# In the matter of Raihan Healthcare Pvt.Ltd. MA-30-KOB-2019 and I.A. No.71/KOB/ 2019 In IBA/240/2019

> NCLT judgment dated 2019-12-16. Citation: TCN-2019-NCLT-00159. The case involves MA/30/KOB/2019 and IA No.71/KOB/2019 in IBA/240/2019 before the National…

- **Court:** NCLT
- **Order date:** 16 Dec 2019
- **Citation:** TCN-2019-NCLT-00159
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/raihan-healthcare-pvtltd-ma-30-kob-2019-and-ia-no71kob-2019-in-iba2402019-6f0b45cc

## Summary

### Background

The case involves MA/30/KOB/2019 and IA No.71/KOB/2019 in IBA/240/2019 before the National Company Law Tribunal (NCLT), Kochi Bench. The applicant, Dr. Mohammed Ismail, filed MA/30/KOB/2019 alleging that the Corporate Insolvency Resolution Process (CIRP) was conducted unreasonably. IA/71/KOB/2019 was filed by a new Resolution Applicant seeking time to formulate and submit a resolution plan. Union Bank of India initiated CIRP against Raihan Healthcare Pvt Ltd. The Resolution Professional (RP) received three Expressions of Interest, with Sabine Hospitals Health Care & Research Centre Pvt Ltd being the only qualified applicant. The Committee of Creditors (CoC) approved the resolution plan submitted by Sabine Hospitals with modifications.

## Facts

Dr. Mohammed Ismail, the suspended director of Raihan Healthcare Pvt Ltd, filed MA/30/KOB/2019 alleging an unreasonable CIRP process and undervaluation of assets. Union Bank of India initiated CIRP against Raihan Healthcare Pvt Ltd. The RP received three Expressions of Interest, with Sabine Hospitals Health Care & Research Centre Pvt Ltd being the only qualified applicant. The CoC approved Sabine Hospitals' resolution plan with modifications. Sabine Hospitals later disagreed with the modifications. M.J. Infrastructure & Builders (India) Pvt Ltd emerged as a new Resolution Applicant, seeking time to finalize their views on upfront funding. The employees of the Corporate Debtor were on agitation. The new Resolution Applicant, M.J. Infrastructure & Builders

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## Issues and analysis

### Issue 1: Whether the IA/71/KOB/2019 filed by the new …

**Ratio:** The court has the discretion to grant or reject applications based on the circumstances

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**Reasoning:** The court found that the new Resolution Applicant was not committing to upfront payment

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**Interpretation:** The court interpreted the actions of the new Resolution Applicant as not being

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**Application:** The court applied the ratio by rejecting the IA/71/KOB/2019, as the new

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## Parties

- **Judges:** Ashok Kumar…; Veera Brahma Rao…
- **Appellants:** Dr.Mohammed…
- **Respondents:** Raihan Healthcare…; Mr.Rajendran,…

## Timeline

- **2019-03-20 — Initiation…**: NCLT Chennai Bench initiated Corporate Insolvency Resolution Process against Raihan…
- **2019-04-19 — Appointment…**: The IRP appointed by the Tribunal was appointed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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