:'cd Stld marketl
c)'h Scprernber' 101?
tx.-M EXlll ts rT- r\.1 ls tht cop)' ol lettcr dnrud
( lllc Rt:olutiorl Pro{'cssittrrrl
adrlressc,l hr AR(.llL ro

t
17.36 Lht \pplrcrrlrt stirtL'i (l.l:lt th..' Adrrlc:tes
tirr tlre Ap1'lielrt llv ''l

N.rLir:e tlrrtetl I3'r'St;rtenlher, l[l]l iicr scLtinl.t ortt tllc rr)3ltr;rll irntl

rele\.rrll 1,Ir1: inclLlrlil''l tlle fr''rtcJlri"ls l-''-rrJirlu hetirrc

thL:

t l'..'tr|ectr
ll,rrr'h1t Higll e t-jurt lrising ottt ''f irrbitrJli!rrl proteer'ling's
r].lC f.()rP(lrxic L)ehtr-rt. lrnd tht' ,,\Jlpliclnt,
ih.' ()r.]cr, tllrtcd ]j,.r

i
t--
 1q

L, :?
t [)cccrrrher. ](lrlj oi slitlLts qllo llrrsscrl in i\r['itratiru l'ctition No.
b
.-| ! lll ui 1005, (or:tinuc-rl lry OrtJur tloretl l9'h Scptcnlhcr' 2013
.-,
)t a
p:r.sserl trv Lhc llic.tt (lr,rrl o1'llonlbil-\' in /\rbitr'.tli()n Petition Nrl'
I
L
-50S nl':01.1 }ligh Ci,tlrl C'r:ntnrcrcill Suit No. lji ot ?0]6
unrJ

l'ilc.l tr-v rhc .\pplicut::Edinst thE' (lorporltc l)cbtor rnd others for
rse of I\1..\PA arrld qa\'!' noticc t{) ihe Rcsolution
irn(l callc(l upon Ihe Resolulion Prollssion:rl Lo

llP and t'ake steps under $e IB Cndc ilgainst rhe

thout taking le facts cnulner$tcd tlterein intt:

rd and stcps suhlccr tr-: rights of the Applicant. tly thc

re Applicant also nroilc it clerr thrt in tlte cvent thc

Rr-'srtlutiorr l'}rr'rlcssion...l takes an-v stcps corrtr.rlJ to rhr: rights ol'

tlrc Applicant urld,.'r rhc tvl.A,PA, rhc sonre rvill hr'opposed h]'the
Apl:lic:urt t thc eDtire risk, as to tllc cosis ilnd conscquilllces.
Ex. -N Ilcr(to unrr(xcJ arrJ mrrkcd Fl(lt.llltT .* is the conv rri th,,N,rtice
datcrl I-l'i Seplemb,-.r, l()21.

t'i .11 The .\pplicant strt('s thal c r-opr, of thc said lettcr datctl grt

Scptember.2t)12 u'es torr.r'irrdcrl hl Resolrrtiun Prrrlissionll to tht'

,\pplicirrrr I hc Applicanr starcs that rhe ,\pplicant hv cnttil d:rtrd
l3s Septenrher. ?021 rrplierl to rhc lefter of ARCll. ,lorccl 9'i
Septcml-'cr. ?()12 ud pr)inted r)ut tllct thc RL.solutir'n l)rolessitxtrl
oucs u llduciln' (lun to all stakc$oldcrs ol C'orporrte l)gb1or. V.
Hottls l-rd. to nln rl)e rrtlirlrs rn il t)tirnner thrt is irnprrtinl.
consistcnt rvith lpplirable l;rrl, and rrithout dislronorrrinq rhc leurl
arrd c,rntrl.-tuirl ot.lliguLions oI rlre (-orprrrore Dchtor. l]r the stirl
IrttL'r. the {pplicJnt rlso :,lresserl a:t regisrc.rerl Resi,hrii,rn
Prolessi()nal. it is lii; duty t() rl(r rht Lrrln()s[ [(.) trrquainr hirnsell-
diligcrrtlv uitir tht reqrrirr'rtterrts rrtd!.r th( lirrv lrr,t in irrrrIrlcrs
 It
\ ?0

i_0
l>
e\e...rLtcd irv tlrr: {.trrporate L)chtnr, It lres itlso ttrlrtlt' r:leur tiurl it i:;

l:rtttrtdcrl ,lltt-r ,ri thc [i,rsoltrliorr P rrr l.:ssir rnit I rrrrL ttr hlirldlI lolltrrt
1 *
il seit;(rll t'l' :;t:tkelrirlJurs sttr:h ;ls thosc
inrlrLtctirlts lr(jtrt -lttsa
cr,rrririrrurl in thc '\R('lll lettcr Jatcrl 9'r' Si:Ptctrlbcr' 20ll' rvlrich

appc:Irs tl) rr\scrt enLitlelllcrtts theL ere ncrt lirLtrrd in eitlrtl ll-re lar\' or

