Approval of Resolution Plan - Sanjeevini Medlife Hospitals (India) Private Limited

IN THE NATIONAL COMPANY LAW TRIBUNAL, BENGALURU BENCH (Exercising powers of Adjudicating Authority under The Insolvency and Bankruptcy Code, 2016) I.A. (PLAN) NO. 02/2025 In C.P. (IB) NO. 64/BB/2022 (filed under Section 30(6) of the Insolvency & Bankruptcy Code, 2016 read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and Rule 11 of the National Company Law Tribunal Rules, 2016)

IN THE MATTER OF: SANJEEVNI MEDLIFE HOSPITALS (INDIA) PRIVATE LIMITED Represented by its Resolution Professional, Shri Hari Babu Thota Address: S-1, No.760, 7th Main, Last Bus Stop, Mahalakshmi Layout, Bangalore - 560086 …. Resolution Professional/Applicant

IN THE MAIN MATTER OF: CANARA BANK, Arm-I Branch Spencer Towers, 86, MG Road, Bangalore- 560001 …. Financial Creditor

Versus

SANJEEVNI MEDLIFE HOSPITALS (INDIA) PRIVATE LIMITED, No. 760, 7th Main, Last Bus Stop Near Swimming Pool, Mahalakshmi Layout, Bangalore- 560086. …. Corporate Debtor Order delivered on: 13.08.2026 Coram: 1. Hon’ble Shri Sunil Kumar Aggarwal, Member (Judicial) 2. Hon’ble Shri Radhakrishna Sreepada, Member (Technical) I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022

Parties/Counsels Present: Resolution Professional : Shri Hari Babu Thota For the Suspended Director/SRA : Adv. Shri M V V Ramana with Dr. G.R. Subhash Kumar Reddy For the CoC : Adv. Shri Hemanth Rao

1. This Application was filed on 25.04.2025 by Mr. Suresh Kannan, the Erstwhile Resolution Professional and pursued by his successor Shri Hari Babu Thota (appointed vide order dated 18.06.2026 passed in IA 475/2026) for approval of the Resolution Plan submitted by Mr. G.R. Subhash Kumar Reddy and Dr. Premlata (hereinafter referred to as ‘Successful Resolution Applicants/SRA’) following its confirmation by the CoC of Corporate Debtor in its 14th meeting, held on 28.02.2025, with 100% voting share. 2. ABOUT THE CORPORATE DEBTOR Corporate Debtor is an MSME enterprise as notified by Ministry of Micro, Small & Medium Enterprises and has been issued Udyog Aadhar Number KR03F0032839. It was admitted into CIRP vide order dated 31.03.2023 in Company Petition filed by Financial Creditor Canara Bank under Section 7 IBC for a default amount Rs.35,53,75,893 with date of default being 31.12.2014, wherein the Applicant has been appointed as the Interim Resolution Professional. The key dates and events during the Corporate Insolvency Resolution Process period are tabulated hereunder: Sr. Date Particulars No. 1. 31.03.2023 Corporate Debtor admitted into CIRP and appointment of IRP. 2. 08.04.2023 Paper Publication for Public announcement in Form A. 3. 03.05.2023 1st CoC Meeting- IRP was confirmed as RP of the Corporate Debtor by the CoC. 4. 11.05.2023 Registered Valuers appointed by the RP after the approval of the CoC. I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022

5. 01.06.2023 Form G was issued for the first time 6. 17.06.2023 Form G for expression of Interest was issued for the second time after amending the eligibility criteria 7. 06.08.2023 List of Prospective Resolution Applicant (PRAs) prepared 8. 05.08.2023 Request for Resolution Plan issued. 9. 04.09.2023 Last date for submission of Resolution Plan by PRAs. 10. 15.02.2024 Date of submission of Resolution Plan to the RP 11. 28.02.2025 Date of placing the Resolution Plan before the CoC 12. 03.03.2025 Date of Approval of Resolution Plan by CoC 13. 27.09.2023 Date of Expiry of 180 days of CIRP 14. 18.02.2025 Date of extension orders of CIRP Period. (90 days) 18.02.2025 (60 days) 15. 25.04.2025 The Instant application is filed for approval of Resolution Plan 16. 10.02.2026 Order Extending the Corporate Insolvency Resolution Process Period of the Corporate Debtor by a period of 431 Days from 25.02.2024 till 30.04.2025 subject to costs by depriving him of his fee/remuneration fixed by CoC or otherwise, for half of the period of delay sought to be condoned i.e. 215.5 days 17. 18.06.2026 IA 475/2026 filed by sole CoC member Canara Bank seeking to replace the Erstwhile RP Mr. Suresh Kannan is allowed and the applicant is appointed as the RP of the Corporate Debtor

