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NCLAT sets aside NCLT order declaring JC World Hospitality promoters ineligible for bidding
The National Company Law Appellate Tribunal (NCLAT) has overturned a National Company Law Tribunal (NCLT) decision that barred JC World Hospitality's promoters from submitting a resolution plan. NCLAT found the NCLT's ruling "perverse and unsustainable," citing a lack of proper material review. The appellate tribunal revived the promoters' plan approval application, directing the NCLT to decide within three months.
Insolvency appellate tribunal NCLAT has set aside NCLT orders, which had declared promoters of JC World Hospitality ineligible to submit their resolution plan under Section 29A of the IBC.
NCLAT said the NCLT "in a callous manner without looking into materials on record" have come to the conclusion that the promoters are disqualified, which is perverse and unsustainable.
A two-member bench of the National Company Law Appellate Tribunal (NCLAT) has revived the application filed by RP of JC World Hospitality before the Delhi bench of NCLT seeking approval for bids submitted by promoters and take a decision within three months.
The application "filed by the RP for approval of the Resolution Plan of the SRA (promoters) is revived before the adjudicating authority (NCLT) for passing an appropriate order in the plan approval application."
It further said, "The plan approval application has been pending for about four years. We are of the view that the adjudicating authority shall endeavour to dispose of the application within three months from the date a copy of this order is produced before the adjudicating authority."
Section 29A of the Insolvency & Bankruptcy Code (IBC) bars promoters from submitting a resolution plan; however, Section 240A provides relaxations to MSMEs, allowing erstwhile promoters to submit a plan unless they are wilful defaulters.
Promoters of JC World Hospitality, an MSME engaged in real estate development, had submitted their resolution plan, which was approved by the committee of creditors.
Following this, the RP had moved an application before the National Company Law Tribunal (NCLT), seeking its approval in November 2021. Meanwhile, Amrapali Fincap, whose bid was not selected, also approached NCLT.
Meanwhile, Amrapali Fincap also filed an appeal challenging an earlier order of NCLT in this matter and subsequently moved before the Supreme Court, which had on April 20, 2022, stayed further proceedings. However, on July 24, 2024, the apex court disposed of the appeal and directed the NCLT to take up the matter expeditiously.
NCLT on July 22, 2025, passed its order, in which promoters were declared ineligible under Section 29A. The resolution plan submitted by them and approved by the CoC was quashed and set aside. NCLT further directed RP to place the order before the CoC, the resolution plan submitted by Amrapali Fincap for consideration.
Aggrieved by this, promoter Vijay Kant Dixit, Rita Dixit and others challenged it before NCLAT by filing an appeal.
The appellate tribunal did not agree with the NCLT order and said its observation that the promoters do not fulfil the eligibility criteria is "wholly erroneous" as the requirement of the resolution applicant of net worth of Rs 50 crore was fully fulfilled. The CoC had put an eligibility criteria of a net worth of Rs 50 crore.
It also pulled up NCLT for rejecting an email from the MCA dated March 7, 2025, removing disqualification of promoters Rita Dixit and Vijay Kant Dixit effective 13.08.2018 and 29.05.2018, respectively.
"The observation of adjudicating authority (NCLT) that promoters are ineligible under the RFRP, is without any basis," said NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member, Technical Barun Mitra.
NCLAT noted that promoter's resolution plan was approved with 100 per cent votes of the commercial space buyers. The voting was conducted in accordance with Section 25A(3A) of the IBC and the authorised representative has voted on the basis of majority of votes of the financial creditors in class.
The appellate tribunal said order passed by the NCLT was unsustainable.
"The order dated July 22, 2025, is set aside. IA No.850 of 2022 filed by Amrapali Fincap is rejected," NCLAT said in its 74-page-long order.
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Source: EconomicTimes
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