# In the matter of SRS Meditech Limited CA Nos.704-2019 In CP (IB) No.64-Chd-Hry-2018

> NCLT judgment dated 2020-01-28. Citation: TCN-2020-NCLT-02149. The case pertains to CA No.704/2019 filed by the Resolution Professional (RP) under Section 31…

- **Court:** NCLT
- **Order date:** 28 Jan 2020
- **Citation:** TCN-2020-NCLT-02149
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/srs-meditech-limited-ca-nos704-2019-in-cp-ib-no64-chd-hry-2018-f6becff8

## Summary

### Background

The case pertains to CA No.704/2019 filed by the Resolution Professional (RP) under Section 31 of the Insolvency and Bankruptcy Code, 2016, seeking sanction of a resolution plan for SRS Meditech Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Durga Enterprises, an operational creditor, under Section 9 of the Code. The CIRP was admitted on 02.11.2018. The applicant was appointed as Interim Resolution Professional (IRP) on 15.11.2018 and subsequently continued as RP. Public announcements were made inviting claims from creditors. The Committee of Creditors (CoC) was formed, and meetings were held to evaluate resolution plans. Vaibhav Buildtech Private Limited submitted a resolution plan that was

…

## Facts

Durga Enterprises, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against SRS Meditech Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was admitted on 02.11.2018. Tarun Batra was appointed as the Interim Resolution Professional (IRP) on 15.11.2018 and later continued as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was constituted with seven financial creditors initially, later reconstituted with ten. State Bank of India held the largest voting share at 59.39%. The IRP appointed registered valuers to determine the fair value and liquidation value of the corporate debtor. The CoC approved

…

## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Vaibhav Buildtech Private Limited complies with the …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution plan must

…

**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure it complied with

…

**Interpretation:** Section 30(2) sets a minimum threshold for the content of a resolution plan,

…

**Application:** In this case, the Adjudicating Authority found that the resolution plan

…

## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Appellants:** Durga Enter…
- **Respondents:** SRS Meditech…

## Timeline

- **2018-11-02 — CIRP Admi…**: Corporate Insolvency Resolution Process…
- **2018-11-15 — IRP Appoi…**: Tarun Batra appointed as Interim…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/srs-meditech-limited-ca-nos704-2019-in-cp-ib-no64-chd-hry-2018-f6becff8