Boston IVY Healthcare Solutions Private Limited Vs Bymedo Healthcare LLP (NCLT Mumbai)
Summary: The National Company Law Tribunal, Mumbai Bench-II, allowed IA(IBC)(Liq.) No. 55/MB/2026 filed by M/s. Sumedha Management Solutions Private Limited, Resolution Professional of Bymedo Healthcare LLP, seeking initiation of liquidation proceedings against the Corporate Debtor and appointment of Mr. Sandip Singh as Liquidator.
The Corporate Debtor had been admitted into the Corporate Insolvency Resolution Process (CIRP) by the Tribunal on 01.07.2025 in CP(IB) No. 139/MB/2025, on an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 filed by Boston Ivy Healthcare Solutions Private Limited, the Operational Creditor. Sumedha Management Solutions Private Limited was appointed as Interim Resolution Professional and subsequently as Resolution Professional.
During the CIRP, the RP issued Form G on 15.09.2025 inviting Expressions of Interest from Prospective Resolution Applicants. As no successful resolution plan emerged, a revised Form G was issued on 03.10.2025, with extended timelines and efforts to facilitate submission of a viable resolution plan.
In the 13th meeting of the Committee of Creditors held on 24.07.2026, the RP informed the CoC about withdrawal by the eligible Prospective Resolution Applicants and the absence of any viable possibility of resolution of the Corporate Debtor. Exercising its commercial wisdom, the CoC resolved to liquidate the Corporate Debtor. The resolution was approved by 80.86% of the voting share, and the RP was authorised to approach the Tribunal for initiation of liquidation.
The Tribunal considered Section 33 of the Insolvency and Bankruptcy Code, 2016, particularly Section 33(2), which provides for liquidation where the Resolution Professional intimates the Adjudicating Authority of the CoC’s decision to liquidate the Corporate Debtor, provided the decision has the requisite voting approval.
The Tribunal found that the CoC, having 80.86% voting share, had approved liquidation and appointment of Mr. Sandip Singh as Liquidator. The proposed Liquidator had furnished written consent through an Additional Affidavit dated 11.08.2026 and possessed valid Authorization for Assignment up to 30.06.2027. The Tribunal also relied upon the Supreme Court decision in K. Sashidhar Vs. Indian Overseas Bank & Ors., Civil Appeal No. 10673 of 2018, for the principle that decisions of the CoC based on its commercial wisdom are non-justiciable.
The Tribunal consequently held that the case was fit for initiation of liquidation under Section 33(2). It ordered that Bymedo Healthcare LLP be liquidated under Section 33(1)(b) read with the relevant provisions of the IBBI (Liquidation Process) Regulations, 2016, with effect from the date of the order.
Mr. Sandip Singh was appointed as Liquidator under Section 34 of the Code. Upon his appointment, the powers of the Board of Directors, key managerial personnel and other management were to cease and vest in the Liquidator. The moratorium under Section 14 was directed to cease, while the liquidation moratorium under Section 33(5) was to commence forthwith. The Liquidator was also permitted, with prior approval of the Adjudicating Authority, to institute suits and other legal proceedings on behalf of the Corporate Debtor.
The Tribunal directed the Liquidator to issue the statutory public announcement, proceed with liquidation in accordance with Chapter III of Part II of the Code and applicable regulations, investigate the financial affairs of the Corporate Debtor for undervalued or preferential transactions, and submit a Preliminary Report within seventy-five days from the liquidation commencement date. The order was also deemed to constitute notice of discharge to officers, employees and workmen, subject to the statutory exception where the business continues during liquidation.
The Tribunal further directed personnel of the Corporate Debtor to provide assistance and cooperation to the Liquidator, required the RP to hand over custody or control of the Corporate Debtor’s assets and actionable claims, and provided for the Liquidator’s fees from the liquidation estate in accordance with the applicable provisions. The Liquidator was given liberty to approach the Adjudicating Authority for necessary orders or directions.
Accordingly, IA(IBC)(Liq.) No. 55/MB/2026 in CP(IB) No. 139/MB/2025 was allowed and disposed of in the aforesaid terms.
