# In the matter of Techmed Health Centre and Diagnostic Private Limited IBA-690-2020

> NCLT judgment dated 2022-04-25. Citation: TCN-2022-NCLT-04919. Transasia Bio-Medicals Limited filed an application under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 25 Apr 2022
- **Citation:** TCN-2022-NCLT-04919
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/techmed-health-centre-and-diagnostic-private-limited-iba-690-2020-8b5c0d9b

## Summary

### Background

Transasia Bio-Medicals Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) for initiating the Corporate Insolvency Resolution Process (CIRP) against Techmed Health Centre and Diagnostic Private Limited, claiming to be an Operational Creditor.

## Facts

Transasia Bio-Medicals Limited filed an application under Section 9 of the IBC as an Operational Creditor.

The Corporate Debtor, Techmed Health Centre and Diagnostic Private Limited, defaulted on payments.

The default amount claimed by the Operational Creditor is Rs. 1,72,81,738/-.

The Operational Creditor issued a Demand Notice under Section 8 of the IBC to the Corporate Debtor on 13.02.2020.

The Corporate Debtor did not appear before the Tribunal, and an ex-parte order was passed on 13.08.2021.

The Operational Creditor and Corporate Debtor entered into Minimum Purchase Agreements (MPA) and Memorandum of Understanding (MOU).

The date of default mentioned in Part IV of the application is 13.03.2019.

Mr. S. Vasudevan was appointed as the Interim Resolution Professional (IRP).

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in payment of …

**Ratio:** The Corporate Debtor failed to honor the terms agreed upon in the MPA and MOU, leading to

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**Reasoning:** The Adjudicating Authority considered the records and submissions, finding no

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**Interpretation:** The failure to adhere to the agreed terms in the MPA and MOU constitutes a

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**Application:** The default justifies the initiation of

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## Parties

- **Judges:** (Retd.) S.…; Anil Ku…
- **Appellants:** Transasia…
- **Respondents:** Techmed Health…
- **Other parties:** S. Vasu…
- **Advocates:** M/s Giridha…; G.S.Vive…; +2 more

## Timeline

- **2020-02-13 — Demand Notice…**: The Operational Creditor issued a Demand Notice under Section 8 of IBC to the Corporate…
- **2020-08-30 — Application…**: The Operational Creditor filed the application before the Tribunal seeking initiation 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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