# In the matter of Proton Positive Health Care India Private Limited CP (IB) No. 341-9-HDb-2018

> NCLT judgment dated 2019-01-28. Citation: TCN-2019-NCLT-05144. Excel Anesthesia and Pain Management Services Private Limited, the Operational Creditor, filed…

- **Court:** NCLT
- **Order date:** 28 Jan 2019
- **Citation:** TCN-2019-NCLT-05144
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/proton-positive-health-care-india-private-limited-cp-ib-no-341-9-hdb-2018-650d40bb

## Summary

### Background

Excel Anesthesia and Pain Management Services Private Limited, the Operational Creditor, filed a petition against Proton Positive Healthcare India Private Limited, the Corporate Debtor, for defaulting on a payment of Rs. 23,10,000. The Operational Creditor claimed that the Corporate Debtor failed to pay for anesthesia services rendered from April 2017 to September 2017, based on MoUs dated 21.04.2014 and 02.03.2016. The Corporate Debtor contested the claim, alleging that the MOU dated 02.03.2016 was forged and fabricated by Dr. L. Sreedhar, who was previously associated with the Corporate Debtor. The Corporate Debtor also argued that a new management had acquired the company under a Share Purchase Agreement dated 07.09.2017, and the Operational Creditor's name was not

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## Facts

Excel Anesthesia and Pain Management Services Private Limited (Operational Creditor) claimed that Proton Positive Healthcare India Private Limited (Corporate Debtor) defaulted on a payment of Rs. 23,10,000 for anesthesia services provided between April 2017 and September 2017. The claim was based on two Memoranda of Understanding (MoUs) dated 21.04.2014 and 02.03.2016. The Corporate Debtor disputed the claim, alleging that the MoU dated 02.03.2016 was forged by Dr. L. Sreedhar, a former director, in collusion with Dr. P. Sridhar representing the Operational Creditor. The Corporate Debtor also argued that a new management acquired the company under a Share Purchase Agreement (SPA) dated 07.09.2017, and the Operational Creditor's name was not included in the list of

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## Issues and analysis

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

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016 allows an operational creditor to

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**Reasoning:** The court found that the Operational Creditor had provided sufficient evidence, including

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**Interpretation:** The court interpreted Section 9 of the IBC to mean that if an operational debt

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**Application:** The court applied the ratio to the facts of the case, finding that the

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## Parties

- **Judges:** Ratakonda…
- **Appellants:** Excel Anesthesia…
- **Respondents:** Proton Positive…

## Timeline

- **2014-04-21 — MOU Date…**: First Memorandum of…
- **2016-03-02 — MOU Date…**: Second Memorandum of…

## 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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