Corporate Insolvency Resolution Process
The CIRP of Majestic Hotels Limited commenced pursuant to an order dated 03.07.2024 passed by the National Company Law Tribunal, Chandigarh Bench (Court-II), in CP (IB) No. 180/Chd/Pb/2022 under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The application was filed by UV Asset Reconstruction Company Limited, the Financial Creditor, after the Corporate Debtor committed persistent defaults in repayment of credit facilities sanctioned for its hotel business, resulting in the account being classified as a Non-Performing Asset.
Company profile
M/s Majestic Hotel is a premium business hotel strategically located in the heart of Ludhiana’s central business district — approximately 2 km from Ludhiana Junction Railway Station and 18 km from Sahnewal Airport. The property offers well-appointed accommodation, multiple dining options serving Indian and international cuisine, recreational facilities including a swimming pool and fitness centre, and banquet and conference spaces for business and leisure travellers.
Majestic Hotels Limited is a Public Limited Company incorporated on 01 February 1989 and registered with the Registrar of Companies, Chandigarh. The company operates in the hospitality and hotel industry.
Board of Directors (powers suspended)
The powers of the Board of Directors of the Corporate Debtor stand suspended pursuant to initiation of CIRP, and are now vested with the Resolution Professional. The Board as on the insolvency commencement date comprised:
| Name of director | DIN | Designation |
|---|---|---|
| Gurdial Kaur Khangura | 00586023 | Director |
| Kewal Krishan Sharma | 06397515 | Director |
| Jasbir Singh Khangura | 00661817 | Director |
| Jesdev Shori Saggar | 05357936 | Director |
CIRP proceedings before the Hon’ble NCLT, Chandigarh Bench
UV Asset Reconstruction Company Limited (Financial Creditor) had sanctioned various credit facilities to Majestic Hotels Limited for financing its business operations, in consideration of which the Corporate Debtor executed the requisite loan agreements and security documents.
The Corporate Debtor committed persistent defaults in repayment of principal and interest, resulting in the account being classified as a Non-Performing Asset. The Financial Creditor issued a Recall Notice dated 14.05.2021, followed by a demand notice dated 11.06.2021 under Section 13(2) of the SARFAESI Act, 2002, calling upon the Corporate Debtor to discharge its outstanding liabilities — which it failed to do.
Accordingly, the Financial Creditor filed an application under Section 7 of the IBC, 2016, bearing CP (IB) No. 180/Chd/Pb/2022, before the Hon’ble NCLT, Chandigarh Bench (Court-II). The record of default obtained from the Information Utility (NeSL) was placed on record before the Tribunal.
Vide order dated 03.07.2024, the Hon’ble NCLT admitted the application under Section 7 of the IBC, 2016 and initiated CIRP against the Corporate Debtor.
A moratorium under Section 14 of the Code was declared.
Mr. Navneet Gupta (IBBI/IPA-001/IP-P00361/2017-2018/10619) was appointed as the Interim Resolution Professional.
Vide order dated 12.06.2026, Mr. Krishan Vrind Jain (IBBI/IPA-001/IP-P00284/2017-2018/10528) was appointed as the Resolution Professional; Mr. Navneet Gupta stood discharged from his duties.
As on the CIRP commencement date, the operations of the Corporate Debtor were operative. The present RP visited the registered office of the Corporate Debtor on 19.06.2026, and the office of the erstwhile RP on 25.06.2026, taking over control of the Corporate Debtor along with all handover documents.
Claims submission & creditors' process
In compliance with the prescribed timeline, the erstwhile Interim Resolution Professional, Mr. Navneet Gupta, issued a Public Announcement inviting claims from all creditors of Majestic Hotels Limited in accordance with the Insolvency and Bankruptcy Code, 2016 and the regulations framed thereunder.
The Public Announcement was published on 04 July 2022 in The Tribune (English), Dainik Tribune (Hindi), Punjabi Tribune (Punjabi), Dainik Savera (Punjabi) and The Times of India (English), having circulation in Punjab and Chandigarh, where the registered office and principal place of business of the Corporate Debtor are situated.
Contact the Resolution Professional
Mr. Krishan Vrind Jain, LLB, ICWA, F.C.A., DISA (ICAI), has been appointed as the Resolution Professional by the Hon’ble NCLT.
Registered address1139, Sector 82A, IT City, Block B, Behind WTC, Sahibzada Ajit Singh Nagar, Punjab – 160055
Correspondence addressSCO 818, Sector 13 NAC, Manimajra, Chandigarh – 160101
IBBI registrationIBBI/IPA-001/IP-P00284/2017-2018/10528