# Approval of Resolution Plan - Orange Medicare and Research Centre Private Limited (IA-1958-2023 in C.P.(IB)-76-(MB)-2021)

> NCLT judgment dated 2023-06-23. Citation: TCN-2023-NCLT-02809. The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 23 Jun 2023
- **Citation:** TCN-2023-NCLT-02809
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-orange-medicare-and-research-centre-private-limited-0b74a319

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) on behalf of the Committee of Creditors (CoC) seeking approval of the Resolution Plan for Orange Medicare and Research Centre Private Limited (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated on 17.02.2022, following an application under Section 7 of the IBC by Saraswat Co-op Bank Ltd. (Financial Creditor). Mr. Udayraj Patwardhan was appointed as the Interim Resolution Professional (IRP) and later confirmed as RP. The RP published a public announcement inviting claims from creditors and constituted the CoC. The CoC approved the criteria for inviting Expression of Interest (EoI) for the

…

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Orange Medicare and Research Centre Private Limited on 17.02.2022, based on an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Saraswat Co-op Bank Ltd. Mr. Udayraj Patwardhan was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP published a public announcement on 10.03.2022, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 31.03.2022. The RP received Expression of Interests (EoIs) from seven prospective resolution applicants. The CoC approved the Request For Resolution Plan (RFRP) and Evaluation Matrix (EM) on 30.06.2022. Two resolution plans were received, but

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Jitendra Bhandari meets the requirements of Section …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, outlines the mandatory

…

**Reasoning:** The NCLT examined the Resolution Plan to ensure it complied with the mandatory

…

**Interpretation:** Section 30(2) is interpreted to mean that a resolution plan must adhere to the

…

**Application:** The NCLT found that the Resolution Plan submitted by Mr. Jitendra Bhandari met

…

## Parties

- **Judges:** KISHORE VEMULAPALL…; Prabhat…
- **Respondents:** Orange Medicare…
- **Advocates:** Vipasha…; Nikhil R…; +3 more

## Timeline

- **2022-02-17 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated vide…
- **2022-03-10 — Public Annou…**: The IRP published a public announcement in Form-A in newspapers inviting claims from…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-orange-medicare-and-research-centre-private-limited-0b74a319