i# .iliracr-* trr u hich rhe ('orporatt I)chror is strbjee t \Vhilc

- '\.tt:'-
r: il It".ny,;\I{,rtt
Ci
c, r.
the pLrrporred corttenlion ol thc AR(-lL of not fulhlling
d'n<Jition r.lrtder l\l;\PA, th,-' i\pplicnnt contended that
E p

r- t a
drc Resulutiorr I'rof'essirlnrrl hQth ore a\{are lh'rt
MAPA creoles ohligrtions tlached to Ihe ownership ol' the
t
propcn]- <tl thc Cotp,rrate l)thttrr alld the Fin^ncisl C)rerlirol is
r- enlitled:lt thc highest to lttach onl-v thc right' tirle and intcrest
(ri

the CorporJLc l)chror l,trd furthcr sr.tch pulported Jtlllchll'tcllt ranl)(rl

bt tite lionr cotltnlchlal nrrtl lus"rl trtrligotit-'ns incrrrred under thc

contrircl li,r' salc l:lv lltc (ior;r'tratc I)cbrtrr in laYour ol' thc

Applicant. tl1 rhe :aid lctt*r. the '{pplicanr crllcd upon the

I{L'sol-llion Prolissitrrral rrtrt to indrrlse in or rrdopt an} sicps in thc

C'lRP proccss. in tl-re ntatttrer claiLne'l or '<rt3':csrcd l'i AllCIt
or in

rn\ nri.rlrler lt 3ll tl:lt prcjtrdites our cotltrituTttal rights of tlre

Applicant i11 arnl manncr rr ltetsocr''cr'

t l3 'l
lrc .\pplictrnt slttcs rtld stlbnrir that lirllrrrving i'tre' th(' rele"'tnl 3nd

t nrrtt'rirl Proc.!'drnes penJillg ()n tht tlle oi High Crtrrrl cri

.ludicittttre at Bonlbit) rllrith lrc necess:rn lo be tll:ett inttr
aecottnl
t
fur ,rtljudiclting lhr' ahovc Inlcl inr "\pplie otitrn:
t
I
(i) I he lrl \P,\ tlrltcd .l l" NI.rrch. l{)0i trectrted hctr.'cen tlrc
t
(-r)Irrilte l)chttrr ltrttl \1r1lli'-rrrlt in rrs;ctr c'l Lhc s:ri'l
hintlinr: ei'ntrilctLtlrl
lrrolrerlr li.rvitg ireltlcrl llre t;':i:Linl
L

I
t
t

i7
 2t

21
{ richLs in ihvour rrt thc dpplicirrrl. .rnd hinding <rbligntion

ou'cil to ,\pplicenr. uhich is:tn intcgrrtl trblip'.rtilrn tttrlcltL{

to tltc orvnr-'tship ,.:i tht asset-.- covcrcil hr' tho \1,,\Pi\
including the said Trrlip Star llot.'1.
!r& t
Thc oblir:retirrn in l3\\'to cnsut:c thxl tltc (iorpotare Dehtor
+ ()nours thc -\l;\ P.\ irnd distharges the nhligations

c orresponding to rjghls uf thu Applicant (ld not ccrse Io

* I
t xist, ,rnd therelbre tbe ltcsolu(ion Prolissi{lnal !-nnnot do or
f
r)n)it to do an-r act. rvhich may prujudicielly affecf or
xndcrr)rinc the pre-crisling rights lhat huvc alrr.'ady rccrued
in lact rrl irr jou', rvhich riglrts rrre not in the noture of
;\pplicnnt htirg nlerc crcdirrlrs r.r.hose rights ure
tlcnotninrrte(l in dcht D\\'cd hv the Ctrrporate l)cbtor;

(iii) 'l'.he Statrrs

Quo ()rder Fassud Lr)' rhe I ton hlc tlornl:ly I I'tgI
Court lhat hinds rhe (lurporure l)c.hrol antl thercihrc. te
R\-soluti(,n Prri tiiiiriiril. - iri-- rhri -![niliirc- Hi.qh-€oun
.\rhirr:lrirrn Pcrition No.,50S trlf0 l_l:

(i$l Oldc-r daterl I 7rh Seprtnrher. l0 I J prsseil in llrrrnbav I liqh

Court .\rbirrurion Applic;rtion No. l7l of l0lI (Sccrion I I
Applre.rrion of SllPI.j in respcct ol'rhe.said TLrlip SterHorel.

