In the matter of SRI PAVANA KEERTI HOTELS INDIA PRIVATE LIMITED

#ffi NATIONAL COMPANY LAW TR! BU NAL HYDERABAD BENCH - I l.A (lBC) (Liq) No.03/2025 ln C.P. (l B) No.1 5317 I HDB/ 2021 Apptication fiLed under Section 33(2) ofthe lnsotvency and Bankruptcy Code, 2016 read with Regutation 3 of the lBBl (Liquidation Process) Regutations, 201 6 and Rute 1 1 of the NCLT Rutes, 2016 ln the matter of: Pridhvi Asset Reconsruction & Securitisation Company Ltd ... Financiat Creditor/CoC Member

Versus M/s Sri Pavana Keerthi Hotets lndia hrt Ltd ... Corporate Debtor Fited by:-

Mr. Govada Venkata Subbarao ResoIution ProfessionaI of M/s Sri Pavana Keerthi Hotel.s lndia Pvt. Ltd Rajiv Swagruha Apartments Ftat No. 1 06 Btock A 05, Ctassic Diamond Towers, Anand Nagar GSI Bandtaguda, Hyderabad, Tetangana - 500068 ....Appticant

Date of orden 20.11-2025 Coram: SHRI RAJEEV BHARDWAJ, HON'BLE MEMBER (JUDICIAL) SHRtSANJAY PUR|, HON'BLE MEMBER (TECHNTCAL)

Appearance: For Appticant Ms Mano Ranjani & Mr. M. Rama Rao, Advocates ffi NCLT HYD BENCH-I l.A (l8C) (r&) No.G/2o:xi ln C.P, llB) No.153/7/HDB/2021 DOO: 20.11.2025 2 Per Bench:

This lntertocutory Apptication, l.A (lBCXLiq) No.03/2025, is fited by 1 Mr. Govada Venkata Subbarao, Resolution Professionat (RP) of the Corporate Debtor, M/s Sri Pavana Keerthi Hotels lndia Pw. Ltd., under Section 33(2) of the lnsotvency and Bankruptcy Code, 2016 ("the Code"), seeking orders for Liquidation of the Corporate Debtor.

2 BACKGROUND OF THE CORPORATE INSOLVENCY RESOLUTION PROCESS (CrRP): a The Corporate Debtor was admitted into Corporate lnsolvency Resotution Process (CIRP) on 11 .04.2022 by this Tribunat in C.P. (lB) No.153/7/HDB/2021. Initiatty, Mr. Gunturu Raghu Babu was appointed as the lnterim Resotution Professional and subsequently continued as Resotution Professional. On 29.04.2024, this Tribunat, vide order in I.A. No.824l2024, appointed the present Appticant as the Resotution Professionat. o The Resotution Professional conducted the CIRP in accordance with the Code. Public announcements were made in Form-A in Financiat Express (Engtish) and Mana Tetangana (Tel.ugu) newspapers on 15.04.2022, claims were couated, and the Committee of Creditors (CoC), consisting of the sole financial creditor i.e. Pridhvi Asset Reconstruction & Securitisation Company Limited, with 1000/o voting share, was constituted. Form G was issued on 21.06.2022, inviting Expression of lnterest and resolution ptans. a It is atso pLaced on record that an appeat was preferred before the Hon'bte NCLAT in CA(AT)(CH)(lns) No.224/2O22 by the suspen o + N. c +',\ YENc ffi NCLT HYD BENCH-1 l.A (lBC) (Uq) No.o3l2o25 ln C.P.

(lB) No.1 53/7/HDB/2021 DOO: 20.1r.2025 3 director chattengingthe admission of the Corporate Debtor into CIRP. The Hon'bLe NCLAT, vide interim order dated 29.06.2022, stayed the continuation of the CIRP. The stay remained operative unti[ disposal of the appeal on O2.O5.2Q24,whereby the Hon'bte NCLAT dismissed the appeat and uphetd the admission order passed by this Tribunat. Consequently, this Authority, vide order dated 10.05.2024 in l.A. No.98712024, exctuded the entire period of 673 days from the CIRP timetines, extending the 1 80th day of CIRP to 1 1 .08.2024. a The Resotution Professiona[ re-issued Form G on 18.05.2024 and invited Expressions of lnterest, pursuant to which a resotution plan submitted by Mr. Virigineni Anjaiah was approved unanimousty with 1000/0 voting share by the Committee of Creditors in the 14th CoC Meeting. a Consequentty, a Letter of lntent dated 22.12.2024 was issued requiring submission of a Performance Bank Guarantee (PBG) of Rs.4.80 crores (2070 of the approve ptan amount). The CoC atthe 15th COC Meeting granted an extended deadline tilt 20.01.2025 upon request of the Smt. Kadiyata Suneetha, Director of Suspended Board of the SuccessfuI Resolution Appticant (SRA). a Despite extension of time unti[ 20.01.2025 and repeated reminders by the Resotution Professiona[, the Successfut Resolution Appticant (SRA) failed to submit the PBG, remained absentfrom 16th,17h & 18th CoC meetings, and did not communicate acceptance of the Lol.

The CoC, unanimousty resotved to forfeit the Earnest Money Deposit of Rs.50 takh and cancetthe Lol.

