# In the matter of Vikram Hospitals Pvt. Ltd. I.A. No.09-2020 in C.P.No. 258-2016 (T.P. No. 108-2017)

> NCLT judgment dated 2020-02-28. Citation: TCN-2020-NCLT-01754. The case originates from a Company Petition (COP) No.258 of 2016 filed by M/s. Encarta Pharma…

- **Court:** NCLT
- **Order date:** 28 Feb 2020
- **Citation:** TCN-2020-NCLT-01754
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vikram-hospitals-pvt-ltd-ia-no09-2020-in-cpno-258-2016-tp-no-108-2017-33c59674

## Summary

### Background

The case originates from a Company Petition (COP) No.258 of 2016 filed by M/s. Encarta Pharma Pvt. Ltd. before the Hon'ble High Court of Karnataka under Sections 433, 434, and 439 of the Companies Act, 1956, seeking liquidation of M/s. Vikram Hospital Private Limited. The case was later transferred to the National Company Law Tribunal (NCLT) to be decided in accordance with the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority admitted the case on June 19, 2018, initiating the Corporate Insolvency Resolution Process (CIRP) and appointing Ramachandra D. Choudhary as the Interim Resolution Professional (IRP).

## Facts

M/s. Encarta Pharma Pvt. Ltd. initially filed a Company Petition (COP) No.258 of 2016 before the High Court of Karnataka seeking the liquidation of M/s. Vikram Hospital Private Limited under the Companies Act, 1956. The case was transferred to NCLT, Bengaluru, and renumbered as T.P No.108 of 2017. The Adjudicating Authority admitted the case on June 19, 2018, initiating CIRP and appointing Ramachandra D. Choudhary as IRP. Public announcement was made to invite claims from creditors, and a Committee of Creditors (CoC) was constituted, consisting of Pridhvi Asst. Reconstruction and Securitisation Company Limited as the sole financial creditor. Eleven CoC meetings were held to explore resolution possibilities. An invitation for Expression of Interest was issued, and 'the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Vikram Hospital Private Limited, should be liquidated due to the …

**Ratio:** Section 33(2) of the IBC allows for the liquidation of a corporate debtor if no

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**Reasoning:** The CoC unanimously resolved to liquidate the Corporate Debtor as no resolution plan was

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**Interpretation:** Section 33(2) of the IBC provides the legal basis for initiating liquidation

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**Application:** In this case, the CoC, after exploring various resolution possibilities and

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Encarta Pharma…
- **Respondents:** Vikram Hospital…; Vikram Hospitals…
- **Advocates:** Anil Kum…; Abhishek…

## Timeline

- **2016-01-01 — Company Petiti…**: M/s. Encarta Pharma Pvt. Ltd. filed Company Petition (COP) No.258 of 2016 before the High…
- **2017-01-01 — Case Transferre…**: The case was transferred to NCLT, Bengaluru,…

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