# In the matter of Syncom Healthcare Limited IA No. 1783-MB-2020 in C.P. (IB) No. 42-MB-2019

> NCLT judgment dated 2021-06-14. Citation: TCN-2021-NCLT-01976. The case involves an application filed by the Resolution Professional (RP) of Syncom Healthcare…

- **Court:** NCLT
- **Order date:** 14 Jun 2021
- **Citation:** TCN-2021-NCLT-01976
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/syncom-healthcare-limited-ia-no-1783-mb-2020-in-cp-ib-no-42-mb-2019-d13e53ab

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Syncom Healthcare Limited under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan submitted by Dr. Bharat Agrawal in consortium with M/s Theta Labs Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated by the NCLT Mumbai Bench on 14.08.2019, following the admission of a petition under Section 7 of the Code. Mr. Jagdish Kumar Parulkar was appointed as the Interim Resolution Professional (IRP). A moratorium was declared effective 14.08.2019. The IRP made a public announcement on 21.09.2019, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 14.10.2019, and Mr. Jagdish Kumar Parulkar was

…

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Syncom Healthcare Limited was initiated on 14.08.2019 following a Section 7 petition. Mr. Jagdish Kumar Parulkar was appointed as the Interim Resolution Professional (IRP), and a moratorium was declared. The IRP invited claims from creditors and constituted a Committee of Creditors (CoC). Mr. Parulkar was later appointed as the Resolution Professional (RP). The RP issued Form-G, inviting expressions of interest (EoI) from prospective resolution applicants (PRAs). The RP received EoIs from multiple PRAs, including Archerchem Healthcare Private Limited, Skymap Pharmaceuticals Private Limited, Dr. Bharat Agrawal in consortium with M/s Theta Labs Private Limited. The CoC replaced the RP with Mr. Mangesh Vitthal Kekre.

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Dr. Bharat Agrawal in consortium with M/s Theta Labs …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the requirements

…

**Reasoning:** The court examined the Resolution Plan and found that it provides for the payment of CIRP

…

**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

…

**Application:** The court applied the requirements of Section 30(2) to the specific details of

…

## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Mangesh Vitthal…
- **Respondents:** Syncom Healthcare…; Bank of…

## Timeline

- **2019-08-14 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **2019-08-14 — Moratorium D…**: The moratorium was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

---

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/syncom-healthcare-limited-ia-no-1783-mb-2020-in-cp-ib-no-42-mb-2019-d13e53ab