# In the matter of Cura Healthcare Private Limited IA-327(CHE)-2021 in CP(IB)-1325-2019

> NCLT judgment dated 2022-06-01. Citation: TCN-2022-NCLT-04735. The Resolution Professional (RP) of Cura Healthcare Private Limited filed an application under…

- **Court:** NCLT
- **Order date:** 1 Jun 2022
- **Citation:** TCN-2022-NCLT-04735
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-ii-che/cura-healthcare-private-limited-ia-327che-2021-in-cpib-1325-2019-368dd290

## Summary

### Background

The Resolution Professional (RP) of Cura Healthcare Private Limited filed an application under Section 25 & 49 of the Insolvency and Bankruptcy Code, 2016, seeking to declare the respondents liable under Section 49 of IBC and to restore the original position of the SBI CC Account.

## Facts

CIRP was initiated against the Corporate Debtor on 10.12.2019.

The Applicant was appointed as an Interim Resolution Professional and later re-appointed as Resolution Professional on 23.04.2020.

The Applicant appointed M/s. Sarath and Associates to conduct a transaction audit of the Corporate Debtor from 01.04.2015 to 09.12.2019.

The Transaction Audit Report highlighted the Corporate Debtor's share purchase against the liability of its subsidiary, Adonis Medical Systems Pvt. Ltd. (AMSPL).

An advance of Rs.1.50 Crore from the Corporate Debtor was converted into equity shares of AMSPL.

The EOGM of AMSPL on 30.11.2019 revealed that shareholders gave their assent to issue and allot 23437 equity shares at Rs.640/- per share to the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the Respondents are liable under Section …

**Ratio:** Section 49 of IBC, 2016 deals with

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**Reasoning:** The Adjudicating Authority must be satisfied that the corporate debtor entered into an

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**Interpretation:** Section 49 cannot be invoked independently and requires satisfaction that the

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**Application:** The Adjudicating Authority found that the alleged transaction, made 9 days

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## Parties

- **Judges:** S. Ramath…; Anil Ku…
- **Appellants:** JAYASHREE…
- **Respondents:** Cura Healthcare…; Deepak M…; +5 more
- **Advocates:** B. Dhan…; V.V. Siva…

## Timeline

- **2019-12-10 — CIRP Init…**: CIRP in respect of the Corporate…
- **2020-04-23 — Re-appointmen…**: The Applicant was re-appointed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 49 — Transactions defrauding creditors](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-49)

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