NCLT Jaipur Clears ₹288.37 Crore Resolution Plan For Holiday Inn Jaipur City Centre Operator ACCIL

The National Company Law Tribunal at Jaipur has approved the ₹288.37 crore resolution plan submitted by Oriental Structural Engineers Private Limited (OSEPL) for ACCIL Corporation Private Limited, which owns and operates the five-star Holiday Inn Jaipur City Centre.

The approved resolution plan has a total value of ₹288.37 crore and was unanimously approved by the Committee of Creditors.

A coram of Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar passed the order.

The application was filed by the Resolution Professional of ACCIL seeking approval of OSEPL's resolution plan. The CoC, comprising ARCIL, Prudent ARC Limited, and Central Bank of India, approved the plan with a 100% voting share in its 15th meeting held on 20 May 2026.

The Tribunal noted that five prospective resolution applicants had submitted plans, following which the CoC conducted a seven round bidding process. OSEPL ultimately emerged as the highest-ranked resolution applicant and was declared the Successful Resolution Applicant.

Under the approved plan, OSEPL will infuse ₹288.37 crore, along with avoidance benefits, cash balances, litigation benefits and mandatory payments. Out of this, ₹288 crore has been earmarked towards secured financial creditors. Further, an amount of ₹31.35 lakhs has been set apart for payment of dues for workmen and employees.

The plan also provides for payments to operational creditors in accordance with the Insolvency and Bankruptcy Code and contemplates cancellation of the existing equity share capital.

“Having examined the Resolution Plan, Form H, the Affidavit regarding the eligibility of the Successful Resolution Applicant under Section 29A of the Code, voting result of the COC and the compliance chart place don record, this Adjudicating Authority is satisfied that the Resolution Plan as approved by the CoC with 100% voting share, complies with the requirements of Section 30(2) of the Code and Regulations 37 and 38 of the CIRP Regulations.” the tribunal observed

It noted that the resolution plan provides for payment of CIRP costs and contains provisions for the company's management, funding and implementation. Since the CoC had approved the plan in its commercial wisdom, the Tribunal held that its role was limited to examining statutory compliance.

Accordingly, the Tribunal approved the resolution plan, making it binding on the corporate debtor and all stakeholders.

For Resolution Professional: Chandra Pakash, Advocates Spandan Biswal, Nikhil Saini, Shivendra Pandey and Himanshu Saini

For Respondent: Advocates Savar Mahajan, Pooja Mahajan, Srivastav Reddy and Urvashi Girdhar