IA(IBC)/379/KOB/2025 IN CP(IBC)/22/KOB/2024 (under Section 60 (5) of the Insolvency and Bankruptcy Code 2016, r/w Rule 11 & 32 of the NCLT rules 2016)

Date of Institution: 01.10.2025 Order Delivered on: 25.05.2026 In the matter of:

M/s. Attukal Devi Institute of Medical Sciences Limited Memo of Parties Dr. Ayyappan Nair Raghavan Pillai, Having Residential Address at: T.C 6/773-1, Pranavam, Akkulam Road, Medical College P.O Thiruvananthapuram, Kerala- 695011.

…Applicant Vs.

Committee of Creditors of Attukal Devi Institute of Medical Sciences Limited Represented through, Managing Director, Dhanlaxmi Malson Tower, MANACAUD, ThiruvanantBhaapnuk raLmim-6it9e5d0, 09Т .С. 41/2343(4)

…Respondent No.1 Rajmohan R.

Resolution Professional and Insolvency Professional residing at Rajbhavan, HS street, Ollukkara P.O., Krishnapuram Temple, T51h4ri/s1su2r/,1 K earanlda - 618705 A6,5 5K. rishnapuram, 6th …Respondent No.2 IA(IBC)/ /KOB/2025 CP(IBC)/22/KOB/2024 Attukal Devi Institute of Medical Sciences Limited Represented by its Resolution Professional.

Having its registered office Attukal Manacaud P.O, Thiruvananthapuram, Kerala, India, 695009. T.C 22/935 (2 to 5), …Respondent No.3 Dr. M Ayyappan Thamarakkulam Lane, Sasthamangalam, TTChi ruvanan9th/a2p0u8r9a(m1)-, 695010 Sreeprasadam, …Additional Respondent No.4 Coram:

HON’BLE MEMBER (JUDICIAL) : SHRI. VINAY GOEL Appearance:

For the Applicant : Mr. Biju P Pulipra, Advocate For the Respondent No.1 : Mr. Vinod PV, Advocate : Mr. A C Venugopal, Advocate Mr. Rajmohan R, RP For the Respondent Nos. 2 & 3 For the Respondent : Mr. Mohan Pulickkal, Advocate No.4

O R D E R

1.

The present Application has been filed under Section 60(5) of the Insolvency -

and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal aR)u Sleest ,a 2si0d1e 6th, eb ayp tphreov Aalp opfl tichae n2tn,d s eraenkkiendg R tehseol ufotilolon wPlianng s rueblmieitftse:d by Dr. M. Ayyappan (Plan B), as approved by the 1st Respondent (CoC) in the 16th CoC meeting, being arbitrary, discriminatory, mala fide, and violative of the provisions of the Insolvency and Bankruptcy Code, 2016 and the CIRP Regulations;

IA(IBC)/ /KOB/2025 CP(IBC)/22/KOB/2024 b) Hold and declare that the evaluation and approval process adopted by the 1st Respondent is vitiated by material irregularities, bias and non-compliance of the statutory provisions, and is therefore null and void;

c) Direct the 1st Respondent to consider and approve the Resolution Plan submitted by the Applicant (Plan A), which was ranked 1st under the Evaluation Matrix and is fully compliant with the provisions of the Code, ensures equitable treatment of all stakeholders, and upholds the objective of maximisation of value of assets;

d) Pass such other or further orders or directions as this Hon'ble Adjudicating Authority may deem fit, proper and just, in the interest of justice, equity, and fairness.

The Applicant, Dr. Ayyappan Nair Raghavan Pillai, is an admitted Financial Creditor and former director and shareholder of Attukal Devi Institute of

2.

and had also initiated the Corporate Insolvency Resolution Process against Medical Sciences Limited (hereinafter referred to as “the Corporate Debtor”)

Corporate Insolvency Resolution Process, the Applicant participated as a Prospective the Corporate Debtor by filing CP(IBC)/22/KOB/2024. During the Resolution Applicant and submitted a Resolution Plan. The present Application has been filed against the Committee of Creditors represented through Dhanlaxmi Bank Limited, the Resolution Professional of the Corporate Debtor, the Corporate Debtor represented through its Resolution Professional, and Dr. M. Ayyappan, the Successful Resolution Applicant whose Resolution Plan came to be approved by the Committee of Creditors with 100% voting share.

Brief facts of the case are as follows: -

3. The Corporate Insolvency Resolution Process against the Corporate Debtor

nd Respondent came to be appointed as the

was initiated pursuant to the admission of CP(IBC)/22