3. APPOINTMENT OF REGISTERED VALUERS: Registered Valuers were appointed on 11.05.2023, the Fair Value and Liquidation value of the Corporate Debtor is as follows: Value GTech Valuers Adroit Appraisers and Average (in Rupees) Private Research Private Limited Limited Fair Value 16,96,97,343/- 18,31,39,454.88/- 17,64,18,398.94 Liquidation 12, 48,20,882/- 12,83,93,445.40/- 12,66,07,163.70 Value 4. DETAILS OF THE SUCCESSFUL RESOLUTION APPLICANT This resolution plan is jointly submitted by Dr. G.R. Subhash Kumar Reddy and Dr. Premlata Subhash (being erstwhile Promoters of the Corporate Debtor, MSME unit). I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022

 Profile of Dr. G.R Subhash Kumar Reddy: He played a significant part in establishing the Corporate Debtor, 23 years ago. He is a paediatrician with 30 years of experience and knowledge. He has participated in Pulse Polio Programmes and has had the privilege to attending National and State Conferences under the aegis of Indian Academy of Paediatrics. The net worth of the Dr. GR Subhash Kumar Reddy as on 31.03.2025 is Rs. 418.23 Lakhs.  Dr. Premlata Subhash: She has a vast experience of 27 years in Obstetrics and Gynaecology and knowledge in Minimally Invasive Surgery etc. She has conducted more than 5000 deliveries. The Centre Sanjeevni Hospital is recognized for Tertiary Care OBG and Neonatal Care. The Net Worth of Dr. Premlata as on 31.03.2025 is Rs. 386.47 Lakhs.

The Resolution Applicant meets the criteria provided by the CoC and is also eligible under Section 29A of the Code, affidavit regarding the same has been filed. Further, the due diligence report under Regulation 36A (8) has been submitted with Compliance Affidavit dated 22.11.2025, confirming the eligibility of the SRA. In compliance of the order 11.08.2026, SRA has filed affidavit through Applicant on 12.08.2026 wherein SRA has undertaken that the upfront payment proposed under the Resolution Plan shall be made within 90 (Ninety) days from the date specified for commencement of such period under the Resolution Plan and/or the order approving the Resolution Plan which shall be final and binding and stating that notwithstanding any inconsistent reference contained anywhere in the Resolution Plan, the release, discharge and/or extinguishment of the security interests and personal guarantees contemplated under the Resolution Plan shall become effective only upon payment of the entire Full and Final Amount proposed to be paid under the Resolution Plan. For the avoidance of doubt, no release, discharge or extinguishment of any security interest or personal guarantee shall be claimed or treated as having become effective prior to payment of the I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022 entire Full and Final Amount proposed under the Resolution Plan, irrespective of any timeline or reference appearing elsewhere in the Resolution Plan.

5. FEASIBILITY AND VIABILITY OF THE PLAN: The feasibility and viability of the Resolution Plan have been duly explained in Section IX thereof, wherein a detailed Business Plan for operating the Corporate Debtor as a going concern has been provided. The Resolution Applicant has proposed an amount of ₹11,00,000/- (Rupees Eleven Lakhs Only) towards working capital. Further, considering that the Hospital is already a going concern, the Resolution Applicant has proposed additional capital expenditure towards major repairs, overhauling, and start-up costs amounting to ₹18,00,000/- (Rupees Eighteen Lakhs Only) for making the plant fully operational and for meeting logistical requirements. Additionally, the projected financials along with the business plan for the ensuing five years have been furnished in the Application. 6. SOURCE OF FUNDS AND PERFORMANCE BANK GUARANTEE: Source of Funds: The net worth of the Dr. GR Subhash Kumar Reddy as on 31.03.2025 is Rs. 418.23 Lakhs and that of Dr. Premlata is Rs. 386.47 Lakhs. Further, Commitment Letters have been received from: Promoters of Dr. Premlata, Dr. GR Subhash Kumar Reddy each committing to invest 1.2 crore, Mr. Mallikarjuna Nagammanavar (Rs. 3,00,00,000/-); Dr. Sunil S K (Rs.5,00,00,000/-); Eternity Adore through its Managing Director K Vijay Prasad Reddy (Rs.6,30,00,000/-) and from Nutragenic through its director Mr. S Nandajudaiah (Rs.10,00,00,000/-) and the net worth certificates of the aforesaid persons along with commitment letters are filed vide additional affidavit on 16.03.2026 Performance Bank Guarantee: The Successful Resolution Applicants have complied with the requitement by remitting 10% of the Resolution Plan Value, i.e. Rs.1,83,40,000/- into the Financial Creditor's account i.e. Canara Bank, I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022

Mahalakshmi Layout Branch Account No. 120038001412. A copy of the relevant bank statement evidencing receipt of the Performance Bank Guarantee. amount is annexed as Annexure-A6.

