# In the matter of Cura Healthcare Private Limited IA (IBC)-112,214,888 & 1142(CHE)-2021 in CP(IB)-1325-2019

> NCLT judgment dated 2022-01-13. Citation: TCN-2022-NCLT-04444. The case involves an application (IA/888/2021) moved by the Resolution Professional (Mrs.…

- **Court:** NCLT
- **Order date:** 13 Jan 2022
- **Citation:** TCN-2022-NCLT-04444
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cura-healthcare-private-limited-ia-ibc-112214888-1142che-2021-in-cpib-1325-2019-c78c088f

## Summary

### Background

The case involves an application (IA/888/2021) moved by the Resolution Professional (Mrs. Jayashree S Iyer) of Cura Healthcare Private Limited under Section 30(6) & 31(1) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by Sherisha Technologies Private Limited. An application under Section 9 of IBC, 2016, was filed by Ms. Gomathy, an ex-employee of DE Healthcare Private Limited, against the Corporate Debtor. The Adjudicating Authority admitted the application on 09.12.2019 and initiated Corporate Insolvency Resolution Process (CIRP). The Committee of Creditors (CoC) meetings were held, and the Resolution Professional was re-appointed. Form-G was published, inviting Expression of Interest (EoI). The Resolution Plan was

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## Facts

Cura Healthcare Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by an application admitted on 09.12.2019. Mrs. Jayashree S Iyer served as the Interim Resolution Professional (IRP) and later as Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and several meetings were conducted to discuss the resolution process. Form-G was published to invite Expression of Interest (EoI) from prospective resolution applicants. Sherisha Technologies Private Limited submitted a Resolution Plan, which was revised and approved by the CoC with 100% voting rights. The Resolution Plan proposed a payment of Rs.13,42,76,778/-, exceeding the liquidation value. The plan included provisions for settling debts to financial and operational

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Sherisha Technologies Private Limited meets the …

**Ratio:** Section 30(2) of the IBC, 2016, outlines the mandatory requirements for a Resolution

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**Reasoning:** The Adjudicating Authority compared the Resolution Plan with the mandatory compliance

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**Interpretation:** Section 30(2) ensures that a Resolution Plan adequately protects the interests

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**Application:** The Resolution Plan was found to be compliant with Section 30(2) as it provided

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## Parties

- **Judges:** (Retd.) S.…; Anil Ku…
- **Appellants:** S.Dilli…
- **Respondents:** Cura Healthcare…
- **Advocates:** B. Dhan…; A.R.L. Sund…; +1 more

## Timeline

- **2019-12-09 — CIRP Init…**: Adjudicating Authority admitted the application and initiated Corporate Insolvency…
- **2020-01-07 — First CoC M…**: The first Committee of…

## 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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