Cases Discussed
- K. Sashidhar Vs. Indian Overseas Bank & Ors., Civil Appeal No. 10673 of 2018 – Supreme Court decision relied upon for the principle that decisions of the Committee of Creditors based on its commercial wisdom are non-justiciable.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
1. BACKGROUND
1.1 This Interlocutory Application(Liq.) No. 55/MB/2026 (IA) was filed on 01.08.2026 by M/s. Sumedha Management Solutions Private Limited, the Resolution Professional (RP) of M/s. Bymedo Healthcare LLP, (hereinafter referred to as “the Corporate Debtor”) under Section 33 read with Section 34 and Section 60(5) of the Insolvency and Bankruptcy Code, 2016, (hereinafter referred to as “the Code”) and Rule 11 of the National Company Law Tribunal Rules, 2016 (NCLT Rules), seeking order directing initiation of Liquidation Process of the Corporate Debtor in accordance with Chapter III of Part II of the Code along with appointment of Mr. Sandip Singh (Registration No. IBBI/IPA-001/IP-P-02870/2024-2025/14402), an Insolvency Professional, as the Liquidator of the Corporate Debtor.
1.2 The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) vide order dated 01.07.2025 (Admission Order) passed by this Tribunal in CP(IB) No. 139/MB/2025, filed under Section 9 of the Code by M/s. Boston Ivy Healthcare Solutions Private Limited, the Operational Creditor, and M/s. Sumedha Management Solutions Private Limited was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor.
2. AVERMENTS OF APPLICANT/RP
2.1 Pursuant to the admission order, the erstwhile IRP made a Public Announcement in Form-A in July 2025 and the 1st Meeting dated 17.07.2025 of the Committee of Creditors (hereinafter referred to as “CoC”) was held wherein the IRP was appointed as the Resolution Professional by the CoC, the RP also informed the CoC of various statutory compliance relating to the conduct of CIRP were considered and approved by the CoC.
2.2 After the constitution of CoC, the RP prepared the Information Memorandum and also finalized the Evaluation Matrix and Request for Resolution Plan (hereinafter referred to as “RFRP”) with the objective of identifying a viable Resolution Applicant and achieving resolution of the Corporate Debtor as a going concern.
2.3 The RP, in furtherance of the aforesaid objective, Form G was issued on 15.09.2025 inviting Expression of Interest from the Prospective Resolution Applicants (hereinafter referred to as “PRA”). Since no successful Resolution Plan emerged, with a view to maximizing the value of the assets of the CD, the RP, in consultation with the CoC, issued a revised Form G on 03.10.2025, and extended the timelines for PRAs and extended every possible cooperation to facilitate submission of a viable Resolution Plan.
2.4 In the 13th CoC meeting held on 24.07.2026, the RP apprised the CoC of withdrawal by the eligible PRAs, and the absence of any viable possibility of resolution of the CD. Hence, the CoC, in exercise of its commercial wisdom, resolved to liquidate the CD, which was approved by 80.86% of the voting share and authorized the RP to file the present Application for initiation of the Liquidation Process.
2.5 In view of the above, the Applicant/RP has filed the present IA praying for initiation of the liquidation process of the Corporate Debtor and appointment of Mr. Sandip Singh as the Liquidator of the Corporate Debtor.
3. ANALYSIS AND FINDINGS
3.1. We have perused all the documents and pleadings and heard the Ld. Counsel for the Applicant/RP.
3.2. Section 33(2) of the Code lays down that where the resolution professional at any time during the CIRP but before confirmation of resolution plan intimates the Adjudicating Authority of the decision of the CoC approved by not less than 66% of the voting share to liquidate the Corporate Debtor, it shall pass an order requiring the Corporate Debtor to be liquidated in the manner as laid down in Chapter-III of Part-II of the Code; issue a public announcement stating that the Corporate Debtor is in liquidation and require the said order to be sent to the authority with which the Corporate Debtor is registered
3.3. In the present case, we find that the members of the CoC having 80.86% voting share have already approved the resolution to initiate liquidation of the Corporate Debtor and to appoint Mr. Sandip Singh, Insolvency Professional, as the Liquidator of the Corporate Debtor in its 13th CoC meeting held on 24.07.2026. The Applicant has placed on record Written Consent by way of Additional Affidavit dated 11.08.2026 of the said Insolvency Professional, having IBBI Reg. No. IBBI/IPA-001/IP-P-02870/2024-2025/14402 and its address at 28 Goa Bagan Lane, 4th Floor, Near Holy Child School, Kolkata – 700006, West Bengal, and having valid Authorization for Assignment up to 30.06.2027 to act as the Liquidator of the Corporate Debtor under Sections 33 and 34 of the Code. The Hon’ble Supreme Court in the matter of K. Sashidhar Vs. Indian Overseas Bank & Ors., [Civil Appeal No. 10673 of 2018] has held that the decisions of CoC based on its commercial wisdom are non-justiciable.
