# Immacule Lifesciences Pvt Ltd vs. FTF Pharma Private Limited

> NCLT judgment dated 2026-09-09. Citation: TCN-2026-NCLT-00977. Immacule Lifesciences Pvt Ltd (Operational Creditor) filed an application under Section 9 of…

- **Court:** NCLT
- **Order date:** 9 Sept 2026
- **Citation:** TCN-2026-NCLT-00977
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/immacule-lifesciences-pvt-ltd-vs-ftf-pharma-private-limited-7e7ua

## Summary

### Background

Immacule Lifesciences Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against FTF Pharma Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The application stemmed from an alleged outstanding debt of Rs.2,18,03,319/- arising from a Technology Transfer Agreement dated 04.05.2022. Under this agreement, FTF Pharma was to transfer technology to Immacule Lifesciences for manufacturing pharmaceutical products. Immacule Lifesciences claimed to have completed milestones 2 and 3, and incurred costs for third-party lab testing, for which invoices were raised but remained unpaid despite a demand notice.

## Facts

Immacule Lifesciences Pvt Ltd (Operational Creditor) filed an application under Section 9 of the IBC against FTF Pharma Private Limited (Corporate Debtor) for initiation of CIRP.

The total outstanding debt claimed by the Operational Creditor is Rs.2,18,03,319/-.

The Operational Creditor and Corporate Debtor entered into a Technology Transfer Agreement dated 04.05.2022.

Under the agreement, the Corporate Debtor was to transfer technology for manufacturing pharmaceutical products to the Operational Creditor.

Milestone 1 of the agreement was completed and duly paid for by the Corporate Debtor.

The Operational Creditor claims to have achieved Milestone 2 on 10.05.2023 and Milestone 3 (six-month stability data) in November 2023.

…

## Issues and analysis

### Issue 1: Whether the debt claimed by the Operational …

**Ratio:** The NCLT found that the Petitioner had performed its obligations for the second and third

…

**Reasoning:** The Petitioner raised invoices for milestones 2 and 3, and for third-party lab testing,

…

**Interpretation:** A failure to pay a legitimate claim for services rendered and invoices raised,

…

**Application:** The Corporate Debtor's non-payment of the invoices for milestones 2 and 3, and

…

## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Immacule Lifescien…
- **Respondents:** FTF Pharma…
- **Other parties:** Sunil Kumar…
- **Advocates:** Kunal Vai…; Jaydeep…

## Timeline

- **2022-05-04 — Technology Transfer…**: Operational Creditor and Corporate Debtor…
- **2022-11-10 — Purchase Order for Lab…**: Petitioner issued purchase order for Rs.20,38,319/- upon Teena Bio Labs Limited for…

---

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-ahmedabad/immacule-lifesciences-pvt-ltd-vs-ftf-pharma-private-limited-7e7ua