# In the matter of Panacea Hospital Pvt. Ltd. C.P. (IB) No. 157-BB-2019

> NCLT judgment dated 2019-10-17. Citation: TCN-2019-NCLT-00944. M/s.Meditek Systems, an operational creditor, filed a petition under Section 9 of the IBC,…

- **Court:** NCLT
- **Order date:** 17 Oct 2019
- **Citation:** TCN-2019-NCLT-00944
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/panacea-hospital-pvt-ltd-cp-ib-no-157-bb-2019-93e2ea6a

## Summary

### Background

M/s.Meditek Systems, an operational creditor, filed a petition under Section 9 of the IBC, 2016, read with Rule 6 of the I&B(AAA) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s.Panacea Hospitals Pvt. Ltd., the corporate debtor, due to a default in payment of Rs. 41,83,564/- along with interest. The operational creditor supplied medical instruments and equipment, including stents, to the corporate debtor. The corporate debtor failed to file its updated balance sheet and the hospital run by it is defunct. The respondent raised a preliminary objection stating that the petition is barred by limitation.

## Facts

M/s.Meditek Systems (Operational Creditor) filed C.P.(IB) No.157/BB/2019 under Section 9 of IBC, 2016 against M/s.Panacea Hospitals Pvt. Ltd. (Corporate Debtor) for default in payment of Rs.41,83,564/- plus interest. The Operational Creditor supplied medical instruments, including stents, to the Corporate Debtor. The last payment was made by the Corporate Debtor on 13.02.2017. A demand notice was issued on 25.01.2019, but no reply was received. The Corporate Debtor argued the petition was barred by limitation, as invoices were raised from 09.10.2015 to 08.11.2016, and 52 invoices were beyond the limitation period. The Operational Creditor maintained a running account. The Corporate Debtor did not file its updated balance sheet, and the hospital is defunct. The

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the IBC, 2016 is …

**Ratio:** The application under Section 9 of IBC must be filed within three years from the date of

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**Reasoning:** The Adjudicating Authority considered the date of the last payment made by the Corporate

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**Interpretation:** The limitation period for filing an application under Section 9 of IBC is three

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**Application:** In this case, the last payment was made on 13.02.2017, and the application was

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** M/s.Meditek…
- **Respondents:** M/s.Panacea…

## Timeline

- **2017-02-13 — Last Payment by…**: The last payment was made by the…
- **2019-01-25 — Demand Notice…**: Demand notice issued to the…

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