# In the matter of Meck Pharmaceuticals and Chemicals Pvt. Ltd. vs. Accurate Infrabuild Pvt. Ltd.

> NCLAT judgment dated 2025-10-29. Citation: TCN-2025-NCLAT-00547. Meck Pharmaceuticals and Chemicals Pvt. Ltd. filed an appeal against the order dated…

- **Court:** NCLAT
- **Order date:** 29 Oct 2025
- **Citation:** TCN-2025-NCLAT-00547
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/meck-pharmaceuticals-and-chemicals-pvt-ltd-vs-accurate-infrabuild-pvt-ltd-6a6f591c

## Summary

### Background

Meck Pharmaceuticals and Chemicals Pvt. Ltd. filed an appeal against the order dated 17.01.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench-II) in Company Petition (IB) No. 122 of 2022, which dismissed their Section 7 application under the Insolvency and Bankruptcy Code, 2016.

## Facts

Meck Pharmaceuticals and Chemicals Pvt. Ltd. advanced Rs 1 Cr. to Accurate Infrabuild Pvt. Ltd. for the construction of the 'Madina Heights' project.

The Corporate Debtor allegedly assured repayment with 18% interest per annum and a 15% share in the project's profit.

Meck issued a Legal Notice on 03.11.2020 claiming repayment of the outstanding amount.

A Section 7 petition was filed on 13.04.2022 seeking the admission of the Corporate Debtor into CIRP.

The Adjudicating Authority rejected the Section 7 application on 17.01.2024 as non-maintainable.

The Appellant claimed the disbursal was made with the consideration of time value of money.

The Corporate Debtor argued that the Appellant was not a Financial Creditor and the sum advanced was not a financial debt.

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## Issues and analysis

### Issue 1: Whether the sum of Rs 1 Cr. advanced by the Appellant to the Corporate Debtor satisfied the …

**Ratio:** For any debt to be treated as financial debt, there has to take place disbursal of money

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**Reasoning:** The Tribunal considered the arguments of both parties and examined the relevant statutory

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**Interpretation:** The Tribunal interpreted the definition of 'financial debt' to require

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**Application:** The Tribunal found that the Appellant failed to provide sufficient evidence to

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** M/s Meck Pharmaceu…
- **Respondents:** M/s Accurate…
- **Other parties:** Anuj…
- **Advocates:** Jaimin…; Karan Va…; +7 more

## Timeline

- **17.01.2024 — Impugned…**: Order passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad…
- **19.02.2010 — Disbursal o…**: Rs 1 Cr. was given by Meck…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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