BENCH, COURT-I

CP(IB) No. 2459 (MB) of 2019

Under Section 30(6) of the Insolvency

and Bankruptcy Code, 2016.

IA No. 93 of 2024

In the Application of

Mr. Snehal Kamdar (KDJ

Holidayscapes and Resorts Limited) …Resolution Professional/Applicant

In the matter of

TJSB Sahakari Bank Limited

…Financial Creditor/Petitioners

Versus

KDJ Holidayscapes & Resorts

Limited

…Corporate Debtor/Respondents

Order Delivered on :04.03.2025

Coram:

Shri. Prabhat Kumar Justice V. G Bisht

Hon’ble Member (Technical) Hon’ble Member (Judicial)

Appearances:

For the Applicant (RP) : Adv. Maulik Chokshi

CP(IB) No. 2459 (MB) of 2019 ORDER

1. The present Application is moved by Mr. Snehal Kamdar (“Applicant”), Resolution Professional of KDJ Holidayscapes and Resorts Limited (“Corporate debtor”) under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (“Code”) for seeking approval of the Resolution Plan submitted by Mr. Ravikumar Gaurishankar Patel (“Successful Resolution Applicant/SRA”) and as approved by Committee of Creditors. This application is filed for the following reliefs:

a. Allow the present Application;

b. Pass an Order for the approval of the Resolution Plan submitted by Ravikumar G Patel as approved by the members of the COC;

c. Pass any such other order(s) as this Hon’ble Tribunal may deem fit in the interest of justice.

Brief facts of the case

2. KDJ Holidayscapes And Resorts Limited (“Corporate Debtor”) having CIN L74900MH1993PLC071710 is a company incorporated on 22nd April 1993 under the Companies Act, 1956 having its registered office at 228/5-B, Akshay Mittal, Mittal Industrial Estate, Andheri Kurla Road, Marol, Andheri (East), Mumbai, Maharashtra, India, 400059. The company is engaged in the business of holiday rooms exchange activity.

3. The Corporate Debtor availed a cash credit facility from TJSB Sahakari Bank Limited (“Financial Creditor”) for an amount of Rs. 3,25,00,000/- vide a disbursement order and Sanction letter (43/23) dated 25.11.2013. However, due to defaults in repaying the cash credit facility, the Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (“CIRP") for an aggregate amount of Rs 5,46,34,862/- which was inclusive of the interest. The Financial creditor had filed the CP(IB) No. 2459 (MB) of 2019 application for initiating CIRP before the National Company Law Tribunal, Mumbai Bench ("NCLT") under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("Code") under CP 2459 (IB) MB/2019. This Tribunal admitted the application and vide order dated 23.09.2019 commenced the CIRP. The Mr. Pradeep V. Samant (“erstwhile RP”)

was appointed as Interim Resolution Professional vide the same order.

4. In furtherance of the CIRP proceedings, the erstwhile RP made a public announcement on 11.10.2019 in Form A inviting claims from the creditors of the Corporate debtor with the last date for submission of claim being 23.10.2019. The erstwhile RP upon receiving 5 claims from Operational creditors, 04 claims from the Financial Creditors and 01 from the workmen and employees had submitted a report before this Hon’ble Tribunal on 30.10.2019 for the constitution of Committee of creditors (“CoC”).

5. The Applicant was appointed as the Resolution Professional of the Corporate debtor upon convening the 1st CoC meeting wherein the resolution for the said appointment was passed with 100% votes by the CoC members. The agenda regarding appointment of Registered valuers was discussed in the 2nd CoC meeting held on 05.12.2019. Subsequently the 3rd COC Meeting was held on 04.01.2020 wherein the agendas regarding amendments to the draft Expression of Interest (“EOI”) for inviting prospective resolution applicants (“PRA”), necessary changes to the Request for Resolution Plan (“RFRP”) and the evaluation matrix and Approval of the quotation from the advertisement agency for publishing Form G were discussed. Thereafter the 4th CoC meeting was convened on 04.02.2020 with discussions on either inviting the EOI or pursuing the liquidation of the Corporat