(v) t hc pendinq Brrnrhar Hiqh (,rurt .,\pp..;rl No. .15_5 of l0l+

llletl h; \'. Hc,rel.s I rd. chillcn-srnu rlrc ()rder tlared lOtI N,llr,.
l0lj scrrinr lsidc ..\rrard dcrcJ lj'h .lLrl-y. l0l I, ordcrs on
rr lficlr rrc no,,\ rcsL.r\r:(]
 rt z2-1l.
rt
2:

(ti) llre t-.ettrJirtl llrrttrblty Flrglt Cirrtrit ( (rtttrttcrci;tl Strit l\rr'

.3!o
'liil
1i.l o[ 2i)16 liled hr ;\pplicrnt rt-rtirittst \' lltrLels I td 't
( )rhe r: lirr specilii pellbrrrrarrcc ]\IAP A'
'rl't[-r':

(r'ii) Thc said pentlinu \otic.'tletetl 'lr: lul.*-. 2{t li invokitrg dc-
-;) vO rrt)i rrati()n h\ r\plrliclnt ugi'r inst \'. Il()tels Ltd &

Qlh ers lnd arhirrrrtion having ctrnttttetlced upon the sai(l

+q ariir-. of A lhitrltion
t* B lAlil':
I cR. iliuh
s-2G5. tt3 s tl
,
Th ta nt stales thlt it is trlso material to rtlel'to tlre prer ious

I dcncc c:lrrit'd on s ith thc Rcstllution Prolissiolrrl sntl

n
I
par-ticrrlerlv ltttcr thlerl j0'l' Augtrsr. 2011) flJdrssst'(l b1 the
I
i\1-,pliclnt to thc Resolution Proli'ssiorrrl inter tlia rtttrring t<r lhe

Status (.)uo Order relerred thcrcin {hcing s:lrne

rs rclcncd llerein)
r
snd rhe samc bcing v;:liil- hinrJing:rnd sutrsisling The ApFlic;rnt
n(ltir-!' to
slarcs'thlt h1' the said letter tht Ap'plic;lnt inter zrtil silvc
-frrlipr
I the ResrrluLirln Pror'essiorral thlr neither can thc said $111

t llotel nor rhc Sh;rrts irf rhe (iorptllnte t)cbtor tirrnl e purt ol Cillll'
I nor crrr an) Rc.olttlir'rl [illn be sulrnlitrcJ or prcrpr'sed or irtrilctl
.l 111" (11x131 rrl lltc
r,,ith res[cct to tllc slit] rrlip Star T{orr:l trr
t
(.orportle I)chtot':tntl lrnv Rr's(\lrltion ['lln nill l'e itl riolatittlr rri
t
Lhe SIuLLrs Quo Orcicr and tlle lll(:' I IereLo annertd and nlitrked
t
E x. O LXH.lLll'I-O is;r t-op1' ('f [l]e lttlcr rhteil -10't Arrstrst llllg
I I'rtrlessirrn;'rl
a,ldrcssctl br rhc '\pP.'licrlt to the Resoltltion
t

sfirles llrilt lhe Res(rluti11p P511lg:'5ii'l'l:rl ,,.cte

t :() lhc Applicanr lrrrthcr
c\Jlrels ntrtiec uf thc lrltrrts:rirl fict:l-
Tlre '\llpliclnL stetes
t put 1()

\oticc tlre
that h'. rli.' srritl \pPlicarrr nrrtl lleJ the Rtsirlution
t I sttnr
Prrtle:sional of lhc t'rrlrte' oi its clliirrr i..r r
of
t 'lrvrt Iht'usrtnil ()ne Htrnrlred lhirti
Rs I1I l-li.r.il(1.{)il(l (liLrl-et-s
t

t:
t
 7?
3'
I hrcc Crorcs uud lrilri Nint I..rlih.s) cl.rirrr.:rl hv the .l,pplic(nt irr
I

thc sairl (''onlnrrcial Suit i.c Ilonrhav Hi.qh C ourt (lomrnerriirl Soit
No. lii 1yf r1;16 rr.itlro,rr
l.rrejrdice to. arrd in rrrlditi n to thc riFht r()
obt;rin spccilic pcrlirnli-rrrrr oI lf l,\P.A. Thr: i\pplir.rnt st3ros i (l

suhrDit tl)irt h,, tlrc srrid Notire the Applicant rr ithout prejudice io
. ,t! l{r
. j<.+' iii ,Jl nt firr specilic ;-r:rfirrtnrncc in thc srirl Suit ancl i. tht cr.eut
,

{:'t ir is tirralll hcltl rh.rr thr ,\pplicanr is nor cnrirletl to specific

t -.
o.','.'..furlbmrince,
rhcn the .,\pplicanr submirted its clsinr lbr
,.*r& " . ('
, r:I- Rs.3 7$6,5 7.00.(r()lli- (l{upl..c l'hrcc. -l'housantl seven llunclrerl
"l."Oi);_-. '
'- 1t l:r8ht) Six Crores and Fitiy Seven I-rkhs) till 3lrl\4sv. 2019.

2t" Irr thc circrlnslanucs sraretl licrcinabove, ihc Applicant ruprats.

reiletates and confirms rrll clsinrs. contentions :rud srrbmissions
raiscd in thc ::rid Notir:e rlotcd 30h A grrst. 2019 ltr l(.,solution
['rotissicrnal rnrj rhc. tLrnlrer Notirc date<J l3r] Scprenrhcr, 2022
*liich is *'irhrrrrt p.judict t, rlre saitl Notice relened hcrcin:th{r'e,
EX..P Hcrcttt anrrered irnd nrirrked E-\.H.lBIT.t, is u copv ol rhc tltnlrer.
Norirc drr(.d I l'i Seprcnrhcr. 2011.

