IN THE NATIONAL COMPANY LAW TRIBUNAL

MUMBAI BENCH COURT III

Under Section 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to

Adjudicating Authority) Rules, 2016

In the matter of

M/s. Sentinel Capital Private Limited

Having office at:

8A Orange Grove Road, Unit #14-03,

Singapore 258343.

…Operational Creditor/Petitioner

Versus

M/s. United CIIGMA Institute of Medical

Sciences Private Limited

Having office at:

Plot No.6,7, Survey No.10,

Shahnoorwadi, Darga Road, Aurangabad

431005.

…Corporate Debtor/Respondent

Order pronounced on: 20.08.2024

Coram:

Hon’ble Ms. Lakshmi Gurung, Member (Judicial) Hon’ble Sh. Charanjeet Singh Gulati (Technical)

Appearances:

For the Operational Creditor: Adv. Nausher Kolhi, Adv.Pushkaraj Deshpande, Adv.Ria Lulla, Adv.Rohan Marathe ib ALMT Legal For the Corporate Debtor: Adv.Yuvraj Singh, Adv.Aniruddha lad i/b. JSA.

PER: MS. SH. CHARANJEET SINGH GULATI, MEMBER (TECHNICAL)

1. This Petition has been filed by M/s. Sentinel Capital Private Limited (“Operational Creditor/ Petitioner) to initiate Corporate Insolvency Resolution Process (“CIRP”) against M/s. United CIIGMA Institute of Medical Sciences Private Limited (“Corporate Debtor/Respondent) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (“the I&B Code”) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for an alleged default of Rs.18,88,75,000 (Rupees Eighteen Crores, Eighty Eight Lakhs, and Seventy Five Thousand Only).

Brief Facts as per the Petition:

2. The Operational Creditor is a private advisory firm dealing in providing advisory services for companies looking to raise capital from third party Investor.

3. The Corporate Debtor is a private limited company having CIN:

U74120MH2011PTC213136, engaged in the business of running a chain of Hospitals and Healthcare Institutions in and around Maharashtra.

4. The Corporate Debtor had approached the Operational Creditor in December 2019 through its advisor, namely Mehta & Mehta, to assist in finding an investor for a significant majority stake sale and accordingly the parties entered into an agreement dated

29.08.2021 for raising funds for the Corporate Debtor.

5. Pursuant thereto, the Operational Creditor engaged in talks with various potential investors, including one TPG Private Equity Firm (hereinafter referred to as TPG).

Submissions by the Operational Creditor:

6. The Operational Creditor submits that the genuineness of its claim is evident from the fact that in the meeting held at Aurangabad on 12.02.2020 the existing management of Corporate Debtor including its CFO, Mr. Sachin Sancheti had discussed with them ways to reduce the interest cost on the existing debt of the Corporate Debtor.

7. Regarding re-structuring of its loans, when the Corporate Debtor engaged independently with IndusInd Bank, the Operational Creditor made it clear that the transaction regarding its stake sale would move forward only if the Corporate Debtor would get an exclusive engagement signed in writing. Subsequently an Exclusive Engagement Agreement dated 29.08.2021 was signed between the parties. It was also agreed that the Corporate Debtor would provide confidential information for the majority stake.

8. The Operational Creditor submits that once the said information and templates were exchanged between the parties for stake sale, the Corporate Debtor started delaying the dissemination of the data files, which were proprietary and confidential.

9. That during the first week of December 2021, the representatives of the Operational Creditor called for a second in-person meeting with the representatives of the Corporate Debtor, however, the Corporate Debtor asked the Operational Creditor to video call the Corporate Debtor and present an investment structure for the transaction and provide names on potential Investor, Accordingly on 14.12.2021 the Operational Creditor vide a video call made a presentation on investment structure and also