ORDER

1. The present Application is filed by Resolution Professional Mr. Jayesh Sanghrajka (“Applicant/Resolution Professional/RP”) Under Section 30 (6) r/w Section 31(1) of the Insolvency and Bankruptcy Code, 2016 (“Code”), r/w. Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for seeking approval of the Resolution Plan dated 12.03.2026 along with clarification dated 07.05.2026 (“Resolution Plan”) for Gstaad Hotels Private Limited (“Corporate Debtor”) submitted by Shree Naman Developers Private Limited (“Respondent No. 1;/SRA”) which was placed before the members of the Committee of Creditors (“CoC”) in the 16th Meeting of the CoC held on 08.05.2026 and voted with 99.93% votes on 13.07.2025.

BRIEF BACKGROUND:

2. The present Application is being filed by Mr. Jayesh Sanghrajka, the resolution professional of the Corporate Debtor above-named, who is registered as an ‘Insolvency Professional’ with the Insolvency and Bankruptcy of India (“IBBI”) and his Registration No. is IBBI/IPA-001/IP-P00216/2017-18/10416.

3. The Respondent No. 1, being the successful resolution applicant with respect to the Corporate Debtor ("Resolution Applicant" or "RA") whose resolution plan dated 12.03.2026 along with clarification dated 07.05.2026 ("Resolution Plan") has been approved by the committee of creditors of the Corporate Debtor ("CoC") and Respondent No. 2 is the CoC of the Corporate Debtor.

4. This Tribunal vide the Order 09.01.2024 (“First Admission Order”)admitted the corporate debtor into CIRP and appointed Mr. Jayesh Sanghrajka as the interim resolution professional of the Corporate Debtor.

5. It is submitted that, being aggrieved by the order admitting the Corporate Debtor into CIRP, the suspended director of the Corporate Debtor preferred Company Appeal (AT) (Insolvency) No. 165 of 2024 before the Hon’ble NCLAT. By an interim order dated 24.01.2024, the Hon’ble NCLAT stayed the constitution of the CoC pending further orders, pursuant to which the CIRP could not progress during the pendency of the said Appeal.

6. It is submitted that, by judgment dated 08.01.2025, the Hon’ble NCLAT, while allowing Company Appeal (AT) (Insolvency) No. 165 of 2024, set aside the earlier admission order and remanded the matter to this Tribunal for fresh consideration in accordance with law. Pursuant thereto, this Tribunal, after hearing the parties afresh and considering the observations made by the Hon’ble NCLAT, vide order dated 08.07.2025 (“Second Admission Order”), admitted the Section 7 Petition, commencing the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor, and re-appointed Mr. Jayesh Sanghrajka as the Interim Resolution Professional (IRP).

7. Pursuant to the Second Admission Order, a public announcement was issued on 10.07.2025, calling upon the creditors to submit their claims. The Resolution Professional verified the claims received and constituted the Committee of Creditors in accordance with Section 21 of the Code as on 30.07.2025.

8. Omkara Assets Reconstruction Private limited was the principal Secured financial creditor holding voting share of 95.76%, Global Hospitality Licensing S.A.R.L. holding voting share of 3.20%, Kanazawa Holdings Private Limited (unsecured) holding 0.91% voting share and Ahuja Finance Company Private Limited (Unsecured) holding 0.13 % voting share.

9. The 1st meeting of the Committee of Creditors was was held on06.08.2025, wherein the CoC, with 100% voting share, confirmed the appointment of the Applicant, who was then functioning as the Interim Resolution Professional (IRP), as the Resolution Professional of the Corporate Debtor. It is further submitted that, with the approval of the CoC, M/s Nangia & Co. LLP was appointed as the Transaction Auditor to examine the transactions of the Corporate Debtor in relation to preferential, undervalued, extortionate credit and fraudulent transactions under Sections 43, 45, 50 and 66 of the Insolvency and Ba