11 'I
he Appii.-anr srrtcs rh.it [r1 rhe Furthrr Notjce dctct] ljrl
Septenrher- 2()2r rhe ,\pplic.nt gir!c rrotice r' thc Rcsorutiorr
Prof ession,rl r)or to 1ir).rhrr pursrre tlre (,lR proce,ss lnrler Cp N6.
5i2 ol ll)lR i)r tilkL. ltn\, tinlher steps Ltndcr lllC uluin.s[ Corporarc
[)el;tor &
)rlrcrs ant:;or againsL TLrli;t Star Hotel
(
rrif houf tnking
intr) eonsiderarion thc pcn,jing proccL,dinEs.
Stttrrs err,r ()rdcr ;rnrl
I urther Notiec rLirt,i i l'r, SeFrertrher. 2011.

lrt r icr', t.rl' lhr. lrrvrrrtir-rn filrHrprcssion r.r t. lrrlerest tl)ere is

lrkclihrrtrtl rrt rrn,\ Rcsrrlurj,rn Apltlrcunt
srrbntirling arr.,. rrflir and
rrlricll oll..r rrill hc c,rnsitlere.J hr the
[icstrlrrtiun prr.rtcs_siirrrll :rnd
 '1 ?'l
i','..-t.. 2lr
) itr turu lro r..,ill sLrhnrit llrsolutitrn Pilrr iirr. allpr-trvll ,,i' tlrt
i- .\djrrdic.rrin': r\uthrrrirr'. igrrorinr arrd trirll..lins ulron
.> fte
\pplitant s t ighrs rrrrd,:r the IrlAt,-.\ esccutdrl ltetrrcen tlre
r!F
ti')rllorlrc l)rhlor rrnrl ihc .\pplicenr in rcspccr of thc propcrtv
.:. ," \. cover'ed rheleunder. und l hich \1,{PA hus crear.'d prc-.'.risting
:,u<.', hinding contrrtcruill ri.ghtq in tat'our of the z\pplicanr *hi.-h is an

I ni',ft.or integral oh)igation 3ttached to llr\l ()\\,ncrship o1: rlre a.rsels

t:lr: thercundcr including tlrc Corporare l)thtcrr. 'l he Rts(rluti()n

r "*'. ,,. . .'- Professional is, thcrctbrc. rcquiretl to {rive puhlic norice ahr)ur.
\'tA P.,\ in respecr of l'rrlip Star Hotr.l ct Juhu and all ohligarions
t
lhcrcundcr unne..red lo (hc o!\,ners-llip ol Y- lh'rtels l_,rd" i.e. thc
t ('orporatc I ).'htor hcr.:i rr-

I l{. 1he .lpplicarrt :itrtes tltal thlugh thr: RP h:rs :,-tarcd irr thc l-ist ol
(lreditrrrs rrithc OorporaLe I)cbkrr as on ll'l' ;\rrgrrst. l()22 ut'rilit,tl
c'leirrr rrl lis-7-s.U0 Crtlres. lrr-trvever, l.hc cl:rim lbr rl;rrncgr-s t'l_- t!re

RcsptrndrnI to t]re .\teltt of Rs.1711.57.00-0ft(),'- is shou.n as

I
prndinr: reriticariorr Thc Appliclnt respecr{rrll} suhnrits rhut rht
CIRP initirrtcd b-v the Resolrrtiorr Prolrssir:nal undel lll Lotlc is
t
srrbjttt trr l\1.{P.,\, p.-nli69 procetdinrs hutirre rhe Hrrn'hlt Higlr
t ihLrn. Stltus (.)r;,.r Crrdcr olterating in rhc' n]xrier ond the Nrtti,..r.

drteJ ll'l' Scptcnrher 201j. thc .,\pplrcant srrrcs thxt irr tirtt rht
.{pplicorrt has apprchcnclcrl thlt the RP rvill plocecrl uirh ('-lRP
rrithrrrrt tlrkirig inio considcr:tiorr the ritht of rlre .\pplir:rnL rrn,ler

L- th.: l\l,AP;\ lrrrl rhu i lrioLrs prl)ceed;rrps including thd slrtus quo

I
ordt'r Lhc \ppliclnt hnd puhlished Prrlrlic Nutici-' rrn I I '

Stlrlcrrrtrr'r- )l)--.1 intomring thc gcnerrl pltblic rh.rt thr: prop.-rties

I
ern he delrlt r,,'itlr ur trlnsicrted irr arrr nlarnltrr ,r'httsoerer srrbieet
t
trr Ihc rr"l t. .,1- tlt. lPlrlic'.rrlL rrrrrlur llre \1.{P.{ r,rid penJinu
t

