# In the matter of Fortis Healthcare Holdings  Pvt. Ltd. (IB-276-ND-2022

> NCLT judgment dated 2022-05-04. Citation: TCN-2022-NCLT-02915. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 4 May 2022
- **Citation:** TCN-2022-NCLT-02915
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/fortis-healthcare-holdings-pvt-ltd-ib-276-nd-2022-67b1be5e

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant's counsel presented arguments, referring to page 32 of the application, and highlighted three dates for interest payment. The applicant claimed to have received payments until August 24, 2017, and stated the next payment date was August 24, 2018.

## Facts

Axis Trustee Services Ltd. filed an application under Section 7 of the IBC, 2016, against Fortis Healthcare Holdings Pvt. Ltd. The applicant's counsel argued that there were three dates for interest payment, with payments received until August 24, 2017, and the next payment due on August 24, 2018. However, the application itself mentioned a default date of September 16, 2017. The court observed this discrepancy, noting that the amount was not due until August 24, 2018, according to the applicant's counsel. The discrepancy between the claimed default date and the actual due date led to the dismissal of the application.

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC, 2016 is maintainable given the discrepancy …

**Ratio:** An application under Section 7 of the IBC requires a valid default to have occurred. If

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**Reasoning:** The court reasoned that the application was not maintainable because the default date

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**Interpretation:** Section 7 of the IBC requires a clear and established default for an

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**Application:** In this case, the applicant's own submissions contradicted the default date

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## Parties

- **Judges:** SHRI. ABNI RANJAN…; HEMANT KUMAR…
- **Appellants:** Axis Trustee…
- **Respondents:** Fortis Healthcare…

## Timeline

- **2017-08-24 — Payment Recei…**: Applicant received…
- **2017-09-16 — Default Date Mentioned…**: Date of default mentioned in Part…

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