# In the matter of Live 100 Hospital Private Limited I.A. No. 382-2019 in CP (IB) No. 107-BB-2017

> NCLT judgment dated 2019-08-06. Citation: TCN-2019-NCLT-02073. Edelweiss Asset Reconstruction Company Limited, the financial creditor, initiated Corporate…

- **Court:** NCLT
- **Order date:** 6 Aug 2019
- **Citation:** TCN-2019-NCLT-02073
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/live-100-hospital-private-limited-ia-no-382-2019-in-cp-ib-no-107-bb-2017-5edb1703

## Summary

### Background

Edelweiss Asset Reconstruction Company Limited, the financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Live 100 Hospital Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted by the NCLT on 02.04.2018, and an Interim Resolution Professional (IRP) was appointed, later confirmed as the Resolution Professional (RP). The RP invited Expression of Interest (EOI) for resolution plans, but only one prospective resolution applicant submitted a plan. Before voting, this applicant withdrew. With no approved resolution plan after 270 days, the Committee of Creditors (CoC), comprising solely of Edelweiss, resolved to liquidate the Corporate Debtor. The RP filed applications for liquidation and

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## Facts

Edelweiss Asset Reconstruction Company Limited initiated CIRP against Live 100 Hospital Private Limited under Section 7 of IBC. The petition was admitted on 02.04.2018, and Rajesh Jhunjhunwala was appointed as IRP, later confirmed as RP. The RP invited EOIs, but only one resolution applicant submitted a plan, which was later withdrawn before voting. After 270 days (27.12.2018), no resolution plan was approved, leading the CoC (solely Edelweiss) to resolve for liquidation. The RP filed I.A No. 459/2018 for liquidation and I.A No. 282/2018 regarding preferential transactions. The Promoter-Suspended Director initiated settlement talks, resulting in a Settlement Agreement dated 30.07.2019, where the Promoter agreed to pay Rs. 30 crores to Edelweiss. Edelweiss then filed

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## Issues and analysis

### Issue 1: Whether the Applicant/Petitioner can be allowed to withdraw the CIRP initiated against the …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of a

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**Reasoning:** The court considered the pleadings of both parties, the provisions of the IBC, and the

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**Interpretation:** Section 12A provides a mechanism for withdrawing a CIRP application when a

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**Application:** In this case, the Applicant, Edelweiss Asset Reconstruction Company Limited,

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** Edelweiss Asset…
- **Respondents:** Live 100 Hospital…

## Timeline

- **2017-01-01 — Filing of CP (IB) No.…**: Edelweiss Asset Reconstruction Company Limited filed CP (IB) No. 107/BB/2017 against Live…
- **2018-04-02 — Admission of Petition…**: The Tribunal admitted the petition and initiated CIRP, appointing Mr. Rajesh Jhunjhunwala…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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