# 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-01760. 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-01760
- **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-f0093e1f

## 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 to liquidate 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, and CIRP was initiated on June 19, 2018, with Ramachandra D. Choudhary appointed as IRP. Public announcements were made to invite claims from creditors, and a CoC was formed. Eleven CoC meetings were held to explore resolution possibilities, but no viable resolution plan was received. The sole resolution applicant, 'the Balaji,' failed to deposit the required amount of INR 50 lakhs, leading to the rejection of the resolution plan. The fair value of the Corporate Debtor was assessed at INR 40,81,92,425/-, while 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 the 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) provides the legal basis for liquidation when resolution efforts

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**Application:** The facts demonstrate that despite efforts to find a resolution plan, none met

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## Parties

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

## Timeline

- **2016-01-01 — Initial F…**: Company Petition (COP) No.258 of 2016 filed by M/s. Encarta Pharma Pvt. Ltd. before the…
- **2018-06-19 — CIRP Init…**: Adjudicating Authority admitted the case, initiating CIRP and appointing Ramachandra D.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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