I
i
t
i.
 t\
i5 25

;$
t 'l\o proeccdirrEs xn(i sttlrls qlto or',.1i:r ::ln(l ih,lt flll! J:ctr{rr) rloing so rt'i1l

he doing tt lris orvn isk ls to .osls eln(l consL'qt1!'l)L:es' Herijtr)

t

{ rnne\c(l ltttl trturkerl a. ELE!&!L!I is tlrr topl trf the l')trlrlic

Noticc pLrhlisht'tI h1' thc r\pplie ;rut on : ln SelllL'rnhL'r' 2(l::'

t5 In ii resp,-'ctlirlly suhrnitted rl:lt irt lieu' of rvltat is stlt'"tl

Itercinahole, thc Rcsoltttit:rl Prol'cssional is rrlso rlrtlercd irod
()rrc Ordcr
dirccted to rcttr to;lnrl !riv!'n(ltice gbout rhe Slxttls
I
23"J Deccnrher.:005 tL) ull potentinl res<rlttlion applir:anLs tlt

pa ct ol the propertics oti(lorporirle f)ehtor col'ercd under )L\l)A

,l
P "1'* funher order pnssed h,v lhe Hon'hle High C-'otrrt in Arhllrlttrrn
*
rtron 'No. 50fi crf f0lll and pen<ling lligh ( lo rrrt .'\;-rpuel No, 355

t 20l4 fiI,.'d bv thc (':onrorite t)eht.rr against thc (Jrder dileti lt)ih

tr,la-\'. ?() l3 pirssed in Arhitrirtiorr l)clrtion No. 508 rrl 20 li

26. It is ruspectfull-v subrriitt,-',1 rht Applicirnt ltas lls,r instirrrtecl (livil

Suit bc'iog Cornmercial Suit No.1ii of l0l6 on thc' ( )rigin;rl Si<lc
ol the Hiph Coun t,i Judicature rl Brrttlh:r-"' u!.rains1 the (-(trporzrtL'
.Dehtor lor sfccilic pcrtbrrniln(!' ol-tlte \'1.\P,\ an,l pcnding in tl.re

said (ioirrt.

?1 It is. therc-fore. rcspecth(il,v suhtlitted tlrll lhc Rr'solutit)n

Pr.rfe,ssional is slscr rrquirrd kr he trrrlercil entl dircctetl lrr rct-er lrr

antl gir'r'r'roticc ahoul Lh.'scirI J:endirrq Contnrerci:tl Suit No. l-3-l trf

2(r 16,

It is hrrth.'r rcspe( thrllv sulrmitted tlrrt the .\pplicarrt hrr nlstr eir e rr

Notice (l:lted -l'r'Jrrlr'.l(ll7 to thu (-'or;rorrtt l)ebr,rr inroking rlr-

n(r\'(r irrhilrtlion l;.rinst tl'le ('orp(rrrrtc l)el)tirr lrr r ierr' ,-ri'
rrrvocetiort ol rrbitrrrrirrn clluse conlainc'rj in thc irlAI'.\ rrtJ io
 :8.:E
(. I
i
\9 lierr ot inrrteatit,rr rrl iitc lt'l'itrutir-rn' tllc ill'1)it r:ltio ll l)l()cccdillil-s
.-, I
F hrs hr'en coir)rrlcn('cd t:ctttCclt rht: (l$rF,:ratu l)cblor notl lh('
f ) Applicant hclein :rnrl {hcrelilru. thr Restilrrtiott Profcssit'nrrl is rtl:ir'
'l
rcqrrire.,l lrr be trrdcrcd anJ tlirccrc.l to reler lu xnd r'ilc nolice iil)oll(
DI
dinu C{rl)rrcrciel Strit Ntt. I'13 of l0l6 tiled hY lhe
/\Fp nt irgains[ lhe (.i)+r.rratc [)ehtDr'

'l( ts.re fp ccttllly suhrnltlcrl rhat this Hon'hle Irihtrnal rnty lre
rlhscd to pcss intcritn lnd ud-interi m relicB as PraYed fol hcreln
I ;'
r
t ](i,TheinsrontAppliclrtionisbona|]deinnalllrenrldisintheinrercsi
of.iustice rnd rlo ttthcr ;imihr lpplication is pending rrr filcd helirrc
an-v other (lrrur(.
t
r- F.. Relic f(s.; Snuqh I

