# In the matter of Fortis Healthcare Ltd. IA Nos. 468-2021 & 116-2022 and CP (IB) No. 113-Chd-Pb-2021

> NCLT judgment dated 2022-03-07. Citation: TCN-2022-NCLT-03869. The case involves an application for withdrawal of a Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 7 Mar 2022
- **Citation:** TCN-2022-NCLT-03869
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/fortis-healthcare-ltd-ia-nos-468-2021-116-2022-and-cp-ib-no-113-chd-pb-2021-a7e95a72

## Summary

### Background

The case involves an application for withdrawal of a Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was filed in relation to CP (IB) No. 113/Chd/Pb/2021. The parties involved, Medsource Healthcare Pvt. Ltd. (Operational Creditor) and Fortis Healthcare Ltd. (Corporate Debtor), have reached a settlement.

## Facts

Medsource Healthcare Pvt. Ltd., the operational creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against Fortis Healthcare Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was registered as CP (IB) No. 113/Chd/Pb/2021. Subsequently, the parties reached a settlement, and an application (IA No. 116/2022) was filed for the withdrawal of the CIRP. The entire payment as per the settlement was made, and the learned counsel for both parties jointly submitted that no amount remained due. The settlement agreement was placed on record, and the application was supported by an affidavit. The key fact is the settlement between the parties, leading to the operational creditor's request to withdraw the CIRP.

## Issues and analysis

### Issue 1: Whether IA No. 116/2022, filed for withdrawal of CP (IB) No. 113/Chd/Pb/2021, should be allowed …

**Ratio:** The legal principle applied is that if the parties to a CIRP reach a settlement and the

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**Reasoning:** The court reasoned that since the parties had arrived at a settlement, the entire payment

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**Interpretation:** The interpretation is that the Insolvency and Bankruptcy Code, 2016, allows for

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Medsource…
- **Respondents:** Fortis Healthcare…

## Timeline

- **2021-01-01 — CP (IB)…**: CP (IB) No. 113/Chd/Pb/2021 filed under Section 9 of IBC by Medsource Healthcare Pvt.…
- **2022-03-07 — Order Da…**: IA No. 116/2022 allowed, CP (IB) No. 113/Chd/Pb/2021 dismissed as withdrawn, and IA No.…

## 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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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-division-bench-court-i-chenn/fortis-healthcare-ltd-ia-nos-468-2021-116-2022-and-cp-ib-no-113-chd-pb-2021-a7e95a72