TaxTMI 
TaxTMI 
2022 (6) TMI 1136
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....ed by the Financial Creditor Dhanlaxmi Bank Limited and initiated Corporate Insolvency Resolution Process (CIRP)against the respondent M/s. Trivandrum International Health Services Limited and appointed the Applicant herein as the Interim Resolution Professional to carry out the CIR Process. The Applicant published a public announcement in Newspapers in Form A on 12.02.2020 and verified the claims received and also formed the Committee of Creditors (CoC). The Committee of Creditors was constituted by the applicant as follows: - Sl. No. Type of Creditor Name of Creditor Claim Admitted as on 30.09.2021 Voting Share 1 Financial Creditor Kerala Financial Corporation 42,78,15,226 48.11% 2 Financial Creditor State Bank of India 31,90,06,638 35.87% 3 Financial Creditor Dhanlaxmi Bank Limited 14,24,90,488 16.02% 88,93,12,352 100% 3. It is also stated that the Resolution Professional made the public announcement on 26.10.2020 inviting Expression of Interest(EOI) to submit the Resolution Plan. He has received Resolution Plan from 4 Prospective Resolution Applicants. A final list was published by the Resolution Professional with the details of th....
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....ful Resolution Applicant was to furnish a Performance Guarantee for Rs 5 Crore latest by 20.10.2021. However, the Resolution Applicant failed to execute the performance guarantee within the stipulated time, i.e., on or before 20.10.2021. 4. In the 15th meeting of CoC held on 21.10.2021 since the Resolution Applicant failed to execute the performance guarantee as stipulated in the RFRP, it was resolved to authorize the RP to proceed with the decision to liquidate the Corporate Debtor following the requirements prescribed in Regulation 39(B),39(C)and 39 (D) of the IBBI (Insolvency Resolution Process of Corporate Persons) Regulations, 2016. 5. On 28.10.2021, the RP received an e-mail from Dr. Bharath Chandran stating that since they were unable to submit the performance guarantee sought permission to substitute Dr. Sudeepkumar Narayana Pillai and Dr. Chitra Sudeep in place of the co-applicants, and sought 10 days' time to submit the performance guarantee after approving the Resolution Plan. In the meantime, on 27.10.2021, RP received a copy of the application IA(IBC)/166/KOB/2021 filed by Sabine Hospital and Research Centre Pvt Ltd against the Corporate Debtor seeking permission to ....
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....plicants with new co-applicants, this matter may be considered by the Committee of Creditors while considering the Resolution Plan of Dr. C. Bharath Chandran. 8. Further to this order, the prospective Resolution Applicants submitted their Resolution Plans. The Committee held discussion with the two Resolution Applicants in its meeting held on 20.01.2022 and advised the Resolution Applicants to submit their revised plans by enhancing the resolution amount/reduce the timeline/furnishing additional evidence for source of finance. Accordingly, the Resolution Applicants submitted their revised Resolution Plans by 27.01.2022. After certifying the mandatory contents of the Resolution Plans, the RP placed both the Resolution Plans before the Committee in its 21st meeting held on 19.02.2022 along with evaluation matrix for its final consideration and voting. The Committee perused the additional clarifications and detailed workings showing the details of investment in plant and machinery submitted by Dr. C Bharath Chandran in support of the claim of MSME status of the Corporate Debtor. The Committee also held discussions with both the Resolution Applicants who were invited to the meeting. D....