I hc A1-.,plicLrnt Pra,t s that

t

I {a) The Applicanr Nlis. Siddlririnrrak R"altius l'r't Ltd bt

t pernrittetl to inten cttt' in tlrc irl:or'.- ('onlpln.v Petitiolt Nrr'

t 5ll ot l() lS

t
(b),\tlmit ;rnrl rlloit' tlre alrt'r'e"1pplic;rtiotr
I

t t.) 'l hc Rcsolurion pl1i1g55iqnrl' Irlr' Anish Niranlln \ln:l\'tt-v'

t Del,rittt rrf the \: Hc,tels [-1.1 - Liotprtrlr" l)eh['rr l.'e 'rrJ\.-rtcl

t -rnd directeJ lrr Tefc-r to rind girc Noricc ir't ell ( IRt'j
prr)! L r'dill.'\ J:r{l ( {}l)llllll)licJIir)l)S :

tr) ,r1.,(lr-rt lhL N{i,itcr As5cl T'ttrchesc ,\treenlelli rietcd -l t''

t_
Nlrrih. lil05 ei:eerrlcd lret\!tcn Y IItrl,:ls I lrl rrnrl

i-

l.-
 I
) 77
?1
-{r. \
,Bj
Siddlrivir:a_vuk Rcllrit:.s p,,.t. Lrrl. irr rc5;..,ga1
of .lrrlip
+
)-t:rr IlotJls ;rr .lultrr irnrl irll rrhlig:rtitrns thercutrtler
Il' .i1\ { Er ilnDc\ed ro thc o\\.It!.r.\hip ol V. llofcls I.trl_ i_c.
\ ('iorprrrete Dchtirr;
t
'l ol dr,. Strtrrs (.)trtr (.)rilcr JaterJ 2'i^i [)ccernher, ]00_5
in
I l('spect ol' propenjL.,s ol thc Corporetc Dehtor, V.
Htrtg;5 11d. i.e. l ulip Srrr Hotel at Jrrhu and pssscd
b],
thc Ilon'I.:lc Bomher lligh Courr in ..\rhitration
Pctition No. 4.1.1 ol 2(105 rcad $.ith Arbitrirlion
Pcrition No. 50S of 20 I i tiom rime to rimc:
(iji) ahout per:dir.rg Bonrhal l-ligh Ooun .,\ppcal
No.355 of
201.1 tlled [r1.rhc s;rid C,r,rprrrntr l)ehtor
i.e. V. Horels
l-td. ugainsr rhc ()rder tlutetl l{-t,,'\.lav. l(Jl-1
prssctl in
,{rbitratic:rr [,cririon \rr. i0ii ol ](l li. nnd
th:rt rrrders
therci)n h:l\'(' lteett rcserl cLl:
( iv) :rtrout pendin.q B(rnrhr). Hi,qh (.ttrrrr (--trmnrercitl
Srrit
-\o. lll of l0l6 ile d b-v thu Applicanr :rgrrinst V.
Horels Lrd. ln(l ()tlter.s ti,r. sprcitic
pcrlirrnrance oI
IrL\I,{ d:rtJ.l l'' \larcl). l0{)\:
(v) rht:ur Notic,.. d;led .l'r, .lul-r. l(i l7 gir.cn
b_v rhe
\pplii:snr invrtkinc dc_rr,rr o erbirration
bv thc
APIli!'3,t1 auJinsl ('oryrora1., L)ebrrtr-
\,. Horels [_rrl
ancl ()tlrers: :rn.t
(vi) pcndirtq 111;1n. .rn(l e,rttenti(r6\
ol tlrc .{ppliearrt
agiiinsl rltr ( rtr;.11y;j1s I)ehr,-rr, \:
IJ0tels i.trl. and
( )thcrs:

[dr Pentl ing the ltrarini: anrl linll drsposel o l. rlrr, irbL)\'c
{PPlicrrion. tltc Rcstr lution l,nlfeSstLrnuJ. \lr. ,\ rr ish
 2B

tf Nirln]irrt Nal.tir',:tl,. DcioirLe of

'hc
\' llrrrtls I tJ '
?8
Corl'r'tral!

l)r'lrlrrr hc ,rrdcrcd rtril tlrrct'tcd r''r r-t:1ct Ir) i'rrrd give Nolicr:
<( in

:rll ( IliP l)I,rt e(\lllr'l< irtt'l t'ttltrttlttnictlltrtts:

ll lv
1.,
(i) ttrnur th.' \lrster"{.sset I'ttrth:rse Aslctnlent tl:ilcd
Nlrtrch, l0t)r L'\ccrlted het!"ccll \i' llotels Ltd' nnd
t-
Sidrlhir in,r'.rk Realtics ['r't- Ltd' in respt'ct of I u'lip
|'-
Sr;:r Htrrel; ilt .luhu i'lnd all ohlig'rtions therctlrldtr

Jnnexed t,) the owncrship ol V' Horels Lrd' i'c'