7. CAPITAL RESTRUCTURING: As per the Addendum to the Resolution Plan dated 28.02.2026 (approved by the CoC on 02.03.2026), the Corporate Debtor's existing capital structure 26,36,250 shares held entirely by 11 promoter/existing shareholders (₹2,63,62,500 share capital) will be diluted to accommodate two new shareholders (S Nanjundaiah and K Vijay Prasad Reddy), each infusing ₹1,26,64,340 (12,66,434 shares) for a combined 49% post-investment stake. Post-implementation, total share capital will rise to ₹5,16,91,180 across 39,02,684 shares, with existing shareholders retaining 51% and new shareholders holding 24.50% each. Beyond equity, funding also includes debt: ₹13,76,71,320 infused by the new shareholders as an interest-free loan (10-year term, brought in within 180 days) and ₹2,40,00,000 infused by promoters (Dr. Premlata and Dr.G R Subhash Kumar Reddy, ₹1,20,00,000 each) already deposited toward EMD 1, EMD 2, and the Performance Guarantee. In total, the resolution applicant and investors are infusing ₹18,70,00,000 (₹2,53,28,680 equity + ₹16,16,71,320 debt). Table 1: Existing Capital Structure (as per Addendum dated 28.02.2026): The Resolution Applicant has submitted resolution plan as per Section 240A of IBC being promoters of Corporate Debtor, MSME Unit. Promoters along with affiliates holding 100% share capital in the company. To implement the resolution plan, existing shareholders diluting 49% of shares to raise capital for funding the plan. S.No. Name of No. of Face Share % of Shareholder Shares Value Capital Share per (Rs.) Share (Rs.) 1 Dr. Premlata 12,02,500 10/- 1,20,25,000 45.61%

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S.No. Name of No. of Face Share % of Shareholder Shares Value Capital Share per (Rs.) Share (Rs.) 2 Dr. GR Subhash 11,08,750 10/- 1,10,87,500 42.06% Kumar Reddy 3 Mr. Ramchandrak 75,000 10/- 7,50,000 2.84% 4 C. Ramesh 75,000 10/- 7,50,000 2.84% 5 Sheela Ramesh 50,000 10/- 5,00,000 1.90% 6 Mrs. Rama 40,000 10/- 4,00,000 1.52% Chandak 7 Bharathi 25,000 10/- 2,50,000 0.95% Vishwanath 8 Y N Anitha 15,000 10/- 1,50,000 0.57% 9 Abishek Chandak 10,000 10/- 1,00,000 0.38% 10 Chandrashekar 10,000 10/- 1,00,000 0.38% 11 Kamalapur B N 25,000 10/- 2,50,000 0.95% Total 26,36,250 2,63,62,500 100.00%

Table 2: New Shareholder Investment (Post-Investment 49% Shareholding): The new shareholders shall be investing the following amounts for a post investment shareholding percentage of 49% into the company by way of further allotments by the company S.No. Name of Shareholder No. of Face Value Share Shares per Share Capital (Rs.) (Rs.) 1 S Nanjundaiah 12,66,434 10/- 1,26,64,340 2 K Vijay Prasad Reddy 12,66,434 10/- 1,26,64,340 Total 25,32,868 2,53,28,680 Table 3 Post-Investment Restructured Capital: Post investment (implementation of resolution plan), the share capital restructure shall be as below:

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S.No. Name of No. of Face Share Capital % of Shareholder Shares Value (Rs.) Share per Share (Rs.) 1 Dr. Premlata 12,02,500 10/- 1,20,25,000 23.26% 2 Dr. GR 11,08,750 10/- 1,10,87,500 21.45% Subhash Kumar Reddy 3 Mr. 75,000 10/- 7,50,000 1.45% Ramchandrak 4 C. Ramesh 75,000 10/- 7,50,000 1.45% 5 Sheela Ramesh 50,000 10/- 5,00,000 0.97% 6 Mrs. Rama 40,000 10/- 4,00,000 0.77% Chandak 7 Bharathi 25,000 10/- 2,50,000 0.48% Vishwanath 8 Y N Anitha 15,000 10/- 1,50,000 0.29% 9 Abishek 10,000 10/- 1,00,000 0.19% Chandak 10 Chandrashekar 10,000 10/- 1,00,000 0.19% 11 Kamalapur B 25,000 10/- 2,50,000 0.48% N NEW SHAREHOLDERS 12 S Nanjundaiah 12,66,434 10/- 1,26,64,340 24.50% (New) 13 K Vijay Prasad 12,66,434 10/- 1,26,64,340 24.50% Reddy (New) Total 39,02,684 5,16,91,180 100.00 % Note: This is a capital infusion/restructuring (49% dilution via fresh allotment) rather than a capital reduction — no capital is being extinguished or returned to shareholders. Table 4 Infusion of funds in form of Debt by the new shareholders shall be as follows: - I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022