3.4. In view of the facts and circumstances narrated above, we are of the considered opinion that this is a fit case for initiation of liquidation of the Corporate Debtor in terms of Section 33(2) of the Code. Therefore, we hereby order the initiation of the liquidation process of the Corporate Debtor subject to the following terms and directions: –
a. The Corporate Debtor, Bymedo Healthcare LLP, is ordered to be liquidated in terms of the provisions of Section 33(1)(b) of the Code read with the relevant provisions of the IBBI (Liquidation Process) Regulations, 2016 made thereunder, which shall be effective from the date of this order.
b. This Bench hereby appoints Mr. Sandip Singh, holding Registration No. IBBI/IPA-001/IP-P-02870/2024-2025/14402, having office address at 28 Goa Bagan Lane, 4th Floor, Near Holy Child School, Kolkata – 700006, West Bengal and email address [email protected] as the Liquidator of the Corporate Debtor in terms of Section 34 of the Code;
c. On the appointment of the Liquidator, all powers of the board of directors, key managerial personnel etc. shall cease to have effect and shall be vested in the Liquidator;
d. The Order of Moratorium passed under Section 14 of the Code shall cease to have effect from the date of this order;
e. A fresh Moratorium under Section 33(5) of the Code shall commence forthwith as the liquidation process is initiated. Subject to Section 52 of the Code, no suit or other legal proceedings shall be instituted by or against the Corporate Debtor. The Liquidator has the liberty to institute a suit and other legal proceedings on behalf of the Corporate Debtor with the prior approval of this Adjudicating Authority;
f. The Liquidator shall issue a public announcement stating that the Corporate Debtor is in liquidation in terms of Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016;
g. The Liquidator is directed to proceed with the process of liquidation in the manner laid down in Chapter III of Part II of the Code and in accordance with the relevant rules and regulations;
h. The Liquidator shall follow-up on and continue to investigate the financial affairs of the Corporate Debtor to determine undervalued or preferential transactions in accordance with the provisions of Section 35(1) of the Code read with the relevant rules and regulations;
i. The Liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy-five days from the liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016;
j. This order shall be deemed to be a notice of discharge to the officers, employees, and workmen of the Corporate Debtor as per Section 33(7) of the Code except when the business of the Corporate Debtor is continued during the liquidation process by the Liquidator;
k. The Liquidator shall also follow up the pending applications for their disposal during the process of liquidation including initiation of steps for recovery of dues of the Corporate Debtor, if any, as per law;
l. It is directed that the Personnel of the Corporate Debtor shall extend all assistance and co-operation to the Liquidator as may be required in managing the affairs of the Corporate Debtor as specified under Section 34(3) of the Code;
m. The Liquidator shall charge fees for the conduct of the liquidation proceedings in proportion to the value of the liquidation estate assets as specified by the IBBI and the same shall be paid to the Liquidator from the proceeds of the liquidation estate under Section 53 of the Code;
n. The Applicant/Resolution Professional is directed to hand over custody or control of all the assets, property, effects, and actionable claims of the Corporate Debtor to the newly appointed Liquidator forthwith;
o. The Liquidator shall be at liberty to approach the Adjudicating Authority for such orders or directions as may be necessary for the liquidation of the Corporate Debtor;
p. Copy of this order be sent to the registered office of the Corporate Debtor, the Resolution Professional and the Liquidator by speed-post as well as email for taking necessary steps;
q. The Registry is directed to communicate this Order to the Registrar of Companies, Mumbai and the Insolvency and Bankruptcy Board of India;
3.5. With these directions, IA(IBC)(Liq.) No.55/MB/2026 in CP(IB) No. 139/MB/2025 filed by the Applicant/RP for the liquidation of the Corporate Debtor stands allowed and disposed of in aforesaid terms.
