# In the matter of Khubchandani Hospitals Private limited I.A. No. 2496 of 2022 in C.P.  No. 4468 of 2018

> NCLT judgment dated 2022-11-10. Citation: TCN-2022-NCLT-00493. The case pertains to an application filed under Section 30(6) read with Section 31 and Section…

- **Court:** NCLT
- **Order date:** 10 Nov 2022
- **Citation:** TCN-2022-NCLT-00493
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/khubchandani-hospitals-private-limited-ia-no-2496-of-2022-in-cp-no-4468-of-2018-9dee348c

## Summary

### Background

The case pertains to an application filed under Section 30(6) read with Section 31 and Section 60(5) of the Insolvency and Bankruptcy Code, 2016, regarding the corporate insolvency resolution process (CIRP) of Khubchandani Hospitals Private Limited. The application was filed by the Resolution Professional seeking approval of the resolution plan submitted by Ashdan Properties Private Limited and Classic Promoters and Builders Private Limited, a consortium referred to as the 'Successful Resolution Applicant' (SRA). The CIRP was initiated by the NCLT Mumbai Bench on 06.10.2021, following which Mr. Anshuman Chaturvedi was appointed as the Interim Resolution Professional (IRP).

## Facts

Khubchandani Hospitals Private Limited (KHPL) underwent Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT Mumbai Bench on 06.10.2021. Anshuman Chaturvedi was appointed as the Interim Resolution Professional (IRP). The IRP published a public announcement on 11.10.2021, inviting claims from creditors. The Committee of Creditors (CoC) was constituted, and in its first meeting on 03.11.2021, Anshuman Chaturvedi was appointed as the Resolution Professional (RP). Claims of financial creditors amounted to Rs. 187.97 Crores, while claims of operational creditors (excluding workmen, employees, and government dues) amounted to Rs. 37.40 Crores. The RP appointed BMCL Valuation Services Pvt. Ltd. and GAA Advisory LLP as valuers. The CoC decided to invite

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Ashdan Properties Private Limited and Classic Promoters …

**Ratio:** The Resolution Plan must comply with the provisions of Section 30(2) of the Insolvency

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**Reasoning:** The NCLT observed that the Resolution Plan provides for the payment of insolvency

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**Interpretation:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution

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**Application:** The NCLT found that the Resolution Plan meets the requirements of Section 30(2)

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## Parties

- **Judges:** H.V. Subb…; ANURADHA SANJAY…
- **Appellants:** Anshuman Chaturved…
- **Respondents:** Khubchandani…; Ashdan Properties…

## Timeline

- **2021-10-06 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of Khubchandani Hospitals Private Limited…
- **2021-10-11 — Public Annou…**: Public announcement made by the Interim Resolution Professional (IRP) inviting claims…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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