# In the matter of Vasan Health Care Private Limited IA-288 & 507(CHE)-2022 in CA-1-IB-2017

> NCLT judgment dated 2022-09-28. Citation: TCN-2022-NCLT-00909. The case involves an application filed by an unsuccessful Resolution Applicant (M.K.…

- **Court:** NCLT
- **Order date:** 28 Sept 2022
- **Citation:** TCN-2022-NCLT-00909
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vasan-health-care-private-limited-ia-288-507che-2022-in-ca-1-ib-2017-4f35307a

## Summary

### Background

The case involves an application filed by an unsuccessful Resolution Applicant (M.K. Rajagopalan) against the approval of a resolution plan for the Corporate Debtor, Vasan Health Care Private Limited. The applicant challenges the resolution plan submitted by ASG Hospital Private Limited, alleging violations of IBC regulations and non-disclosure agreements. The CIRP was initiated under Section 9 of the IBC, stayed by the Madras High Court, and then restarted. The applicant submitted an Expression of Interest and a Resolution Plan, but the COC requested multiple revisions. The applicant alleges that the successful resolution applicant violated confidentiality and that the RP improperly introduced new conditions after the submission deadline.

## Facts

In an application under Section 9 of the IBC, the Adjudicating Authority initiated CIRP for Vasan Health Care Pvt Ltd. Mr. V. Mahesh was appointed as the Interim Resolution Professional (IRP). The Madras High Court stayed the CIRP, but the stay was later vacated on 2019-09-05. The CIRP restarted on 2019-10-03, and the first respondent was appointed as the Resolution Professional (RP) on 2021-03-12. The RP published Form-G on 2021-06-28, inviting claims from Prospective Resolution Applicants (PRAs). The applicant submitted an Expression of Interest (EoI) in Form-G. Besides the applicant, other PRAs included ASG Hospital Pvt Ltd, Dr. Agrawal Health Care Ltd, Maxivision Eye Hospitals Pvt Ltd, UV Stressed Assets Management Pvt Ltd, GVPR Engineers Ltd, and iLabs special

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## Issues and analysis

### Issue 1: Whether the RP violated Regulation 39(1A) of the IBBI (Insolvency Resolution Process for Corporate …

**Ratio:** Regulation 39(1A) of the IBBI (Insolvency Resolution Process for Corporate Persons)

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**Reasoning:** The tribunal inferred from the IBBI clarification that Regulation 39(1A) would apply

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**Interpretation:** Regulation 39(1A) is interpreted to apply prospectively, meaning it only

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**Application:** Since the RFRP was issued before the effective date of Regulation 39(1A), the

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## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Appellants:** M.K. Rajag…
- **Respondents:** Vasan Health Care…; ASG Hospital…

## Timeline

- **2016-01-01 — CIRP Init…**: CIRP initiated under…
- **2019-09-05 — Stay Vac…**: Stay on CIRP vacated by…

## 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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