# In the matter of Gokul Super Speciality Hospital Private Limited C.P.(IB)No. 156-BB-2020

> NCLT judgment dated 2020-11-04. Citation: TCN-2020-NCLT-00296. Punjab National Bank (International) Limited filed a petition under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 4 Nov 2020
- **Citation:** TCN-2020-NCLT-00296
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gokul-super-speciality-hospital-private-limited-cpibno-156-bb-2020-3018e34f

## Summary

### Background

Punjab National Bank (International) Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Gokul Super Speciality Hospital Private Limited, claiming a default of USD 35,86,397.05. The Financial Creditor had provided a loan facility of USD 4.50 MN to the Corporate Debtor for setting up a Super Speciality Hospital in Udupi. The Corporate Debtor defaulted on repayment, leading to the issuance of a demand notice and invocation of personal guarantees. The Corporate Debtor filed objections, contending that the petition was not maintainable, offering to settle the dispute by paying up to USD 3 million, and alleging issues with the bank's calculations and delays due to

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## Facts

Punjab National Bank (International) Limited ('the Financial Creditor') was incorporated on 13.04.2006. Gokul Super Speciality Hospital Private Limited ('the Corporate Debtor') was incorporated on 28.04.2005. The Financial Creditor provided a loan facility of USD 4.50 MN to the Corporate Debtor for setting up a Super Speciality Hospital in Udupi. The Corporate Debtor defaulted on repayment, leading to a Demand Notice on 17.09.2018. The amount due from the Corporate Debtor is USD 3,586,397.05. The Corporate Debtor filed objections, offering to settle the dispute by paying up to USD 3 million. The Financial Creditor refused an OTS on 21/08/2020. The Financial Creditor made a fresh One Time Settlement offer to the Respondent Corporate Debtor vide its letter dated

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## Issues and analysis

### Issue 1: Whether the Company Petition should be admitted for Corporate Insolvency Resolution Process (CIRP) …

**Ratio:** The admission of a Company Petition under Section 7 of the IBC requires the establishment

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**Reasoning:** The court noted that the Company Petition was not yet admitted and that the Petitioner

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**Interpretation:** The court interpreted the provisions of the IBC to allow for the withdrawal of

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**Application:** In this case, the court applied the ratio and reasoning to permit the

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## Parties

- **Judges:** Ashok Kumar…; Ashutosh C…
- **Appellants:** Punjab National…
- **Respondents:** Gokul Super…

## Timeline

- **2006-04-13 — Incorporation of Punjab National Bank…**: Punjab National Bank…
- **2005-04-28 — Incorporation of Gokul Super Speciality…**: Gokul Super Speciality Hospital…

## 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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