# Futurelife Pharmaceuticals Private Limited vs. Respondent

> NCLT judgment dated 2026-09-10. Citation: TCN-2026-NCLT-00986. Futurelife Pharmaceuticals Pvt Ltd (Corporate Applicant/Debtor) filed an application under…

- **Court:** NCLT
- **Order date:** 10 Sept 2026
- **Citation:** TCN-2026-NCLT-00986
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/futurelife-pharmaceuticals-private-limited-vs-ms-futurelife-pharmaceuticals-pvt-8c6c2

## Summary

### Background

Futurelife Pharmaceuticals Pvt Ltd (Corporate Applicant/Debtor) filed an application under Section 10 of the IBC, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) due to default in paying debts. The company cited a flood in 2019 causing a Rs 4 Crore loss and the COVID-19 pandemic as reasons for business decline and inability to pay creditors. The total debt is Rs. 17,47,51,951/-, comprising both unsecured financial and operational creditors. Several operational creditors (Associated Biotech, Agron Remedies Pvt. Ltd, Phytochem Healthcare, Three B Healthcare Limited, M.R. Healthcare Pvt. Ltd) objected, alleging the application was filed to evade legitimate liabilities, lacked proper documentation (audited financial statements, shareholder resolution),

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## Facts

M/s Futurelife Pharmaceuticals Pvt Ltd (Corporate Applicant) filed an application under Section 10 of the IBC, 2016, for initiating Corporate Insolvency Resolution Process (CIRP).

The Corporate Applicant defaulted in paying a debt of Rs. 17,47,51,951/-, comprising both unsecured financial and operational creditors.

Futurelife Pharmaceuticals Pvt Ltd is incorporated under the Companies Act, 1956, with CIN No. U24230GJ2013PTC077906 and is engaged in the pharma products business.

A flood occurred in Vadodara on August 1, 2019, causing water ingress into the applicant's godown, damaging raw materials and medicines, leading to a financial loss of approximately Rs 4 Crore.

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## Issues and analysis

### Issue 1: Whether the application filed by M/s Futurelife Pharmaceuticals Pvt Ltd under Section 10 of the …

**Ratio:** An application under Section 10 of IBC, 2016, is maintainable if the corporate applicant

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**Reasoning:** The Tribunal observed that the applicant had outstanding liabilities of Rs. 18,44,89,869

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**Interpretation:** Section 10 allows a corporate debtor to initiate CIRP when it has defaulted on

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**Application:** The Corporate Applicant demonstrated a significant default amount and a

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Futurelife…
- **Respondents:** M/s. Futurelife…; Three B Healthcare…; +4 more
- **Other parties:** CoC…; Hardik Mahendrasin…; +5 more
- **Advocates:** Sneh .R. P…; Aaditya…; +8 more

## Timeline

- **2019-08-01 — Flood Inc…**: A flood occurred in Vadodara city due to heavy rain, resulting in water ingress into the…
- **2019-05-13 — MR Healthcare…**: Invoice No. MRHC/19-20/029 issued by MR…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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