S.No. Name Loan (Rs.) 1 S Nanjundaiah 8,73,35,660 2 K Vijay Prasad Reddy 5,03,35,660 Total 13,76,71,320 Note: As per the Addendum the above Loan will be brought in within 180 days from the effective date and bear interest rate of 6% per annum for a period of 10 years. Table 5 — Debt Infusion by Promoters S.No. Name Loan (Rs.) 1 Dr. Premlata 1,20,00,000 2 Dr. GR Subhash Kumar Reddy 1,20,00,000 Total 2,40,00,000 This amount has already been deposited towards EMD1 and EMD2 and under Performance Guarantee. Table 6 — Total Equity and Debt Infusion by Resolution Applicant & investors S.No. Particulars Amount (Rs.) 1 Equity 2,53,28,680 2 Debt 16,16,71,320 Total 18,70,00,000 As per the addendum submitted by the SRA, the additional funds bought in by the SRA in form of loan will be interest free for 10 years while the investment of new shareholders will carry interest @6% p.a. 8. AVOIDANCE TRANSACTIONS, PENDING LITIGATION & IBBI FEE: Avoidance Transactions: There are no avoidance transaction applications under Section 43, 45, 50 or 66 filed during the CIRP of Corporate Debtor. However, the resolution plan contains clause that if any avoidance recoveries arise in future such realisations will be distributed among stakeholders in accordance with Regulation 38(2)(d). If there is any Avoidance Application filed by the Resolution Professional, then the same shall be pursued by the Secured Financial Creditors. Pending Litigation: There is no pending litigation or proceeding that affects or impairs the implementation of the Resolution Plan. Any litigations that existed were disclosed in the Information Memorandum and in Section XIV of the I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022

Resolution Plan, and none of them adversely impact the feasibility, viability, or implementation of the Plan. IBBI Fee: The Successful Resolution Applicants have furnished a written undertaking confirming that the IBBI fee payable under Regulation 31A of the CIRP Regulations shall be duly paid and that the Resolution Plan fully complies with the said Regulation. A copy of the undertaking is annexed herewith and marked as Annexure-A5 in affidavit dated 19.12.2025. 9. Heard learned counsel for the RP and carefully perused the material on record. SALIENT FEATURES OF THE RESOLUTION PLAN: 10. Post commencement of CIRP, CoC was constituted by the RP. The details of the creditors, the distribution of voting share among them and the position of voting for the Resolution Plan is as under (Para 6 of Form H): S.No. Name of Creditor Voting Voting for Share Resolution Plan (%) (Voted for/ Dissented/ Abstained) 1. Canara Bank 100% Voted for 11. The details of stakeholders and the amounts provided for them under the Resolution Plan is given in Para 7B of Form H, given below: (Amount In Rupees) Stakeholder Amount(s) Payment Type Amount Amount Realizable Amount schedule Claimed Admitted Amount Provided (In Rs.) (In Rs.) under the to Plan amount (In Rs.) claimed (%) CIRP Cost - - 23,00,000 - Within 90 days of Effective date Secured Financial Creditors Assenting 43,92,79,025 43,92,79,025 14,50,00,000 33% Rs. 3 Crores upfront I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022 payment within 90 days of the Effective Date. Remaining Amount to be paid within 180 days of the Effective Date. Offered to - - 16,00,000/- - Within 180 ICICI Bank days from the (Not a Effective Date. member of COC and not filed his claim before RP) Unsecured Financial Creditors Related 30,50,000 30,50,000 0.00 0 NA parties Other 12,77,384 12,77,384 12,77,384 100% Within 90 days Creditors from the Effective Date. Operational Creditors Government Within 90 days : 8,50,308/- 8,50,308/- 8,50,308/- 100% from the ESIC, Effective Date. Bangalore 24,02,300/- 24,02,300/- 24,02,300/- 100% EPFO, Bangalore 43,74,850 43,74,850 1,00,000 2% Department of Commercial Tax 1,85,58,129- 1,85,58,129- 1,00,000 1% • DGFT 0 0 3,42,312 • GST 0 0 96,24,349 • TDS 0 0 1,97,126 • Professio nal Tax (ii) 43,73,258/- 43,73,258/- 0 0 Employees I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022

Related parties ii) 25,72,475 Within 90 days Employees from the Others Effective Date. (iii)Other Operational Creditors (Other than Statutory Authorities and Employees) 62,94,174/- 62,94,174/- 0 NA NA  Unsecur ed 1,26,38,042 Related 25.37% Within 90 days parties 1,34,00,000/ 1,34,00,000 34,00,000/- from the Effective Date.  Unsecur ed others  Secured others Other Within 180 Debts and days from Dues 12,77,384/- 12,77,384/- 12,77,384 100.% effective date. Other Creditors - 10,00,000/- Gratuity Shareholde Nil Nil Nil Nil Nil rs Total 49,38,59,428 49,38,59,428 18,34,00,000 - - (A) Restart - - 29,00,000 - -up/initial Capex/Othe rs Total (B) - - 29,00,000 - - Total (A+B) 49,38,59,428 49,38,59,428 18,63,00,000 - -

12. The compliance of the Resolution Plan as per Form H is hereunder:

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Section Requirement with respect to Complia Relevant Clause of Code/ Resolution Plan nce Regulati Y/N on No. 25(2)(h) The Resolution Applicant meets the Y Chapter No. IV criteria approved by the CoC having regard to the complexity and scale of operations of business of the CD Section The Resolution Applicant is eligible to Y Chapter No. XX 29A submit resolution plan as per final list of Resolution Professional or Order, if any, of the Adjudicating Authority. Section The Resolution Applicant has submitted Y Undertaking as 30(1) an affidavit stating that it is eligible as per Regulation per Code 39(1) Section The Resolution Plan- Y Chapter V & VI 30(2) (a) provides for the payment of insolvency resolution process costs. (b) provides for the payment of the Y Chapter VI (Part operational creditors. A) (c) provides for payment to the financial Y Chapter X creditors who did not vote in favour of the resolution plan (d) provides for the management of the Y Chapter X affairs of the Corporate Debtor. (e) provides for the implementation and Y Chapter XVII supervision of the Resolution Plan. (f) does not contravene any of the Y Section 3 provisions of the law for the time being in force.

