# In the matter of BSR Diagnostic Limited

> NCLT judgment dated 2022-03-09. Citation: TCN-2022-NCLT-03829. 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-03829
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bsr-diagnostic-limited-b6795885

## Summary

### Background

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

## Facts

Axis Bank initiated insolvency proceedings against BSR Diagnostic Limited under Section 7 of the IBC, which was admitted on 29.07.2017. Sundaresh Bhat was appointed as the interim resolution professional. A resolution plan was approved on 22.01.2019, and Tricounty Premier Hearing Services LLC took control of BSR Diagnostic Limited on 06.02.2019. Tricounty Premier Hearing Services LLC was obligated to pay Rs. 12 crores upfront and Rs. 45 crores in total as per the resolution plan. The resolution applicant failed to meet the payment deadlines, leading to defaults. SBI, a member of the Committee of Creditors (COC), filed an application for liquidation under Section 33(1) of the IBC. The NCLT granted multiple extensions to the respondent to comply with the resolution plan,

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## Issues and analysis

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

**Ratio:** The legal principle applied is that if a successful resolution applicant contravenes the

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**Reasoning:** The court reasoned that the successful resolution applicant, Tricounty Premier Hearing

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**Interpretation:** The interpretation of Section 33(3) of the IBC is that the adjudicating

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** State Bank of…
- **Respondents:** BSR Diagnostic…; Tricounty Premier…
- **Advocates:** Joy S…; J. Mukh…; +2 more

## Timeline

- **2017-07-29 — Insolvency Petition…**: Axis Bank's petition under Section 7 of…
- **2019-01-22 — Resolution Plan…**: 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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