# In the matter of Suasth Health Care Foundation

> NCLT judgment dated 2023-09-12. Citation: TCN-2023-NCLT-01668. The case involves an application IA(IBC)/1091(KB)2023 filed under section 60(5) of the…

- **Court:** NCLT
- **Order date:** 12 Sept 2023
- **Citation:** TCN-2023-NCLT-01668
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/suasth-health-care-foundation-171f7e32

## Summary

### Background

The case involves an application IA(IBC)/1091(KB)2023 filed under section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with rule 11 of the National Company Law Tribunal Rules, 2016, by the Administrator of SREI Equipment Finance Limited against the respondents. The applicant sought orders to set aside the resolution plan submitted by Respondent No. 3 and approved by Respondent No. 2, or alternatively, to direct the SRA (Respondent No. 3) to treat the applicant at par with other financial creditors under the resolution plan, or to direct the SRA to modify the resolution plan to ensure the applicant is treated at par with other financial creditors. The application is supported by an affidavit. The Adjudicating Authority had previously passed orders on

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## Facts

Suasth Health Care Foundation is the corporate debtor. SREI Equipment Finance Limited, through its Administrator Mr. Rajneesh Sharma, filed an application (IA(IBC)/1091(KB)2023) seeking orders to set aside or modify the resolution plan approved by the Committee of Creditors (CoC). The applicant argued that it was not being treated at par with other financial creditors under the resolution plan. The CoC includes Mr. Ravi Sethia, Resolution Professional of Suasth Health Care Foundation and Consortium of Nishkhala Healthcare Private Limited and Urja Pharma Chem. The Adjudicating Authority had previously ordered the CoC to review the distribution of proceeds to ensure fairness to all stakeholders. The application was filed under section 60(5) of the Insolvency &

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted for approval by Respondent No. 3 and approved by Respondent …

**Ratio:** The principle of fairness and balancing the interests of all stakeholders in the

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**Reasoning:** The court reasoned that the issue had already been addressed in a prior order dated

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**Interpretation:** The interpretation of section 30(2) – Explanation 1 of the IBC emphasizes the

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**Application:** Since the resolution plan was already sent back to the CoC for review based on

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** SREI Equipment…
- **Respondents:** Suasth Health…; Ravi Se…

## Timeline

- **2023-08-28 — Previous…**: The Adjudicating Authority passed an order in IA(IBC)1381(KB)2022, directing the CoC to…
- **2023-09-12 — Final Or…**: The court dismissed the application IA(IBC)/1091(KB)2023, finding it had become…

## 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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