# In the matter of Vasan Health Care Pvt. Ltd. CA No.1-2017

> NCLT judgment dated 2017-04-21. Citation: TCN-2017-NCLT-00890. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 21 Apr 2017
- **Citation:** TCN-2017-NCLT-00890
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vasan-health-care-pvt-ltd-ca-no1-2017-a2e52973

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. Alcon Laboratories (India) Private Limited, an operational creditor, against M/s. Vasan Health Care Private Limited, the corporate debtor. The operational creditor supplied diagnostic equipment, eye care pharma, and vision care products to the corporate debtor since 2008. The corporate debtor defaulted on payments, leading to the application for initiation of the corporate insolvency resolution process (CIRP).

## Facts

M/s. Alcon Laboratories (India) Private Limited (Operational Creditor) supplied diagnostic equipment, eye care pharma, and vision care products to M/s. Vasan Health Care Private Limited (Corporate Debtor) since 2008. The Corporate Debtor approached the Operational Creditor in 2008 for the supply of such products, leading to various agreements and memoranda of understanding. The Operational Creditor, through its consignment agent M/s. Parekh Integrated Services Private Ltd, supplied products on credit, and invoices were issued. The Corporate Debtor received the products without demur but defaulted on payments. The Operational Creditor sent reminders, but the Corporate Debtor failed to make payments, resulting in a significant outstanding amount. A letter dated 7.12.2015

…

## Issues and analysis

### Issue 1: Whether the statutory notice issued under clause (a) of sub-rule (1) of Rule 5 of the IBC …

**Ratio:** The requirement of making a notice is mandatory, but the 'Form' in which it is to be

…

**Reasoning:** The court noted that both the statutory notice and the application were in accordance

…

**Interpretation:** The court interprets the procedural requirements of the IBC, specifically

…

**Application:** The court applied this principle to the facts, noting that the statutory notice

…

## Parties

- **Judges:** K. Anantha…; CH. MOHD SHARIEF…
- **Appellants:** M/s.Alcon…
- **Respondents:** M/s.Vasan Health…

## Timeline

- **2017-01-02 — Statutory…**: Operational creditor sent a statutory…
- **2017-01-06 — Notice Re…**: Corporate debtor…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/vasan-health-care-pvt-ltd-ca-no1-2017-a2e52973