NCLT approves Rs 288-cr resolution plan for ACCIL Corporation

The Jaipur bench of the National Company Law Tribunal (NCLT) has approved a resolution plan worth Rs 288.37 crore submitted by Oriental Structural Engineers Private Limited (OSEPL) for ACCIL Corporation Private Limited, the owner of the five-star Holiday Inn Jaipur City Centre, bringing the hotel company’s insolvency proceedings to a close nearly nine months after admission.

A two-member bench of judicial member Reeta Kohli and technical member Kavita Bhatnagar passed the order on July 21, 2026, on an application filed by resolution professional Chandra Prakash under Section 30(6) of the Insolvency and Bankruptcy Code (IBC).

ACCIL Corporation was admitted into corporate insolvency resolution process (CIRP) on October 15, 2025, on a Section 7 petition filed by Asset Reconstruction Company (India) Limited (ARCIL), with Ajay Kumar Atolia initially appointed interim resolution professional. The committee of creditors (CoC) later replaced him with Chandra Prakash as resolution professional in its first meeting on November 12, 2025, a decision the tribunal confirmed on November 25, 2025.

The CoC comprised three secured financial creditors — ARCIL, Prudent ARC Limited and Central Bank of India — against whom the corporate debtor owed admitted secured financial debt of Rs 793.45 crore.

Five bidders, seven rounds of bidding

Five resolution applicants — Gama Leasing and Developers Private Limited, Fleur Hotels Limited, OSEPL, CN Infrabuild LLP and Gland Celsus Bio Chemicals Private Limited — submitted plans by the extended deadline of March 25, 2026.

The CoC ran a negotiation process with an incremental bid value of Rs 5 crore on the total weighted net present value (NPV) of offers. OSEPL emerged as the highest bidder after seven rounds, offering a total weighted NPV of Rs 267.46 crore, ahead of Fleur Hotels Limited’s final offer of Rs 256.14 crore. Gama Leasing and Developers, CN Infrabuild and Gland Celsus dropped out of the process after Rounds 2 and 3, treating their earlier bids as final.

Following e-voting concluded on May 20, 2026, the CoC approved OSEPL’s plan with a unanimous 100% voting share.

Plan terms

Under the approved plan, secured financial creditors will receive an aggregate Rs 288 crore — against admitted claims of Rs 793.45 crore — plus any avoidance benefits, cash balances and litigation benefits, to be distributed pro rata. Workmen and employees will be paid Rs 31.35 lakh in full and final settlement of provident fund and gratuity dues, in priority to financial creditors, while other operational creditors will receive Rs 5.64 lakh. Other creditors and existing equity shareholders get nil; the corporate debtor’s existing share capital stands cancelled for nil consideration.

OSEPL will fund the payments from its own resources. A certificate from GSK & Associates LLP placed on record showed OSEPL and its wholly owned subsidiary, Oriental Tollways Private Limited, held unencumbered cash and liquid investments of about Rs 1,078.34 crore as of March 31, 2026.

The plan values the corporate debtor’s assets at a fair value of Rs 268.91 crore against a liquidation value of Rs 217.08 crore. OSEPL has furnished a performance bank guarantee of Rs 86.40 crore — 30% of the amount payable to secured financial creditors — issued by ICICI Bank in favour of ARCIL, the designated lender for the CoC.

A transaction audit report dated May 7, 2026, by Pipara & Co. LLP found no preferential, undervalued, fraudulent or extortionate transactions under Sections 43, 45, 49, 50 or 66 of the Code, and no avoidance application has been filed.

Business background

ACCIL Corporation operates the roughly 172-room Holiday Inn Jaipur City Centre, functional since 2014 on land measuring about 5,250 sq metres leased from the Jaipur Development Authority. The tribunal noted OSEPL’s hospitality track record, including operation of Aloft, Le Meridien, The Rooms and Holiday Inn properties and an upscale hotel pipeline in Mumbai, along with tie-ups with IHG, Marriott, Hilton and Taj, in assessing the plan’s feasibility.

Implementation

The plan is to be implemented within 30 days of the “Effective Date” — the date the NCLT order is received by OSEPL or uploaded on the tribunal’s website, whichever is earlier. On the “Transfer Date,” the corporate debtor’s existing equity will be cancelled, new shares issued to OSEPL, and optionally convertible redeemable preference shares issued to secured financial creditors against their converted debt before being transferred to OSEPL. A monitoring committee comprising the resolution professional (as monitoring professional) and nominees of OSEPL and the assenting financial creditors will oversee the company until the transfer date.

The tribunal, invoking the Supreme Court’s rulings in Committee of Creditors of Essar Steel India Limited v. Satish Kumar Gupta and Ghanashyam Mishra and Sons Private Limited v. Edelweiss Asset Reconstruction Company, held that all claims against the corporate debtor relating to any period before the transfer date — whether admitted or not, claimed or not — stand permanently extinguished, and directed that the moratorium imposed on October 15, 2025 cease to have effect.

The tribunal directed the resolution professional to forward all CIRP records to the Insolvency and Bankruptcy Board of India and to file a compliance application confirming implementation of the plan within the stipulated timeline.

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