Section The Resolution Plan Y Chapter V 30(4) (a) is feasible and viable, according to the CoC (b) has been approved by the CoC with Y 66% voting share Section The Resolution Plan has provisions for Y Chapter VIII 31(1) its effective implementation plan, (Point “C”) according to the CoC Regulatio The amount due to the operational Y Chapter VI (Part n 38 (1) creditors under the resolution plan has A) been given priority in payment over financial creditors Regulatio The resolution plan includes a statement Y Chapter XI n 38(1A) as to how it has dealt with the interests of I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022 all stakeholders Regulatio Neither the Resolution Applicant nor any Y Chapter XII n 38(1B) of its related parties has failed to implement or contributed to the failure of implementation of any resolution plan approved under the Code. If Applicable the Resolution Applicant has submitted the statement giving details of such non-implementation Regulatio The Resolution Plan provides: Y n 38(2) (a) the term of the plan and its Y Chapter X implementation schedule (b) for the management and control of Y the business of the Corporate Debtor during its term (c) Adequate means for supervising its Y implementation Regulatio The resolution plan demonstrates that – n 38(3) (a) it addresses the cause of default Y Chapter VIII (b) it is feasible and viable Y Chapter VIII (c) it has provisions for its effective Y Chapter VIII implementation (d) it has provisions for approvals Y Chapter VIII required and the timeline for the same (e) the resolution applicant has the Y Chapter IV capability to implement the resolution plan Regulat io Whether the RP has filed applications in NA NA n 39(2) respect of transactions observed, found or determined by him?

Regulatio Provide details of performance security Y Submitted n 39(4) received, as referred to in sub-regulation (4A) of regulation 36B. 13. This Authority vide order dated 10.02.2026 and 04.03.2026 directed the SRA and the applicant to file proper bifurcation of the funds proposed to be paid to the individual Creditors/Statutory Authorities is required and to clarify why an amount of ₹16,00,000/- is being paid to the ICICI bank under the Plan even though ICICI bank has not filed claim before the RP. In compliance of the aforesaid orders applicant has filed an addendum to accordingly rectify the as tabulated below: I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022

As per Claims Plan value offered S.No Particulars received by RP (In (In Rupees) Rupees) 1 CIRP Cost 0 23,00,000 In Addition to the above, the actual CIRP cost incurred if any till the NCLT approval date, shall be contributed by the Resolution Applicant. The final CIRP cost incurred up to the date of NCLT approval shall be reduced by resolution professional fee for the period of 215.50 days as per NCLT order dated 10.02.26 Secured Financial Creditor- 2 43,92,79,025 14,66,00,000 Canara Bank Secured Financial Creditor- 3 0 0 ICICI Bank Secured Operational Creditor – 4 Innovation Imaging 1,34,00,000 34,00,000 Technologies Private Limited Operational Creditors - Related 5 62,94,174 0 Party 6 Unsecured Financial Creditor 0 0 Operational Creditors (other 7 than Workmen, Employees and 0 1,26,38,042 Government Dues) Operational Creditors 8 0 0 (Government Dues) a GST 0 3,42,312 b DGFT 1,85,58,129 1,00,000 Operational Creditors 9 (Employees Dues) a Employees 0 25,72,475 b Related parties 43,73,258 0 10 Other Creditors a Group Pharmaceuticals Private 12,77,384 12,77,384 I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022

As per Claims Plan value offered S.No Particulars received by RP (In (In Rupees) Rupees) Limited b Related Party 30,50,000 0 11 Contingency 0 0 12 Gratuity (Fund) 0 10,00,000 13 Statutory Dues Department of Commercial a 43,74,850 1,00,000 Taxes Employees Provident Fund b 24,02,300 24,02,300 Organisation Employees State Insurance c 8,50,308 8,50,308 Corporation d Tax Deducted at Source 0 96,24,349 e Professional Tax 0 1,97,126 Sub-Total 1,31,74,083 Grand Total of Plan Value 49,38,59,428 18,34,04,296

14. REGULATORY COMPLIANCES: The compliance of Section 30(2) of the Code given in Annexure to Form-H (supra) is examined as under: a) Section 30(2)(a): Vide Addendum dated 28.02.2026 the SRA has proposed a contribution of Rs.23,00,000/- towards the CIRP Cost. In addition to the aforesaid, the actual CIRP Cost incurred, if any, up to the date of approval by the Adjudicating Authority, shall be borne by the Resolution Applicant. The final CIRP Cost incurred up to the date of approval shall stand reduced by the Resolution Professional’s fee for the period of 215.50 days. b) Section 30(2)(b): As per Section 30(2)(b) of IBC Code, 2016 payment of debts of Operational Creditors should be in such a manner as may be I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022 specified by the Board, which shall not be less than the amount to be paid to the Operational Creditors in the event of liquidation of Corporate Debtor under Section 53. i. Operational Creditor (Other than Employees & Statutory Dues)- In compliance of order dated 10.02.2026 SRA through applicant has filed affidavit vide Diary No. 1089 stating that as per the addendum submitted by the SRA, the SRA states that an outstanding liability of Rs.1,26,38,042/- exist towards other operational creditors as evidenced in the books of the Corporate Debtor and the Information Memorandum, and who have not submitted claims.

