# In the matter of Suasth Health Care Foundation

> NCLT judgment dated 2023-09-12. Citation: TCN-2023-NCLT-01656. 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-01656
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/suasth-health-care-foundation-9faf80f3

## 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 equal treatment of the applicant. The application is supported by an affidavit affirmed by Mr. Sohan Kumar Jha.

## Facts

Suasth Health Care Foundation is the corporate debtor. SREI Equipment Finance Limited, through its Administrator, Mr. Rajneesh Sharma, filed an application under section 60(5) of the Insolvency and Bankruptcy Code, 2016. The application sought the setting aside or modification of a resolution plan approved by the Committee of Creditors (CoC) to ensure equal treatment of SREI Equipment Finance Limited with other financial creditors. The CoC includes Mr. Ravi Sethia, Resolution Professional of Suasth Health Care Foundation, The Committee of Creditors 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 in the resolution plan to

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## Issues and analysis

### Issue 1: Whether the resolution plan should be set aside or …

**Ratio:** Section 30(2) – Explanation 1 of the IBC mandates that the CoC must ensure fairness to

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**Reasoning:** The Adjudicating Authority had already sent the resolution plan back to the CoC for

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**Interpretation:** The interpretation of Section 30(2) emphasizes the need for equitable treatment

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**Application:** Since the resolution plan was already under review by the CoC to address

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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 — Order Pron…**: The Adjudicating Authority dismissed…

## 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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