# In the matter of Prashanth Shekara Shetty Vs. Alcuris Healthcare Private Limited  & Ors. Company Appeal (AT) (Ins.) No. 359 of 2022 & I.A. No. 1321 of 2022

> NCLAT judgment dated 2022-10-20. Citation: TCN-2022-NCLAT-00141. The case involves an appeal against an order dated 15.03.2022 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 20 Oct 2022
- **Citation:** TCN-2022-NCLAT-00141
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/prashanth-shekara-shetty-vs-alcuris-healthcare-private-limited-ors-company-appea-7fc78216

## Summary

### Background

The case involves an appeal against an order dated 15.03.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-IV) in CP(IB) No. 75/MB-IV/2020. The Adjudicating Authority had admitted a Section 9 application under the Insolvency and Bankruptcy Code (IBC) filed by Alcuris Healthcare Private Limited (Respondent No. 1), initiating Corporate Insolvency Resolution Process (CIRP) against Abmay Health Ventures LLP (Corporate Debtor). The appeal was filed by Prashanth Shekara Shetty, a designated partner of Abmay Health Ventures LLP, challenging the initiation of CIRP. The core dispute revolves around a profit-sharing agreement between the Corporate Debtor and Respondent No. 1 for operating a cardiology unit, with disagreements arising over

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## Facts

An agreement dated 02.12.2015 was entered into between Metro Heart Centre Pvt. Ltd. (MHCPL), later known as Alcuris Healthcare Pvt. Ltd. (Respondent No. 1), and Abmay Health Ventures LLP (Corporate Debtor), creating a joint venture named SRV Heart Centre - unit of MHPCL. The heart centre became functional in January 2016. Differences arose between the parties regarding settlement of accounts and profit sharing. Respondent No. 1 sent a Demand Notice under Form-3 of the IBC to the Corporate Debtor on 07.12.2019, claiming outstanding dues as operational debt. The Corporate Debtor replied on 17.12.2019. A police complaint was filed against the Corporate Debtor by Respondent No. 1 on 11.01.2020. A Legal Notice invoking Arbitration Clause was sent to the Corporate Debtor on

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## Issues and analysis

### Issue 1: Whether the claim raised by Respondent No. 1 is …

**Ratio:** Section 5(20) of the IBC defines 'operational creditor' as a person to whom an

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**Reasoning:** The tribunal reasoned that the clauses of the agreement indicated that both parties were

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**Interpretation:** The interpretation of 'operational debt' under the IBC requires a clear

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**Application:** In this case, the tribunal found that the agreement between the Corporate

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Prashanth Shekara…
- **Respondents:** Abmay Health…; Alcuris Healthcare…

## Timeline

- **2015-12-02 — Agreement…**: Agreement entered into between Metro Heart Centre Pvt. Ltd. (MHCPL) and Abmay Health…
- **2016-01-01 — Heart Centre F…**: SRV Heart Centre became functional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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