# Approval of Resolution Plan - Karkinos Healthcare Private Limited

> NCLT judgment dated 2024-12-09. Citation: TCN-2024-NCLT-00087. The application was filed by the Resolution Professional of Karkinos Healthcare Private Limited…

- **Court:** NCLT
- **Order date:** 9 Dec 2024
- **Citation:** TCN-2024-NCLT-00087
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-karkinos-healthcare-private-limited-cd6bd817

## Summary

### Background

The application was filed by the Resolution Professional of Karkinos Healthcare Private Limited under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by Reliance Strategic Business Ventures Limited.

## Facts

Mr. Rajesh Sureshchandra Sheth, the Resolution Professional (RP) of Karkinos Healthcare Private Limited (Corporate Debtor), filed an application on September 25, 2024, under section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016). The application sought approval for the Resolution Plan submitted by Reliance Strategic Business Ventures Limited (Successful Resolution Applicant / SRA), which was approved by 100% of the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process ( CIRP ) for Karkinos Healthcare Private Limited was initiated by an order dated May 21, 2024, following a petition filed by Labindia Instruments Private Limited (Operational Creditor) under section 9 of IBC, 2016. Mr. Rajesh Sureshchandra Sheth was appointed as the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Reliance Strategic Business Ventures Limited meets the …

**Ratio:** A Resolution Plan approved by the CoC with the requisite voting share, and compliant with

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**Reasoning:** The Resolution Plan was approved by 100% of the Committee of Creditors (CoC) and the

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**Interpretation:** The Tribunal interpreted Section 30(2) of the IBC, 2016, to mean that once the

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**Application:** The Resolution Plan was found to comply with Section 30(2)(a) to 30(2)(f) of

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Rajesh Sureshchand…; Rajesh Sureshchand…
- **Respondents:** Karkinos Healthcar…; Labindia Instrumen…
- **Advocates:** For the Applicant…; Ld. Cou…; +2 more

## Timeline

- **May 21, 2024 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated for Karkinos Healthcare Private…
- **June 6, 2024 — Public Annou…**: Public announcement made in FORM-A, informing the commencement of CIRP and inviting…

## 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)

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