Submission of failed resolution plan results into initiation of liquidation process

Dr. C. Bharath Chandran Vs Ms. Sabine Hospital and Research Centre Pvt. Ltd (NCLAT Chennai) NCLAT Chennai held that CIRP plan not approved by minimum 66% of the Committee of Creditors is considered to be failed Resolution Plan and on submission of such failed Resolution Plan the Adjudicating Authority will initiate Liquidation Process. Facts- The Trivandrum International Health Services Ltd. who was a ‘Corporate Debtor’ was a Micro, Small and Medium (MSME) company. Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) by the Adjudicating Authority on 07.02.2...