The SRA proposes to pay this amount in full, i.e. Rs.1,26,38,042/-, in recognition of the services rendered by them and ensure continued operations of the Corporate Debtor as a going concern under this Resolution Plan. ii. Operational Creditor (Workmen & Employees): No claim was filed by the employees. Nevertheless, the Successful Resolution Applicant proposes to discharge the entire outstanding amount of Rs.25,72,475/- in full, so as to ensure continuity of support and safeguard the interests of the workforce. iii. Operational Creditor (Statutory Dues)- No claim was submitted by the GST department for its outstanding dues. Further there are outstanding dues in respect of Professional Tax and TDS also. The SRA proposes to make the aforementioned payments in-full and final settlement of their dues. c) Section 30(2)(c): The CoC comprises of a sole financial creditor and there is no question of a dissenting financial Creditor. d) Section 30(2)(d): The Implementation and Monitoring Committee, along with the Reconstituted Board, shall have the responsibility of the supervision of the day-to-day affairs and the management of the Corporate Debtor and implementation and supervision of the Resolution I.A.

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Plan till the Implementation Date. The Implementation and Monitoring Committee will also supervise the functioning of the Reconstituted Board and the payments to the Financial Creditors and other stakeholders from time to time. The IMC shall take over management control of the Corporate Debtor, immediately upon approval of the Resolution Plan by the Adjudicating Authority and shall be responsible for operating the Corporate Debtor as a going concern. The terms of functioning of the Implementation and Monitoring Committee shall be finalized by the COC and the Resolution Applicant jointly. All decisions taken by the Implementation and Monitoring Committee shall be by way of a majority vote of the members of the Implementation and Monitoring Committee. The implementation of the Resolution Plan shall be carried out by the Implementation and Monitoring Committee and Reconstituted Board, till the Implementation Date. e) Section 30(2)(e): As per Section IX of the Plan, the Implementation and the Monitoring Committee shall be constituted and shall comprise of one nominee from the Secured Financial creditor (CoC members) representing the financial creditors, to safeguard the interests of the Lender and one nominee from Resolution Applicant and a Resolution Professional. The Chairman of this Committee will be Resolution Applicant. The Remuneration of the Chairman of the IMC shall be Rs.50,000/- (Rupees Fifty Thousand only) per month during the implementation period of this Resolution Plan. The terms of appointment, including remuneration payable, of the members of the Implementation and Monitoring Committee, and details of the functioning of the Implementation and Monitoring Committee will be finalized by the CoC and the Resolution Applicant jointly and any costs relating to such appointments, and terms thereof, shall be borne by the Corporate Debtor.

I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022 f) Section 30(2)(f): The Applicant in Affidavit dated 19.12.2025, has stated that the Resolution Plan is fully compliant with applicable laws, including section 30(2)(e)of the Code, and does not contravene any provision of law. g) Regulation 36B (4A) - The Successful Resolution Applicants have complied with the requitement by remitting 10% of the Resolution Plan Value, i.e., Rs.1,83,40,000/- into the Financial Creditor's account i.e., Canara Bank, Mahalakshmi Layout Branch Account No. 120038001412. h) It is submitted that the Resolution Plan complied with Regulation 38 of the Insolvency and Bankruptcy Board of India (Insolvency process for Corporate Persons) Regulations, 2016 which are as follows: 1) Regulation 38(1): Part A at Chapter VI of the Plan states that amount due to the operational creditors under the Resolution Plan is being paid in priority over payment to the Financial Creditors 2) Regulation 38(1A): Section VI of the plan states that the Resolution Applicant has considered the interest of all the stakeholders and has accordingly proposed to make payment to the stakeholders in the following manner inclusive of the proposal in Addendum: S. Particulars Amount No. (Rs. Crores) A Cost of Acquisition A.1 CIRP Cost 0.23 A.2 Secured Financial Creditor – Canara Bank 14.66 A.3 Secured Financial Creditor – ICICI Bank 0.00 A.4 Secured Operational Creditor – Innovation 0.34 Imaging Technologies Private Limited A.5 Unsecured Financial Creditor 0.00 A.6 Operational Creditors (other than Workmen, 1.26 Employees and Government Dues) A.7 Operational Creditors (Government Dues) – 0.03 GST A.8 Operational Creditors (Government Dues) – 0.01 I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022

