# In the matter of BSR Diagnostic Limited

> NCLT judgment dated 2022-03-09. Citation: TCN-2022-NCLT-03827. The case involves an application filed by State Bank of India (SBI), a financial creditor,…

- **Court:** NCLT
- **Order date:** 9 Mar 2022
- **Citation:** TCN-2022-NCLT-03827
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bsr-diagnostic-limited-15ae8c27

## Summary

### Background

The case involves an application filed by State Bank of India (SBI), a financial creditor, seeking liquidation of the corporate debtor, BSR Diagnostic Limited, under Section 33(1) of the Insolvency and Bankruptcy Code (IBC), 2016. The corporate insolvency resolution process (CIRP) was initiated based on a petition filed by Axis Bank under Section 7 of the IBC before the NCLT-Mumbai Bench, which admitted the petition on 29.07.2017. A resolution plan was approved on 22.01.2019, and the successful resolution applicant, Tricounty Premier Hearing Services LLC, took control of the corporate debtor on 06.02.2019. However, the resolution applicant failed to comply with the terms of the approved resolution plan, leading SBI to file the current application for liquidation and

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## Facts

Axis Bank initiated CIRP against BSR Diagnostic Limited under Section 7 of IBC, admitted on 2017-07-29. Sundaresh Bhat was appointed as the interim resolution professional. A resolution plan was approved on 2019-01-22, and Tricounty Premier Hearing Services LLC took control on 2019-02-06. Tricounty Premier Hearing Services LLC failed to pay Rs. 12 crores within sixty days of plan approval and failed to meet other payment deadlines, including paying Rs. 26 crores before 2019-03-31, Rs. 3 crores by 2020-03-31 with 8% interest, and Rs. 4 crores by 2021-03-31 with 8% interest. SBI, a member of the COC, filed an application for liquidation under Section 33(1) of IBC and sought penal action under Section 74(3). The respondent filed I.A.No.58/CTB/2020 for timeline revision.

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## Issues and analysis

### Issue 1: Whether the liquidation order to be …

**Ratio:** The successful resolution applicant is bound by the terms of the approved resolution plan

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**Reasoning:** The Tribunal reasoned that once a resolution plan is approved, the successful resolution

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**Interpretation:** This interpretation clarifies that the successful resolution applicant is not

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**Application:** In this case, the successful resolution applicant, Tricounty Premier Hearing

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** State Bank of…
- **Respondents:** BSR Diagnostic…; Tricounty Premier…

## Timeline

- **2017-07-29 — CIRP Init…**: Axis Bank filed a petition under Section 7 of IBC before NCLT-Mumbai Bench, which…
- **2019-01-22 — Resolution Plan…**: The Tribunal approved the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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