NCLT HYD BENCH-1 l.A (lBC) (Uq) No.o3l202s ln C.P. (lB) No,1 53/7/HD8/2021 DOO: 20.11.2025 a The CIRP period expired on 18.03.2025. As no viabte resotution plan is in existence owing to the failure of the SRA to compty with mandatory requirements, the CoC, having 1000/0 voting share, resolved in the 18th CoC meeting to tiquidate the Corporate Debtor and to appoint Mr. Govada Venkata Subba Rao (Reg. No. lBBl/lPA- 003/lP-N00358/2021-2022113753) as Liquidator under Section 33(2) of the Code. a The Resotution Professiona[ has fited sequence of events during CIRP as Annexure A01 (pages 9-10). The summary of the Minutes of the COC as Annexure A02 (pages 11-14). a Further, the CoC, with 1000/o voting share, resotved that the tiquidation process shattfirst attempt to settthe Corporate Debtor as a goingconcern. AdditionaLty, the COC approved a Liquidation cost of Rs. 57.21 [akhs, to be borne by the sole Financial Creditor/COC. 3. FINDINGS: a We heard Ms. Mano Ranjani, Ld. Counsel for the Resotution ProfessionaI and perused the record. a The material on record estabtishes that the Successfut Resolution Appticant (SRA), despite approval of the resotution ptan with '1000/o voting share, has faited to compty with essential conditions of the Letter of lntent, particutarly the submission of the Performance Bank Guarantee (PBG). a The CoC gave the Resolution Appticant severa[ chances and even extended the deadtine up to 20.01 .2025.

However, the Resotuti b-u ffi NCLT HYD BENCH.l l.A (lBC) (Liq) No.o3/2025 ln C.P. (18) No.153/7/HDB/2021 DOO: 20.11.2025 5 Appticant neither submitted the PBG nor attended the subsequent CoC meetings. As a resu[t, the ptan cannot be imptemented. The CoC therefore cancetled the Letter of lntent and fofeited the EMD of Rs. 50 takhs. a The CIRP period atso ended on 18.03.2025. Since no viabte resotution ptan is avaitabte on record, and the CoC with 1000/0 voting share, has unanimously decided to tiquidate the Corporate Debtor, the requirements of Section 33(2) of the Code are ctearty met. a We also note that the lBBl, through its notification dated 14.1 0.2025, has removed the earlier provisions relating to "sale as a going concern". Therefore, the tiquidation must proceed strictty as per the updated regutations. 4 We find that atl tegal requirements for ordering tiquidation have been property satisfied, and there is no impediment to granting the relief sought. Consideringthe provisions ofSection 33(2) ofthe lnsotvency and Bankruptcy Code, 2016, it is ctear that there is no further possibitity of resolving the Corporate Debtor through the CIRP.

Therefore, Liquidation is the only option availabte in the present circumstances. Accordingty, this lA is altowed, and the Corporate Debtor is directed to be tiquidated.

ORDER

4.1. The Corporate Debtor, M/s Sri Pavana Keerthi Hotels lndia P\rt Ltd, is ordered to be tiquidated under Section 33(2) of the lnsotvency and Bankruptcy Code, 2016.

tt+

NCLT HYD BENCH.l Hffi l.A (lBC) (uq) t{o.03,/2o,25 ln C.P. (lBl No.153/7/HD8/2021 DOOL20,11.2025 6 4.2. Mr. Govada Venkata Subba Rao (Reg. No. lBBl/lPA-003/lP- N00358/2021-2O2413753) is appointed as the Liquidator. His written consent is taken on record. His AFA is vatid upto 31.12.2025. 4.3. The Liquidator shatl conduct the liquidation proceedings strictty in accordance with the Code and the lBBl (Liquidation Process) Regutations, 2016, incl.uding making pubtic announcement, taking custody of assets, coUating ctaims, and fil.ing periodicaI reports. 4.4. Upon passing of this Liquidation order, the moratorium dectared under Section 14 sha[[ cease to have its effect. 4.5. All powers of the Board of Directors, Key Manageriat Personnel and paftners of the Corporate Debtor sha[[ cease to have effect and sha[[ be vested in the Liquidator. 4.6. At[ personnet, promoters, and directors of the Corporate Debtor shatt extend fu[[ cooperation to the Liquidator under Section 19(2) of the Code. 4.7. The Liquidator's fee is fixed at Rs. 1,00,000/- ptus appl.icabte GST per month, atong with the out-of-pocket expenses of Rs. 10,000/- per month. 4.8 This order shalt be deemed to be a notice of discharge to the Officers, emptoyees and workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued during the liquidation process by the Liquidator. SUB

NCLT HYD BENCH.I l.A (lEC, (uq) l{o.o3l2t}2s ln c.P. (B) No.1 53/7/HDB/2021 DOO:,20.11.2025 7 4.9 Registry is directed to communicate this order to the lnsolvency and Bankruptcy Board of lndia (lBBl) and to the Registrar of Companies, Tetangana.

SD/- SD/- (SANJAY PUR|) (RAJEEV BHARDWAJ) Member (Technicat) MEMBER (JUDTCTAL)

Eimu/PS

$/1