Corporate I)chlor:
*
of tlt Urtltr datcd 23d l)ecernber' 2005 in
\tatr.rs (]u,.r
n
V'
rcspect rri propertics ol' the Corporate Det:t(rr'
II
cl 'l
Hotels I td. i.e. ulip Stirr llotcl ut itrhu and prssed
ht

thg Ilorr'bl'.- BL)mha) lligh Cotrrt in Arhitr''rtirllr

Peritirrn No 'l-lJ ot l005 relrrl rvith Arbitrltion
Pcliti(rn No -i0S trl- 20 l-l liorn time ttl tirne:
('<-rurt i\;rpcll 51u' ii-S rrl
(llr) ahoul Fcn(lit).q I-ltrrnbal I'lir:h

l0l{ lrled hv the srrid (iorporate l)cbtt-rr ie V' []otels

j0 I 'i 1:rssed iIr
Ltd. agcinsl rhe ()rtler dirted lOrt i\'lav '
.\rbirr"rtior l)c.rition Nrl i03 trl' lll li f,nd tllrr r:rrdL-rs
Ihrrcon lt:tve lltlcrr rescr'''ed i
SLrit
(r\,j rhorrt ;tcrtling [']ortlhlrl' lli-gh CrrLrrt Ctrnlntercial
\:'
No. I -l j oi l(ll6 rrltd b}' the ApplitirnL irg'ritrst
rri
Ilirrels LlJ. :l'ld ()thers lirr sIecillc pcrti''rnrrtttt
t \1.\P \ daLeii I l" i\lLrrch 3005:

rirout N,rtic.' il:ttc,l {'r' iulr'' l()l?

pircn h; thc
t l.\ )

,\p.1tlie-lnr ilr''oking de nor o

rrl\ltrrltitrll b) thc
I
(
,\r.l.iiertnt 3r1rillsl r'lPorllir: [)cl']lor'
\ ' Ilr''tcis I ttl
t
rnC ( ltlrrr.. ltrtd
t
I
t
ea" -.; .t

t{
ilr
(vi) pcrrdirr.u cirrjnrt :rntl torrtcrrlions ol. thc r\pplic:trrr
egainst t)re (ior;-,,(rnrLe I)ehtor. \i. lLrLels T,Ld. rutrj
Olh ei:s:

{cj Ad-interirn rt'licJ,s in tcurrs ol prur'l.r (J) s[]ot.'i

tfl L or costs of this Apl.rliclrion

(gt F(rr such olhcr: and lrrr.rhcr rclicls considcring Lhc nalurc aritl
circurlstalrces of rhe case nra1. require.

'.sq;:t&&, (t'{,.
'Lil - ,r..Xri't I .
, .:.
", , rl- _
L"1
' a: ,:$"' ,....-{/
r r*' t-

;\PPI.ICANT
Iilcd rluough
L t k_._tt/,.
Nlrs. Par'irrr;rl K Shr,rl'l'& Co..
RLrstrtm Il Lrild ing, l'' Flr.ror.
f9, Yecr Narintirn l(rtuiJ,
Frrlt, \lunrbai-{0t) t}l l,
l-.mei I id. : p3Lli!&nLlg?nr:inralslrrrrJ'f.s-orir

l)are 1
:
Pllcr.: NIu nrbai DT LL

{ '-lir+ ,
BEFL]RE ME

., tr. :.
n - }'
.-
;.i k.J\
i.. - ht,l
' B.A . ALATE B.sc, L-.8
r' . ,^}JOTARY G F E.\1E F I,IUMBAI
tlLJ/, Donltc Ssdar.
Mohrli Vilt,i.A
I Salio8k . MumbsJ - 4OO 072.
 fr
KY
{
Ill:l ()lil: IIIFi IltJN'lJl'Ir I :v+i
rJ.\'fl()Nr\t. C( )Nll,r\N Y l-1\ \\
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I-.\. llll) N(). 1;1; l(t21
IN
(:,P, Na).
53lil B(:ii.'v(ll..tAiB, [1AH]10 I It

Siddhivinayak lltalLics
l)\1. I ld. ... ;\pplicant

ln lhc rrI
Asscl Reconstrllctirrn
(;r'\rnFanl l.td. ... f'c(itionc
F inarrcinl (lrcrlitor

Y. I lutcls l.inrited . llcspontlrnt

t CtlrP()lutL'f)cbt(tr
)
+
gt \
-1
'!i ,
a{

*
tr- IiJ.fstlllgulJ.ClalJQJ
t)rt(J lhi! rllrr ol()ett'bcr.2012

I Nls. i';rrirrrel K. Shrtrll & (:o'

ALI\ ()c:)t!-s lirr thc ,\PPlicattt'
t Rrrstr.rnr HLritJirlS. 1'' F lt't-'r,
,O a'aa t 1rt1,,13n Rrr,ttl
I Ii,n \lrrmhaj 'l ttt) t]l-i.
Fnrriiitl
n:[!1]l!l-llPrrirll rlsllrrrl I Lf)nr
I
I
a
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t
I
gffi efr'wrir} ffis" 3 00
E. 1,00 HUND
c
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4 a,

li.
r)* ' ,-rO .,;_.- :,. :
t lt'. . Cr"t 1 . t(!tc)!
. r-' aJ t {t\_, r C|Ctr <' }TTqET IN
t,
D a
E I i':
"' .r.
\, t
L. ),:..
:&\.- :,
rrrth MAIIIARASHTRA o?frno 21AA 898103
I
\(I'" .-J I, ,
1 *: T, e o ooo o t
iI
*,r ,,
a 0r mT ioa