DGFT A.9 Operational Creditors (Employees) 0.26 A.10 Other Creditors – Group Pharmaceuticals 0.13 Private Limited A.11 Contingency 0.00 A.12 Gratuity Fund 0.10 A.13 EPFO / ESI / PF / TDS 1.32 Sub- 18.34 Total (A) B Start-up / Initial Capex / Others B.1 Repair & Overhauling / Replacement of 0.18 Equipment B.2 Working Capital 0.11 Sub- 0.29 Total (B) C Total Cost of Revival (A + B) 18.63

3) Regulation 38(1B): As mandated under Regulation 38(1B) of the CIRP Regulations, the Resolution Applicant confirms in Section III on Pg. 54 of the Plan that as on date the Resolution Applicant or any of its related parties has not failed to implement or contributed to the failure of implementation of any Resolution Plan approved under the code. 4) Regulation 38(3)(a): High Interest rate and very short term for repayment of the term loan. The project needed gestation period of 4 years to generate profits and the initial loan term was very short which has caused liquidity issue for the CD and caused default. The cause of default for the corporate debtor was also due to non-receipt of payment from ESIC. The resolution Applicant addresses the cause of default and proposes to redesign its investment pattern. It has planned for bringing in additional investments to pay the resolution plan amount from the additional share capital from doctors and hospitals by diluting promoters shareholding which has no interest cost and I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022 repayment commitments and bringing funds from resolution applicant by selling their personal properties or raising mortgage loans with low interest cost, as addition equity infusion from promoters.

The Resolution Plan provides for infusion of funds for improvement of overall efficiency level of the Corporate Debtor. With the combination of these efforts the applicant plans to resolve the cause of default. 5) Regulation 38(3)(b): The feasibility and viability of the Resolution Plan have been duly explained in Section IX thereof, wherein a detailed Business Plan for operating the Corporate Debtor as a going concern has been provided. The Resolution Applicant has proposed an amount of ₹11,00,000/- (Rupees Eleven Lakhs Only) towards working capital. Further, considering that the Hospital is already a going concern, the Resolution Applicant has proposed additional capital expenditure towards major repairs, overhauling, and start-up costs amounting to ₹18,00,000/- (Rupees Eighteen Lakhs Only) for making the plant fully operational and for meeting logistical requirements. Additionally, the projected financials along with the business plan for the ensuing five years have been furnished at page 443 of the Petition. 6) Regulation 38(3)(c) & Regulation 38(3)(d): The time-line for approvals of Resolution Plan is stated in Section XIII of the Resolution Plan.

On the approval of the Resolution Plan, the Resolution Applicant through the Corporate Debtor will begin the process of obtaining necessary sanctions, approvals, and licences as per the implementation schedule and the same is tabled below:

I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022

INDICATIVE ACTIVITY SCHEDULE Sr. Activity Indicative Timeline No. (Days) I. Approval Process 1. Presentation of the Resolution Plan To be completed prior to to the CoC approval of the 2. Approval of the Resolution Plan by Resolution Plan by the the CoC Hon’ble NCLT 3. Application to the Hon’ble NCLT for approval of the Resolution Plan 4. Approval of the Resolution Plan by T the Hon’ble NCLT (Effective Date – “T”) 5. Writing off certain dues of the Corporate Debtor in accordance with the Resolution Plan and the Code 6. Formation and appointment of the Implementation and Monitoring Committee and reconstitution of the Board 7. Intimation to all Financial T + 1 Creditors, Operational Creditors, existing shareholders and other stakeholders II. Interim Period 8. Completion of Conditions T + 7 Precedent and issuance of Implementation Notice III. Infusion of Funds and Acquisition Actions 9. Upfront equity infusion into the T + 180 Corporate Debtor along with transfer of existing shares 9A. Upfront payment of INR 3.16 T + 90 Crores to Secured Financial Creditors (Canara Bank and ICICI Bank) IV. Settlement of Creditors and Mandatory Payments 10. Fund infusion to make all Immediately after mandatory payments and payment of upfront settlement of Financial Creditors amount and upon including admitted Financial execution of definitive Creditor Debt Acquisition agreements for unpaid settlement amount I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022

11. Payment of CIRP costs and all T + 30 other mandatory payments under the Code 12. Payment of remaining amount to T + 180 Secured Financial Creditors 13. Satisfaction of admitted Financial Immediately after Creditor Debt Acquisition payment of upfront amount and upon execution of definitive agreements 14. Payment to Employees and T + 90 Workmen 15. Payment to Government and T + 180 Statutory Authorities 16. Payment to other Operational T + 180 Creditors (other than employees and workmen) 17. Payment to Secured Operational T + 180 Creditors

7) Regulation 38(3)(e): The resolution Applicant being doctors and experience of more than 25 years in providing healthcare has the requisite experience and with the additional investors from healthcare community the applicant has requisite capability to implement the resolution plan.

