# In the matter of Sanyog Healthcare Limited IA-1299-2022 in (IB)-1045(ND)2020

> NCLT judgment dated 2023-01-02. Citation: TCN-2023-NCLT-05241. The matter pertains to IA-1299/2022 filed in (IB)-1045(ND)2020. The Resolution Professional…

- **Court:** NCLT
- **Order date:** 2 Jan 2023
- **Citation:** TCN-2023-NCLT-05241
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sanyog-healthcare-limited-ia-1299-2022-in-ib-1045nd2020-a89b088a

## Summary

### Background

The matter pertains to IA-1299/2022 filed in (IB)-1045(ND)2020. The Resolution Professional (RP) submitted that two prospective resolution applicants (PRAs) submitted proposals, but neither was favored by the Committee of Creditors (CoC) and were not approved. Subsequently, the CoC resolved that the Corporate Debtor (CD) should undergo liquidation.

## Facts

M/s. Rhydburg Pharmaceuticals Ltd. initiated a case against Sanyog Healthcare Limited under Section 9 of the IBC, 2016. During the insolvency resolution process, two resolution plans were submitted but were rejected by the Committee of Creditors (CoC). Subsequently, the CoC voted to liquidate Sanyog Healthcare Limited, the Corporate Debtor, with 85.24% of the voting share. The voting distribution among the CoC members shows that Central Bank of India held 30.72% of the voting share and voted in favor of liquidation. Punjab National Bank held 14.86% of the voting share and voted in favor of liquidation. Union Bank of India held 13.82% of the voting share and voted in favor of liquidation. Tamilnad Mercantile Bank Limited held 7.78% of the voting share and abstained from

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## Issues and analysis

### Issue 1: Whether the decision of the Committee of Creditors (CoC) to liquidate the Corporate Debtor is …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 allows the CoC to approve the

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**Reasoning:** The CoC, consisting of financial creditors, voted with 85.24% majority to liquidate the

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**Interpretation:** Section 33(2) grants the CoC the authority to decide on liquidation, reflecting

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**Application:** The CoC's decision, backed by a substantial majority, aligns with the

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## Parties

- **Judges:** Sh. Ashok Kumar…; SHRI. L. N.…
- **Appellants:** M/s. Rhydburg…
- **Respondents:** Sanyog Healthcare…

## Timeline

- **2023-01-02 — Order Del…**: The order for liquidation was…

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