E-voting Results of 11th Meeting of COC
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Cian Healthcare, which is under the Corporate Insolvency Resolution Process (CIRP), held the 11th meeting of its Committee of Creditors with e-voting open from April 1 to May 9, 2025. All 7 creditors (100%) participated in the voting. In a significant outcome, the CoC approved the resolution plan submitted by Mr. Pradeep Kumar Jain with 100% support, while rejecting the competing plan from Mr. Pradeep Kumar Kabra. The CoC also voted against initiating liquidation of the company, consistent with choosing to revive it through a resolution plan. CIRP costs of about Rs. 1.46 crore (for Feb 26 to Mar 20, 2025) were ratified, and Kanj & Co LLP was appointed as consultant to file the approved resolution plan with the NCLT for final approval.
This is a positive development for shareholders as the company moves closer to exiting insolvency through a revival plan rather than liquidation. However, the resolution plan still requires NCLT approval before it becomes effective, so the process is not yet complete and share value recovery remains uncertain.