# In the matter of Eurolife Healthcare Pvt. Ltd.

> NCLT judgment dated 2023-12-19. Citation: TCN-2023-NCLT-00140. The case involves an application filed by Mr. Rajeev Mannadiar, the Resolution Professional,…

- **Court:** NCLT
- **Order date:** 19 Dec 2023
- **Citation:** TCN-2023-NCLT-00140
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/eurolife-healthcare-pvt-ltd-bd063b2e

## Summary

### Background

The case involves an application filed by Mr. Rajeev Mannadiar, the Resolution Professional, seeking liquidation of Eurolife Healthcare Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Eurolife Healthcare Private Limited after HDFC Bank Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 09.05.2023. Mr. Rajeev Mannadiar was appointed as the Interim Resolution Professional (IRP) on 09.05.2023 and later confirmed as the Resolution Professional on 07.06.2023.

## Facts

HDFC Bank Limited, a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Eurolife Healthcare Private Limited, the Corporate Debtor. The petition was admitted on 09.05.2023, initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Rajeev Mannadiar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Form G was issued to invite Expression of Interest (EoI) from prospective resolution applicants, resulting in 29 EOIs. However, only one PRA, a related party, submitted a resolution plan. The Committee of Creditors (CoC) then resolved to recommend liquidation of the Corporate Debtor in its meeting held on 03.11.2023, with 100% voting in favor. The

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Eurolife Healthcare Private …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of

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**Reasoning:** The CoC voted with a 100% majority to proceed with the liquidation of the Corporate

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**Interpretation:** Section 33(1) provides the legal basis for the liquidation of a Corporate

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**Application:** In this case, the CoC's decision, supported by the lack of interest from

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Rajeev Man…
- **Respondents:** Eurolife Healthcar…; HDFC Bank L…
- **Advocates:** Abdullah Q…; Malavika…

## Timeline

- **2023-05-09 — Admission of Petition…**: The Tribunal admitted the petition filed by HDFC Bank Limited under Section 7 of the…
- **2023-05-09 — Appointment of Interim…**: Mr. Rajeev Mannadiar was appointed as the Interim Resolution Professional (IRP) by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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