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....bine Hospital and Research Centre Pvt Ltd. 11. When the matter was taken up for consideration of the liquidation of the Corporate Debtor, after considering the submission of the Corporate Debtor and M/s Sabine Hospital and Research Centre (P) Limited, this Tribunal vide order dated 21.12.2021 in IA(IBC)/166/KOB/2021, IA(IBC)/177/KOB/2021 & IA(IBC)/180/KOB/2021 In IBA/51/KOB/2019 granted further time to the parties to explore the possibility of running the Hospital as a going concern, by passing the following order: "51. 51. In view of the above, we issue direction to the RP as follows; a. The Prospective Resolution Applicants -(i) Dr. C. Bharath Chandran along with the new co-applicant and (ii) M/s. Sabine Hospital and Research Centre Private Limited shall submit their Expression of Interest to the Resolution Professional at once. b. The RP shall examine the Expression of Interest and verify that the prospective Resolution Applicants meet the eligibility criteria fixed by the CoC. c. The Resolution Professional shall share the Information Memorandum with the prospective Resolution Applicants after obtaining a confidentiality agreement. d. Thereafter, the prospective Reso....
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....l India(supra) and grant extension of time period of CIRP period only for a limited period of 20 days from the date of this order, for the purpose of placing the Resolution Plan which received the highest vote viz. M/s Sabine Hospitals and Research Centre Private Limited, to again place it before the CoC for its voting as per second proviso to Regulation 39(3B) of the IBBI (Liquidation Process) Regulations, 2016. 3.10. Thus, as per second proviso to Regulation 39(3B) of the 1381 (Liquidation Process) Regulations, 2016, we hereby direct the RP to call for a CoC meeting within a period of 7 days from the date of this order and to place the Resolution Plan of M/s Sabine Hospitals and Research Centre Private Limited, (which received the highest vote of 51.89% in the 21St CoC meeting), before the CoC, not less than 15 days from the date of this order. The CoC may decide and vote upon the Resolution Plan of M/s Sabine Hospitals and Research Centre Private Limited within a period of 5 days thereof. 3.11. The RP is directed to file a report within a period of 20 days from the date of this order, as to its outcome on the voting on the Resolution Plan. Based upon the report filed by the ....
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....rtified copy of the joint Memorandum of Understanding within 7 days of the conclusion of the Meeting of the CoC. Registry is directed to issue copy of this Order to both the parties through email immediately. List this IA for further hearing on 18.05.2022." 11.4 As directed, the Registry of this Tribunal communicated a copy of the above order to the Resolution Professional, Dhanalaxmi Bank Limited (Financial creditor) and Trivandrum International Health Services Limited and M/s Sabine Hospitals and research Centre Private Limited on 27.04.2022. 11.5 On 18.05.2022, when the matter came up for orders, the learned Resolution Professional submitted that the CoC held on 13.05.2022 noted the failure of the applicants in submitting a joint resolution plan. In the said meeting, the Resolution Applicants appeared and sought time till 16.05.2022 for submitting their joint Resolution Plan as committed before this Tribunal. Considering their request, the 25th meeting of CoC directed them to submit their Plan latest by 16.05.2022 and decided to adjourn the meeting further to 16.05.2022 for considering the progress of submission of Resolution Plan. On 16.05.2022, both the applicants intimate....
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....he only option left with this Tribunal to order the liquidation of the Corporate Debtor. Hence, this Tribunal proceeded to order the liquidation of the Corporate Debtor. 12. We have also gone through the minutes of the meeting of the Committee of Creditors held on 19.02.2022 in which as item No.6 the following resolution has been passed: - "The Committee RESOLVED with 100% voting right to recommend for liquidation of the Corporate Debtor and to authorize the RP to file a necessary application before the Hon'ble NCLT as required considering the fact that no resolution plan was approved within the permissible CIRP period including the time extended by the Hon'ble NCLT. Further resolved to appoint Sri. Raju Palanilkunnathil Kesavan (Reg No. 1BBI IPA-001/IP- POO801/2017-18/11356), the present Resolution Professional as Liquidator in case liquidation of the corporate debtor is approved by the Hon'ble NCLT. Further resolved to entrust the Liquidator to explore the possibility of a sale as a going concern of the corporate debtor in the case of liquidation of the company. Further resolved to approve the estimated cost of liquidation and the fees payable to the liquidator as list....