# In the matter of Shiva Medicare Limited I.A. No. 534 of 2021 in CP(IB) No. 27-7-HDB-2019

> NCLT judgment dated 2022-02-07. Citation: TCN-2022-NCLT-04227. The case involves IA No. 534/2021 filed in CP(IB) No. 27/7/HDB/2019 under Section 7 of the…

- **Court:** NCLT
- **Order date:** 7 Feb 2022
- **Citation:** TCN-2022-NCLT-04227
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shiva-medicare-limited-ia-no-534-of-2021-in-cpib-no-27-7-hdb-2019-0ad8f417

## Summary

### Background

The case involves IA No. 534/2021 filed in CP(IB) No. 27/7/HDB/2019 under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The main petition was filed by Mr. CH. Mani Kumar, a Financial Creditor, against M/s Shiva Medicare Limited, the Corporate Debtor. The petition was admitted on 2020-12-14, initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Kranthi Kumar Kedari was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Mr. Kari Venkateswarlu. Public announcement was made on 2020-12-21 inviting claims from creditors. The resolution plan submitted by M/s Kundan Care Products Limited was rejected by the Committee of Creditors (CoC).

## Facts

Mr. CH. Mani Kumar filed a petition under Section 7 of the IBC, 2016 against Shiva Medicare Ltd, leading to the initiation of CIRP on 2020-12-14. Kranthi Kumar Kedari was initially appointed as IRP, later replaced by Kari Venkateswarlu. A public announcement was made on 2020-12-21 to invite claims from creditors. The CoC was formed, comprising financial creditors like Indu N Bhurat and Nirmal Bhurath, among others. The resolution plan submitted by Kundan Care Products Limited was rejected. Shri B. Munirathnam Reddy submitted a resolution plan, which was approved by the CoC with 100% votes. The resolution plan proposed an infusion of Rs. 2,93,77,650 by issuing shares. The resolution plan also included changes to the company name and registered office. The resolution

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Shri B. Munirathnam Reddy meets the requirements of …

**Ratio:** Section 30(2) of the IBC, 2016 specifies the requirements that a resolution plan must

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

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** In this case, the Adjudicating Authority applied the requirements of Section

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## Parties

- **Judges:** Venkata Ramakrishn…; Veera Brahma Rao…
- **Appellants:** CH Mani…
- **Respondents:** Shiva Medic…

## Timeline

- **2019-01-01 — CP(IB) No.27/7…**: Filing of CP(IB)…
- **2020-12-14 — Admission of…**: The petition filed by Mr. CH. Mani Kumar was admitted, and CIRP was initiated against M/s…

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