# Approval of Resolution Plan - Admiron Life Sciences Private Limited I.A. No. 103 & 131 of 2018 in C.P.(IB)No. 102/10/HDB/2017

> NCLT judgment dated 2017-07-24. Citation: TCN-2017-NCLT-00706. The case involves the Corporate Insolvency Resolution Process (CIRP) initiated against Admiron…

- **Court:** NCLT
- **Order date:** 24 Jul 2017
- **Citation:** TCN-2017-NCLT-00706
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-admiron-life-sciences-private-limited-ia-no-103-131-92e386f1

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) initiated against Admiron Life Sciences Private Limited. The Resolution Professional (RP) filed an application seeking approval of the Resolution Plan approved by the Committee of Creditors (CoC). The CIRP was initiated under Section 10 of the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority admitted the petition and imposed a moratorium. An Interim Resolution Professional (IRP) was appointed, who was later replaced by Mr. Madhusudhan Rao as the Resolution Professional. The CoC approved a resolution plan submitted by M/s. Aarishi Medkare Private Limited.

## Facts

Admiron Life Sciences Private Limited initiated Corporate Insolvency Resolution Process (CIRP) by filing a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority admitted the petition on 28.07.2017 and imposed a moratorium on 09.08.2017. Mr. Venkateswarlu Bharathula was appointed as the Interim Resolution Professional (IRP). The IRP was later replaced by Mr. Madhusudhan Rao as the Resolution Professional (RP). The Committee of Creditors (CoC) consisted of SBI as the sole financial creditor with 100% voting rights. The CoC approved a Resolution Plan submitted by M/s. Aarishi Medkare Private Limited for Rs.43.20 Crores towards acquisition of Admiron Life Sciences and its assets, and Rs.7.50 Crores towards purchase of collateral

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Aarishi Medkare Private Limited meets the …

**Ratio:** Section 30(2) of the IBC specifies the requirements that a resolution plan must meet,

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure compliance with Section

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**Interpretation:** Section 30(2) of the IBC is interpreted to ensure that the resolution plan

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**Application:** In this case, the Adjudicating Authority found that the Resolution Plan met the

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## Parties

- **Judges:** BIKKI RAVEENDRA…
- **Respondents:** Admiron Life…; State Bank of…

## Timeline

- **2017-07-28 — Petition Ad…**: The Adjudicating Authority…
- **2017-08-09 — Moratorium…**: A moratorium was imposed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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