# In the matter of Alchemist Hospitals (Gurgaon) Private Ltd.

> NCLT judgment dated 2023-08-31. Citation: TCN-2023-NCLT-01832. The case pertains to the insolvency resolution of M/s Alchemist Hospitals (Gurgaon) Private…

- **Court:** NCLT
- **Order date:** 31 Aug 2023
- **Citation:** TCN-2023-NCLT-01832
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/alchemist-hospitals-gurgaon-private-ltd-6de5d4b9

## Summary

### Background

The case pertains to the insolvency resolution of M/s Alchemist Hospitals (Gurgaon) Private Ltd. The insolvency petition was filed by an Operational Creditor, M/s Touchlife Pharma Pvt. Ltd., under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated, and subsequently, due to the absence of a resolution plan, liquidation was ordered. Sudhir Kumar Jain was appointed as the liquidator. The liquidator took steps to liquidate the assets of the corporate debtor, including forming a Stakeholders Consultation Committee (SCC) and conducting e-auctions.

## Facts

M/s Touchlife Pharma Pvt. Ltd. filed an insolvency petition against M/s Alchemist Hospitals (Gurgaon) Private Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted, and CIRP was initiated. During the CIRP, the COC proposed replacing the Interim Resolution Professional with Sudhir Kumar Jain, who was appointed as the Resolution Professional. No resolution plan was received, leading to a liquidation application being filed and allowed. Sudhir Kumar Jain was appointed as the liquidator. The liquidator formed a liquidation estate, conducted e-auctions, and realized Rs 1,72,93,649/-. Out of this, Rs 1,60,00,000/- was distributed among the financial creditors. The liquidator filed an application under Section 54 of the I&B Code for

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## Issues and analysis

### Issue 1: Whether the liquidation process of M/s Alchemist Hospitals (Gurgaon) Pvt Ltd has been completed in …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, provides for the dissolution of a

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**Reasoning:** The court observed that the liquidator had taken all necessary steps to liquidate the

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**Interpretation:** Section 54 of the IBC is interpreted to mean that once the assets of a

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**Application:** In this case, the liquidator had taken all necessary steps to liquidate the

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** M/s Touchlife…
- **Respondents:** M/s Alchemist…

## Timeline

- **2019-01-25 — CIRP Init…**: The Tribunal admitted the application for initiating Corporate Insolvency Resolution…
- **2019-03-02 — COC Meet…**: The Committee of Creditors (COC) proposed to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 36 — Liquidation estate](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-36)

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