# Approval of Resolution Plan - Vivo Healthcare Private Limited

> NCLT judgment dated 2023-12-22. Citation: TCN-2023-NCLT-00028. The case involves an application (IA No. 1516/2023) filed by Ms. Sunita, the Resolution…

- **Court:** NCLT
- **Order date:** 22 Dec 2023
- **Citation:** TCN-2023-NCLT-00028
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-vivo-healthcare-private-limited-71690ca2

## Summary

### Background

The case involves an application (IA No. 1516/2023) filed by Ms. Sunita, the Resolution Professional for Vivo Healthcare Private Limited, under Section 30(6) and Section 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39 of the IBBI Regulations, 2016, seeking approval of the resolution plan for Vivo Healthcare Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition (CP(IB) No.193/Chd/Hry/2020) filed by Caspian Impact Investments Private Limited, a financial creditor, against Vivo Healthcare Private Limited, which was admitted on 23.11.2022. Ms. Sunita was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional by the Committee of Creditors (CoC).

## Facts

Caspian Impact Investments Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Vivo Healthcare Private Limited by filing CP(IB) No.193/Chd/Hry/2020, which was admitted on 23.11.2022. Ms. Sunita was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The Committee of Creditors (CoC), comprised solely of Caspian Impact Investments Private Limited, holding 100% voting share. The CoC approved the resolution plan submitted by Mr. Shakti Singh in its 10th meeting held on 11.05.2023. The Resolution Professional filed IA No. 1516/2023 seeking approval of the resolution plan. The resolution plan includes provisions for payment of CIRP costs, secured financial creditors, operational creditors,

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. Shakti Singh complies with the requirements of Section …

**Ratio:** Section 30(2) of the IBC mandates that a resolution plan must provide for the payment of

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**Reasoning:** The Adjudicating Authority examined the resolution plan and found that it complied with

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**Interpretation:** Section 30(2) ensures that the resolution plan adequately addresses the

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**Application:** The resolution plan was found to comply with Section 30(2) as it provided for

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Caspian Impact…
- **Respondents:** Vivo Healthcare…; Shakti Singh &…

## Timeline

- **2020-01-01 — CP(IB) No.193/Chd/Hry/20…**: Company Petition filed by Caspian Impact Investments Private Limited against Vivo…
- **2022-11-23 — Admission of CP(IB)…**: The Company Petition CP(IB) No.193/Chd/Hry/2020 was admitted, initiating the Corporate…

## 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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