# In the matter of Anoushka Hospital Consultancy & Management Services Pvt. Ltd. CP (IB)  - 3739-I&BP-MB-2018

> NCLT judgment dated 2019-01-15. Citation: TCN-2019-NCLT-05241. Omkara Assets Reconstruction Pvt. Ltd., as an assignee of New India Co-Operative Bank, Andheri…

- **Court:** NCLT
- **Order date:** 15 Jan 2019
- **Citation:** TCN-2019-NCLT-05241
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/anoushka-hospital-consultancy-management-services-pvt-ltd-cp-ib-3739-ibp-mb-2018-acb986fa

## Summary

### Background

Omkara Assets Reconstruction Pvt. Ltd., as an assignee of New India Co-Operative Bank, Andheri Branch, filed a petition seeking the Corporate Insolvency Resolution Process (CIRP) against Anoushka Hospital Consultancy and Management Services Pvt. Ltd. The petition was based on the Corporate Debtor's default in making payment of Rs. 17,81,54,000/- including interest, as per Section 7 of the Insolvency and Bankruptcy Code, 2016. The New India Co-Operative Bank had sanctioned a term loan facility of Rs. 14 Crores to the Corporate Debtor, which was repayable with interest. The Corporate Debtor failed to disclose execution proceedings initiated by the bank for attachment of properties.

## Facts

New India Co-Operative Bank, Andheri Branch, sanctioned a term loan of Rs. 14 Crores to Anoushka Hospital Consultancy and Management Services Pvt. Ltd. (Corporate Debtor) on 04.08.2015, repayable with 13% interest per annum. The loan tenure was 8 years, including a 9-month moratorium, with an EMI of Rs. 24,93,011/- per month. The Corporate Debtor defaulted on 30.11.2016, owing Rs. 17,81,54,000/- including interest. New India Co-Operative Bank initiated arbitration proceedings, resulting in a consent award of Rs. 14,58,72,257/- plus interest. The bank also initiated execution proceedings in District and Sessions Court, Valsad, and the Bombay High Court for attachment of the Corporate Debtor's properties. New India Co-Operative Bank assigned the loan to Omkara Assets

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016 allows for the initiation of CIRP

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**Reasoning:** The Adjudicating Authority found that the Corporate Debtor had defaulted in repaying the

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**Interpretation:** Section 7 provides a mechanism for creditors to initiate insolvency proceedings

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**Application:** The Corporate Debtor's failure to make payment as per the loan agreement and

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** Omkara Assets…
- **Respondents:** Anoushka Hospital…

## Timeline

- **2015-08-04 — Loan Sanc…**: New India Co-Operative Bank, Andheri Branch, sanctioned a term loan of Rs. 14 Crores to…
- **2016-11-30 — Default…**: The Corporate Debtor defaulted in making payment…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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