# In the matter of Smilecare Multi Speciality Hospitals Private Limited IA No. 115 of 2022 in TCP (IB) No. 54-7-AMR-2019

> NCLT judgment dated 2022-07-04. Citation: TCN-2022-NCLT-01892. A company petition was filed against Smilecare Multispecialty Hospitals India Private Limited…

- **Court:** NCLT
- **Order date:** 4 Jul 2022
- **Citation:** TCN-2022-NCLT-01892
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/smilecare-multi-speciality-hospitals-private-limited-ia-no-115-of-2022-in-tcp-ib-70db6589

## Summary

### Background

A company petition was filed against Smilecare Multispecialty Hospitals India Private Limited under Section 7 of the IBC, 2016, for initiation of CIRP. The petition was admitted on 2019-12-17. The applicant was appointed as the Insolvency Resolution Professional (IRP) and later as the liquidator on 2021-06-04. The applicant made a paper publication of Form B of Schedule II on 2021-06-06, formed a Stakeholders Consultative Committee (SCC), and filed a preliminary report on 2021-08-13. The first stakeholders meeting was held on 2021-08-17, and valuers were appointed on 2021-07-24. The applicant submitted progress reports on 2021-07-07, 2021-10-13, 2022-01-07, and 2022-04-14. In the 4th SCC meeting held on 2022-01-06, it was resolved that the applicant would sell the

…

## Facts

A company petition was filed against Smilecare Multispecialty Hospitals India Private Limited under Section 7 of the IBC, 2016, leading to the initiation of CIRP. The petition was admitted on 2019-12-17. The applicant was appointed as the IRP and later as the liquidator on 2021-06-04. The applicant published Form B of Schedule II on 2021-06-06, formed a Stakeholders Consultative Committee (SCC), and filed a preliminary report on 2021-08-13. The first stakeholders meeting was held on 2021-08-17, and valuers were appointed on 2021-07-24. The applicant submitted progress reports on 2021-07-07, 2021-10-13, 2022-01-07, and 2022-04-14. The 4th SCC meeting on 2022-01-06 resolved to sell the Corporate Debtor as a going concern via e-auction on 2022-01-27. Sale proceeds of Rs.

…

## Issues and analysis

### Issue 1: Whether the liquidation period should be extended …

**Ratio:** The Tribunal has the power to extend the liquidation period if there are valid reasons to

…

**Reasoning:** The Tribunal considered the facts presented in the application, which indicated that the

…

**Interpretation:** The Tribunal interprets the relevant regulations to allow for an extension of

…

**Application:** Given that the liquidation process was not completed by 2022-06-03, and the SCC

…

## Parties

- **Judges:** TELAPROLU…
- **Appellants:** Mr.Rachamallu…
- **Respondents:** Smilecare…

## Timeline

- **2019-12-17 — Admission of Company…**: Company Petition against the…
- **2021-04-12 — Start of Lockdo…**: Start of the lockdown period that…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/smilecare-multi-speciality-hospitals-private-limited-ia-no-115-of-2022-in-tcp-ib-70db6589