# In the matter of Leesa Lifesciences Private Limited I.A. No. 237 of 2021 in CP (IB) No. 744-9-HDB-2018

> NCLT judgment dated 2022-10-18. Citation: TCN-2022-NCLT-00698. The case involves an application (IA No. 237/2021) filed by the Resolution Professional under…

- **Court:** NCLT
- **Order date:** 18 Oct 2022
- **Citation:** TCN-2022-NCLT-00698
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/leesa-lifesciences-private-limited-ia-no-237-of-2021-in-cp-ib-no-744-9-hdb-2018-5aa6220f

## Summary

### Background

The case involves an application (IA No. 237/2021) filed by the Resolution Professional under Section 31(1) of the IB Code, 2016, seeking approval of the resolution plan for M/s PSN Medicare Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated by the NCLT Hyderabad Bench on 2020-01-28. The Committee of Creditors (CoC) approved the appointment of Mr. Jagadees Kumar Morri as the Resolution Professional. The applicant failed to receive any EOI pursuant to Form G published on 2020-05-26, fresh publication was carried out on 2020-06-16. The CIRP period was extended by 90 days on 2021-01-28.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Leesa Lifesciences Private Limited on 2020-01-28. Mr. Anjaneyulu Sadhu was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Jagadees Kumar Morri. The Committee of Creditors (CoC) comprised financial creditors, including State Bank of India, Dr. SKS Raju, and Dr. S Krishnaveni. The applicant failed to receive any EOI pursuant to Form G published on 2020-05-26, fresh publication was carried out on 2020-06-16. The CIRP period was extended by 90 days on 2021-01-28. The Resolution Professional, after obtaining legal opinion, initially declared M/s PSN Medicare Private Limited as ineligible under Section 29A of IBC. M/s PSN Medicare Private Limited challenged this

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s PSN Medicare Private Limited meets the requirements of …

**Ratio:** Section 30(2) of the IBC specifies the requirements that a resolution plan must meet for

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**Reasoning:** The Adjudicating Authority considered the submissions of the Resolution Professional and

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**Interpretation:** Section 30(2) of the IBC is interpreted to mean that the resolution plan must

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**Application:** In this case, the Adjudicating Authority found that the Resolution Plan

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## Parties

- **Judges:** Venkata Ramakrishn…; Veera Brahma Rao…
- **Appellants:** S.K. Srihar…
- **Respondents:** Leesa Lifesciences…

## Timeline

- **2020-01-28 — CIRP Init…**: Corporate Insolvency Resolution…
- **2020-01-28 — Appointment…**: Mr. Anjaneyulu Sadhu appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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