Key Points
The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted city-based Four Care Hospital under the Corporate Insolvency Resolution Process (CIRP) in an application filed by Standard Chartered Bank...
In this case, originally the companys promoter had availed a loan facility from Dewan Housing Finance (DHFL)..
Before the admission, the company argued in the tribunal through its counsel that the lender had failed to establish any occurrence of date of default, as mandated under Section 7 (5) of the Code read with Regulation 2(D) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016...
Companies that are 'going concerns' in the service sector, such as healthcare or hospitals, are in good demand from the investors and are more likely to get revived through an insolvency process compared with companies in the manufacturing sector, said Faiza Dhanani, partner at law firm Cue Legal...
In 2022, the Bengaluru bench of the NCLT, in a similar case, had also approved Sri Kauvery Medical Care (India) Ltds acquisition of Yashomati Hospitals through the resolution process..
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