i) The Resolution Professional has certified that the Resolution Plan is not subject to any contingency in Para 16 of Form-H. However, as per the Addendum dated 28.02.2026, the SRA clarifies that the Resolution Plan does not envisage any condition precedent, save and except as provided at SECTION VII: Acquisition as going concern - The Effective Date shall be the date identified in the Implementation Notice, which shall be issued within seven (7) days from the satisfaction namely, the receipt of a certified copy of the order of the sanctioning this Resolution Plan in accordance with its terms, together with the Letter of Intent from the Resolution Professional. It is clarified that the receipt of the certified copy of the approval order of this Authority together with the Letter of I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022

Intent from the Resolution Professional is the only requirement for implementation of resolution plan. Further, in Para 2 it is certified that the Resolution Plan complies with all the provisions of Insolvency and Bankruptcy Code, 2016 and the Regulations thereunder and also does not contravene any of the provisions of the law for the time being in force. Further, the SRA has submitted an affidavit under section 30(1) of the Code confirming its eligibility under Section 29A of the Code to submit the Resolution Plan. It is further certified that the Resolution Plan has been approved by the CoC in accordance with the provisions of the Code and the CIRP Regulations made thereunder. The Resolution Plan has been approved with 100% vote share after considering all the requirements specified by the CIRP Regulations.

j) Reliefs and Concessions: In Section X of the Plan, the Resolution Applicant has urged for exemption of compliance in relation to Companies Act, 2013, Taxes (Direct & Indirect) & Stamp Duty as well as Specific Laws, other Government Approvals as applicable to the Corporate Debtor and any other amounts payable by the Corporate Debtor. The Prayer has been examined and it is observed that for such reliefs and exemptions, the Resolution Applicant will have to approach the respective statutory authorities for being accorded and decided as per the provisions of concerned existing laws and landmark judgements. Further, the approval of the Resolution Plan shall not in itself be construed as waiver of any statutory obligations/liabilities and any waiver sought in the Resolution Plan, shall be subject to approval by the Authorities concerned in light of the Judgment of Supreme Court in Ghanshyam Mishra and Sons Private Limited v/s. Edelweiss Asset Reconstruction Company Limited (Civil Appeal no. 8129 of 2019).

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15. DECISION OF THE ADJUDICATING AUTHORITY: In the circumstances and for the aforesaid reasons, the incumbent application bearing I.A.(Plan) No. 02 of 2025 is allowed and accordingly: i. The Resolution Plan marked as Annexure 20, submitted by Dr. G.R. Subhash Kumar Reddy and Dr. Premlata Subhash (in respect of the Corporate Debtor, along with addendum dated 28.02.2026 and subsequent affidavits filed vide Diary No. 1089 dated 04.03.2026, Diary No. 1362 dated 17.03.2026, and affidavits filed on 12.08.2026 and status report of filed by the RP on 04.08.2026 is hereby approved. ii. The representation of the Committee of Creditors in the Monitoring Committee, constituted for overseeing the implementation of the approved Resolution Plan, shall be undertaken by the Secured Financial Creditor. iii. The Resolution Plan so approved shall be binding on the Corporate Debtor, its employees, members, creditors, including the Central Government, State Government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force such as authorities to whom statutory dues are owed, guarantors and other stakeholders involved in the Resolution Plan. iv.

Under the provisions of section 31(3) of the Code, we also direct as under: v. The moratorium imposed vide order dated 31.03.2023 in the main Company Petition ceases to operate from the date of this order. vi. The resolution professional shall forward all records relating to the conduct of the CIRP and the Resolution Plan to the Board to be recorded/uploaded on its database. vii. Further, the Resolution Professional is directed to handover the management, control and all the assets, documents/records in physical and/or digital form to the Successful Resolution Applicant I.A. (Plan) No. 02/2025 in CP (IB) 64/BB/2022 immediately and the resolution professional will stand discharged of his responsibilities of such position. viii. It is clarified that this order shall not be construed as an order granting exemption from payment of stamp duty, taxes or charges, if any, payment due or required in accordance with law or in respect to any permission/compliance with or anything specifically required under any law to be done/performed etc. for the time being in force. ix. The approved Resolution Plan is effective forthwith.

The Monitoring Committee shall submit bi-monthly progress report to this Authority. The members be paid remuneration as may be decided by the parties in the light of IBBI Regulations. x. In case of non-compliance/non-implementation/failure in implementation of this order or withdrawal of the Resolution Plan by the Successful Resolution Applicant, the RP shall forfeit the EMD/Performance Guarantee or any further amount paid as per the terms of the resolution plan without any recourse to this Authority. The Resolution Applicant shall also be liable to further compensate by way of interest or otherwise for the delay, deprivation and diminished prospects of CD in that event, as may be determined by this Authority. xi. The resolution professional shall forward all records of conducting CIRP and the Resolution Plan to the Board to be recorded/uploaded on its database. xii. The approved Resolution Plan is effective forthwith and the Monitoring Committee shall submit a bimonthly report on implementation of Resolution Plan until conclusion of all obligations thereunder. -Sd/- -Sd/- RADHAKRISHNA SREEPADA SUNIL KUMAR AGGARWAL MEMBER (TECHNICAL) MEMBER (JUDICIAL) I.A.

(Plan) No. 02/2025 in CP (IB) 64/BB/2022