# In the matter of HARSHITHA HOSPITALS PRIVATE LIMITED

> NCLT judgment dated 2025-05-01. Citation: TCN-2025-NCLT-00136. The case involves an application filed by K.C. Gurusamy (Financial Creditor) against Harshitha…

- **Court:** NCLT
- **Order date:** 1 May 2025
- **Citation:** TCN-2025-NCLT-00136
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/harshitha-hospitals-private-limited-fc90f273

## Summary

### Background

The case involves an application filed by K.C. Gurusamy (Financial Creditor) against Harshitha Hospitals Pvt Ltd (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claims a default of Rs. 2,55,91,244/- based on a loan agreement dated 25.04.2024. The Corporate Debtor, through its Managing Director, admitted the debt and default. The Financial Creditor has submitted documents including the loan agreement, demand promissory note, and statement of accounts to substantiate the financial debt.

## Facts

K.C. Gurusamy, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Harshitha Hospitals Pvt Ltd, the Corporate Debtor. The application was filed due to a default on a loan agreement dated 25.04.2024. The total amount claimed by the Financial Creditor is Rs. 2,55,91,244/-, comprising Rs. 2,47,11,000/- towards the principal and Rs. 8,80,244 towards the interest. The date of default is stated to be 05.08.2024. The Financial Creditor submitted documents including a loan agreement, demand promissory note, letter of continuity, and board resolution authorizing the loan. The Corporate Debtor, through its Managing Director Dr. Ilankumaran, admitted the debt and default in their reply. The loan was disbursed between

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, should be …

**Ratio:** The ratio is based on the Supreme Court's rulings in Innoventive Industries Ltd. –Vs-

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**Reasoning:** The Tribunal reasoned that the Financial Creditor had provided sufficient evidence of a

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**Interpretation:** The interpretation of Section 7 of the IBC, as clarified by the Supreme Court,

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**Application:** The ratio and reasoning were applied to the facts of the case. The Tribunal

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** K.G GUR…
- **Respondents:** HARSHITHA…
- **Advocates:** N.P. Viia…; R. Pra…; +1 more

## Timeline

- **2024-04-24 — Board Reso…**: Board resolution of Corporate…
- **2024-04-25 — Loan Agreeme…**: Date of the Loan Agreement between the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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