# In the matter of ACE EMBEDDED INTENSIVE CARE UNITS PRIVATE LIMITED

> NCLT judgment dated 2026-03-10. Citation: TCN-2026-NCLT-00222. Aditya Birla Capital Limited filed a petition under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 10 Mar 2026
- **Citation:** TCN-2026-NCLT-00222
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/ace-embedded-intensive-care-units-private-limited-8cdc4363

## Summary

### Background

Aditya Birla Capital Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Ace Embedded Intensive Care Units Pvt. Ltd. due to a default in payment of a financial debt.

## Facts

Aditya Birla Capital Limited (ABFL), a wholly-owned subsidiary of the Financial Creditor, was an NBFC providing credit facilities.

ABFL was amalgamated with the Financial Creditor effective 01.04.2025.

Ace Embedded Intensive Care Units Pvt. Ltd. is engaged in providing intensive care units to hospitals.

In October 2023, the Corporate Debtor approached ABFL for a loan to expand its business.

The Financial Creditor sanctioned a Term Loan of Rs 10,00,00,000/- on 16.11.2023 with an interest rate of 11.5% per annum.

A Loan Agreement was entered into on 18.11.2023, and an initial disbursement of Rs 6,00,00,000/- was made.

The Corporate Debtor made EMI payments between November 2023 and January 2025 but defaulted thereafter.

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## Issues and analysis

### Issue 1: Whether the date of NPA classification can …

**Ratio:** The date of NPA classification can

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**Reasoning:** Section 3 (12) of the IBC defines 'Default' as nonpayment of debt when due. When loan

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**Interpretation:** The date of NPA classification serves as the valid 'Date of Default' for

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**Application:** In this case, the date of NPA classification, 16.05.2025, is considered the

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Appellants:** ADITYA BIRLA…
- **Respondents:** ACE EMBEDDED…; Ace Embedded…
- **Other parties:** Jagadis…; Beleyur Resolution…; +1 more

## Timeline

- **2023-10-01 — Loan Req…**: Corporate Debtor approached Financial Creditor/ABFL for a loan to facilitate business…
- **2023-11-16 — Sanction…**: Financial Creditor issued Sanction Letter…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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