oN
* "&fr*t
r-il-FoRI THn ilt)N'uI-E NA.l roN;\t (loi\1P..\\\'t
dPdrf.>,Srtol
n \\l
TRIl'| [ Ni\ I . hI LiNIlJ { | B|-.NCH r\T Nlt.,trt UA I

t.{ (ll])NO oF20tl

I\
CP N0.,5i l, I Fl(','Nfl .I!tBiivl;\I I,,?tt I E

Siddlrivinal:rk lic-altics [,\ r. I t,J

Applirant
L\ THE I\I.ATTER O}':
A :iset Rcconstructiorr (.,rrnp: n.,. ( l trdi.rj I rrl .. Pr'tit iorrer'
F irra rreil I (-'rttlirrrr

\'. IIoteis l. irn rtcii

. . Res|olrtltrrr .'

L i,rpof:rtt I)r'htor
 e I
5 JI
\!t.'tt) \\ l t tN s.t t't'()lll-
r+
L InhabiLrnt rnd
ilAaru ?RTEL
(l ) 'J++\+l++r+l+N-COEN KA, tr I' Nlur:hri

(:)S\lr\llt. l){RIi,
lndi-.Lrt

ot NlLrrrthri Intlirn Irrhrbir:rnt.

t
I
Dircctors of thc ,,\l:pli.-atrr rbor'trr:rrned hrti ittg t,ur ()f1lcc at

lnt"-mctional Business Perk. ( )h('roi (irrden l-stzrte. Oi'l: \1r'stcrn

'l \. Fxpress High*a1. (ir'rregaon (Fast). \lLrnrhai 100 Ooi tlo hcrr'bv

solenrnly ufllrnr rnd s(ilte as under:-

t. \Ye sa)' that lve ore l'ell .on\erstnl rr'irh the t'octs olrrl
circlrrrtstcrttcs of lhc c:rs.' :rnil rt)lc ro rlupr-rsi' to rhc srttnc lo oLrr

I'ntru lc,Jgc as thc Applicrnt herern

{
I
2- \\'c sol' tlral tht abtlve .{Pplicltion ltrt. h.'en tllltl.' ttlttlct otlr

N, inslructions on bt'hall ol'Llre .{pplitrnt ltrrd the slrne h:rs becn

r'
* pcruscd b1, Lrs lhe ftltts:rccords rt: ttrctttiotttJ in thc

o upprlication ir r!- tru(' to thc hest rri or.rr l:nort'ledge :rnd arc hltsctl
*
o on otficicl rec o rds
H
l:r'rr l\1i's. Prrrinrrl K. Shlrii& ('o
t
L t' l- -'\r'/'/ \g
Advoc:rtcs t'or .\ ppl itrrnt r)I,P( }NENT
i-
ilEFOFrE ML
+
t () o7
o
'Tt
?
z
o iI
o

a E
$
+ R. A. ALI..TE Ir se l-E
llOTafiv ( !r.- r-F ',tr l)'\ir:
-
li Bl C,, i!r,r
-,.r'.1' l'1 ' - r'
5tt.rr ,' - l-lr' -D'rr rt)rt i ''l
 3\ i\
I Nf,etL 6l-
tL- €, (l).HY+ARDH,$I- T Of+i+r..\, o f lvfi:urha i l ntli rrrr'l nl;rbita n t

rund i?) SAtll\IIL l) \Rll, ol. i\lunrhaj Inclinn Irrhclrirurlt. Director;i

.rf rhe Applit:trrt 'rhove.,ralned hlving our (Jl'lice i1t lntcnlati()ni

Business P:irk, Obr-'roi (iirrtlt-n Hs1re. Ofl': \\'esttnr l-ir.press

I{ighwly, Gortgaon (Ext). .lrlrnrhri -,.100 061, rlrr-' deponcnts tlo

hercby verifv that all llueis strted in rhe rbovc parugraphs are tt.uc to

our krorrludgc and thct no part ihereof is lhlse ond n

have heerr concealed tlrere trorrr

VeriUecl at Nlrmhili on this lHt ir" of Oelober, 2@2.

Solelrrrrly aNnrrcd at f![rrrrrl:iti )

Deteti i \tq; olOcLoher.2(11? )
For N.'lis.

L
Prriiinal K. Shrr'tt &
Lt--,-+|/,/
C.()
g
Ad\ ncirtes lor Applicant

& 3R, no..

*
DT

.iJEFORE
ME
, t_' rl: i.1.i --.

ia,: l:3:' .
o
L i;. ,'..i,
-""1x
Lcll. : H.A.A &so. l,-8.
,4iraq*, I.IOTAB\ GBt AIEF MIIMBAI
i/87, Dcngro Sadan. Mohil Villeoa,
: -# l.::.i Sahintrra, Mumbsi - .l@ 072.