# In the matter of CKS Medicare Pvt. Ltd. TA No 09-2018 In IB 762(ND)-2018

> NCLT judgment dated 2019-02-14. Citation: TCN-2019-NCLT-04843. The case involves an application filed by the Interim Resolution Professional (IRP), Mr.…

- **Court:** NCLT
- **Order date:** 14 Feb 2019
- **Citation:** TCN-2019-NCLT-04843
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cks-medicare-pvt-ltd-ta-no-09-2018-in-ib-762nd-2018-65c7059e

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP), Mr. Sandeep Kumar Jain, submitting a progress report with minutes from the first Committee of Creditors (COC) meeting held on February 11, 2019. The settlement between the Operational Creditor and the Corporate Debtor, proposing the termination of the Corporate Insolvency Resolution (CIR) process, was put to vote and accepted by the COC with 100% voting share. The resolution is documented on Page No. 29 of the Progress Report, annexed with the IRP's affidavit.

## Facts

The Interim Resolution Professional (IRP), Sandeep Kumar Jain, submitted a progress report detailing the minutes of the first Committee of Creditors (COC) meeting held on February 11, 2019. A settlement was reached between the Operational Creditor and the Corporate Debtor, proposing the termination of the Corporate Insolvency Resolution Process (CIRP). This proposal was put to a vote and received unanimous approval from the COC, representing 100% of the voting share. The resolution documenting this decision is included in the progress report. The key fact is the complete agreement among the COC members to terminate the CIRP, which formed the basis for the court's decision.

## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) should be terminated based on the 100% …

**Ratio:** The legal principle applied is that the decision of the Committee of Creditors (COC)

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**Reasoning:** The court reasoned that since the COC, representing the entirety of the voting share, had

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**Interpretation:** The interpretation of the law here involves recognizing the COC's authority in

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**Application:** In this specific case, the ratio and reasoning are applied to the fact that the

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## Parties

- **Judges:** Ina Mal…
- **Appellants:** M/s Kanushree…
- **Respondents:** M/s CKS Medicare…

## Timeline

- **2019-02-11 — First COC M…**: The first Committee of…
- **2019-02-14 — Order Del…**: The order was delivered, accepting…

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