# In the matter of GLOBAL MEDICINES LIMITED

> NCLT judgment dated 2025-12-05. Citation: TCN-2025-NCLT-01771. Kotyark Industries Limited, an operational creditor, filed an application under Section 9 of…

- **Court:** NCLT
- **Order date:** 5 Dec 2025
- **Citation:** TCN-2025-NCLT-01771
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/global-medicines-limited-1e7c79c8

## Summary

### Background

Kotyark Industries Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Global Medicines Limited, the corporate debtor, due to a default of INR 3,79,81,906/- including interest. The date of default was stated as 01.02.2020.

## Facts

Kotyark Industries Limited (Operational Creditor) filed an application under Section 9 of IBC to initiate CIRP against Global Medicines Ltd (Corporate Debtor).

The Operational Creditor claimed a default amount of INR 3,79,81,906/- including interest, with the date of default being 01.02.2020.

Global Medicines Ltd. denied the debt, alleging that the interest claim was based on a fabricated ledger and that no operational debt was due.

The Operational Creditor supplied goods to the Corporate Debtor from 29.07.2017 to 01.02.2020, raising invoices for each delivery.

The respondent claimed to have made payments between 31.03.2020 and 02.07.2020, totaling INR 30,54,207/-.

The applicant issued a demand notice dated 17.09.2021.

…

## Issues and analysis

### Issue 1: Whether the application under …

**Ratio:** The application is maintainable if the debt exceeds the threshold of INR 1 crore and

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**Reasoning:** The Adjudicating Authority observed that the debt, including principal and interest,

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**Interpretation:** Section 4 of the IBC specifies the

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**Application:** The Adjudicating Authority found that the debt exceeded the threshold and the

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Kotyark Industries…
- **Respondents:** Global Medicines…
- **Other parties:** Gaurang Rameshchan…; Alpeshbhai…; +3 more
- **Advocates:** Nipun Si…; Vishal J…; +1 more

## Timeline

- **2020-02-01 — Date of D…**: The date of default is…
- **2021-09-17 — Demand Notice…**: The applicant issued a…

## 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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