# In the matter of Vangal Amman Health Services Limited MA-322-IB-2018 In CP-634-IB-CB-2017

> NCLT judgment dated 2018-08-30. Citation: TCN-2018-NCLT-00862. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 30 Aug 2018
- **Citation:** TCN-2018-NCLT-00862
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vangal-amman-health-services-limited-ma-322-ib-2018-in-cp-634-ib-cb-2017-752781d1

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Vangal Amman Health Service Limited. The CIRP was commenced following an order by the Tribunal on 22.11.2017. The Committee of Creditors (COC) was constituted, and invitations for resolution plans were issued. The initial resolution plans received were below the liquidation value, leading to a second round of bidding. Several resolution applicants submitted plans, which were considered by the COC.

## Facts

The Tribunal initiated CIRP against Vangal Amman Health Service Limited on 22.11.2017. The COC was formed, and resolution plans were solicited, with a deadline of 22.04.2018. Initial plans were below liquidation value, prompting a second bidding round. The Applicant furnished a revised resolution plan on 17.05.2018. The number of resolution applicants increased from 2 to 5. The COC considered plans on 30.05.2018, involving Maruti Medical Centre, Sri Kavery Medical Care, Hindustan Educational and Charitable Trust, Dr.Shivaraman & Group, and Lavik Estates Ltd. Applicants were asked to improve offers. The COC set 02.06.2018 for improved plans and 04.06.2018 for an extended meeting. During the 04.06.2018 meeting, applicants withdrew their plans. The COC approved the

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s.Hindustan Educational and Charitable Trust should be …

**Ratio:** The resolution plan can be approved if it meets the requirements of the IBC and is

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**Reasoning:** The COC unanimously resolved to approve the resolution application made by Hindustan

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**Interpretation:** The interpretation involves assessing whether the resolution plan complies with

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**Application:** The resolution plan submitted by M/s.Hindustan Educational and Charitable Trust

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## Parties

- **Judges:** K. Anantha…; S. VIJAYARA…
- **Appellants:** Shri.Getticheviyur…
- **Respondents:** Vangal Amman…; M/s.Vangal Amman…
- **Advocates:** Aashish Jai…; A.G. Sathyanarayan…

## Timeline

- **2017-11-22 — CIRP Commen…**: The Tribunal commenced the…
- **2018-03-23 — Invitation for…**: Invitation for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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