TMI Blog2022 (6) TMI 1136X X X X Extracts X X X X X X X X Extracts X X X X ..... y appearing before the adjourned CoC held on 16. 05.2022. It is clear that the 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. M/s. Trivandrum International Health Services Limited is hereby put under liquidation with immediate effect under Section 33 (1) of I B Code, 2016 - Application allowed. - IA (IBC) 49/(KOB)2022 in IBA/51/KOB/2021 - - - Dated:- 2-6-2022 - Shri Ashok Kumar Borah, Hon ble Member (Judicial) And Shri. Anil Kumar B, Hon ble Member (Technical) For the Applicant : Shri. Raju Palanilkunathil Kesavan, Resolution Professional For the Representative of erstwhile Director : Shri. Raghunathan Sarangapany, Advocate ORDER 1. This Application has been filed under Section 33(1)(a) of the I B Code,2016 by Mr. Raju Palanilkunathil Kesavan Resolution Professional in the matter of Dhanlaxmi Bank Limited Versus M/s. Trivandrum International Health Services Limited for initiation of Liquidation Process of the Corporate Debtor and to appoint the Resolution Professional as the Liquidator of the Corporate Debtor. 2. The brief facts are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Plan submitted by the Resolution Applicants were bundled with conditions and to incorporate details on feasibility and viability, and to consider a substantial increase in the financial outlay, the CoC requested the Resolution Applicants to file the modified Resolution Plan and held further meetings on 30.07.2021, 04.08.2021, 18.08.2021 and 22.09.2021 and granted a last opportunity to submit the modified plan before 30.09.2021. Accordingly, Dr. C Bharath Chandran, the Suspended Director filed a revised and final Resolution Plan on 30.09.2021 and the other Prospective Applicants refused to revise their Resolution Plans, but requested to consider the Resolution Plan they have already submitted. The 14th meeting of the CoC held on 07.10.2021 considered all the four Resolution Plans submitted by Dr. C Bharath Chandran along with Dr. Pradeep Mahajan and Mr. Ramu Tatini with 100% voting rights accepted the Resolution Plan of Dr. C Bharath Chandran and rejected all the other Resolution Plans. Further, in the same meeting of the CoC, it was resolved to liquidate the Corporate Debtor in case of failure of Resolution Plan or non-approval of Resolution Plan by the Adjudicating Authority a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess and that no valid Resolution Plan is pending before the CoC and that the timeline of 330 days will be expiring on 04.11.2021. 7. In view of the decision in the 15th CoC meeting and the developments, Resolution Professional has filed an application IA(IBC)/180/KOB/2021 for Liquidation of the Corporate Debtor. Meanwhile, Dr. Bharath Chandran filed an application as IA(IBC)/177/KOB/2021 for permitting him to amend his plan by substituting new co-applicants. In IA(IBC)/177/KOB/2021, this Tribunal vide order dated 21.12.2021 passed the following directions: - In view of the above, since this matter is to be concluded on 01.01.2022, we direct the RP to continue the CIRP from the stage of consideration of the Resolution Plans. The Prospective Resolution Applicants - Dr. C. Bharath Chandran and M/s.Sabine Hospital and Research Centre Private Limited shall submit their Resolution Plan to the Resolution Professional immediately and the RP shall place these Resolution Plans before the Committee of Creditors on receipt of the same for consideration of the CoC. The Committee of Creditors shall consider these Resolution Plans and take a decision on that and communicate the decision to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Plan as also the detailed discussion on the feasibility and viability of the Resolution Plans in the meeting held 19.02.2022. The CoC members expressed their divergent views with regard to the selection of a particular Resolution Plan. M/s KFC representing 48.11% of the voting power favoured the Resolution Plan submitted by Dr.C Bharath Chandran along with two co-applicants whereas M/s State Bank of India along with M/s. Dhanlalaxmi jointly holding 51.89% voting results favoured the resolution plan submitted by M/s Sabine Hospitals and Research Centre Private Limited. 9. Since, both the Resolution Plans submitted by the Resolution Applicants failed to obtain the required 66% of voting consent, and the time allowed will be expiring on 26.02.2022, CoC again considered the Liquidation of the Corporate Debtor and resolved for recommending the Liquidation of the Corporate Debtor and directed the R.P to approach this Tribunal for an order to liquidate the Corporate Debtor. The committee further resolved to explore the possibility of sale of the Corporate Debtor as a going concern during liquidation as required under Regulation 32 of IBBI (Liquidation Process) Regulations,2016. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmunicated to the Successful Resolution Applicant and the successful Resolution Applicant shall immediately deposit the Performance Guarantee as fixed by the CoC. It is made clear that, in case the Successful Resolution Applicant fails to submit the statutory requirements within the time granted, the Resolution Professional can approach this Adjudicating Authority seeking Liquidation of the Corporate Debtor. With respect to the request of Dr. C. Bharath Chandran for replacement of the existing co-applicants with new co-applicants, this matter may be considered by the Committee of Creditors as to whether bringing in a new co-applicant has any bearing on the change of status of MSME in respect of the Corporate Debtor, while considering the Resolution Plan of Dr. C. Bharath Chandran. 11.1 With the above directions, the application for liquidation has been posted to 09.03.2022. On 09.03.2022, when this IA was taken up for hearing and disposal, it is seen that as per the directions of this Tribunal both Resolution Plans viz.(i) Dr. C. Bharath Chandran and (ii) Sabine Hospitals and Research Centre Private Limited were placed before the CoC and those Resolution Plans were considered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor from being ordered for liquidation, the erstwhile promoter has felt it appropriate to secure 100% voting of all the Financial Creditors by way of entering into a joint Memorandum of Understanding between him and M/s. Sabine Hospitals and Research Centre Private Limited, the prospective Resolution applicant in whose favour 51.89% of the total voting by CoC was obtained. Taking this into consideration and to see that the Corporate Debtor should run as a going concern without going into the rigours of liquidation, in the interests of justice, this Tribunal on 22.04.2022 passed the following order: Taking into consideration the said representation and in the interest of justice to all Financial Creditors and other parties in proceedings, this Adjudicating Authority is of the considered view that it is prudent to allow this representation. We therefore issue the following directions: 1) Let the said joint Memorandum of Understanding elucidating the purpose and other terms understood between the parties be entered into between Dr. Bharat Chandran- the erstwhile promoter and M/s. Sabine Hospitals and Research Centre Private Limited- the prospective Resolution Applican ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s ensuring from such combinations and its associated risks. Though we earnestly tried to arrive at a resolution planed situated to all, we could not successfully arrive at the desired outcome. Hence, we regret our inability. Hence, it is requested to proceed as per law. Letter from Dr. Bharath Chandran: At the outset, I am extremely grateful to have been given the opportunity to submit a Joint Resolution Plan by the Committee of Creditors, as the resolution of M/s Trivandrum International Health Services Limited ('Corporate Debtor') is of the utmost importance to me. To this end, and to ensure that there is, in fact, a resolution of the Corporate Debtor, and that the Corporate Debtor is not liquidated, l had reached out to M/s Sabine Hospital and Research Centre Pvt Ltd ('Sabine'), the only other Resolution Applicant, in order for both parties to come together and submit a Joint Resolution Plan that would be acceptable to the Committee of Creditors of the Corporate Debtor. With the impending pendency of adjudication of the Interlocutory Application filed by yourself before the Hon'ble National Company Law Tribunal, Kechi Bench, I endeavo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der sub-section (6) of section 30; or (b) rejects the resolution plan under section 31 for the non-compliance of the requirements specified therein, it shall- (i) pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Chapter; (ii) issue a public announcement stating that the corporate debtor is in liquidation; and (iii) require such order to be sent to the authority with which the corporate debtor is registered. 14. In view of the aforesaid provision, the following order is passed: - ORDER (i) M/s. Trivandrum International Health Services Limited is hereby put under liquidation with immediate effect under Section 33 (1) of I B Code, 2016. (ii) Shri. Raju Palanilkunnathil Kesavan, with Registration No. IBBI/IPA-001/IP-P00801/2017-2018/11356, [E-mail- rajupkin@gmail.com] having address CGNRA-9(33/1183A), Kodamassery Lane, Chalikkavattom, Vennala P O, Kochi,Ernakulam,Kerala ,682028 is appointed as the Liquidator of the Corporate Debtor subject to submission of written consent under Section 34 (1) of the I B Code, 2016 in the prescribed form within a week from the date of receipt of this order. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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