# In the matter of AVESTHAGEN LIMITED

> NCLT judgment dated 2026-02-06. Citation: TCN-2026-NCLT-00126. The Biotechnology Industry Research Assistance Council (BIRAC) filed a petition under Section 7…

- **Court:** NCLT
- **Order date:** 6 Feb 2026
- **Citation:** TCN-2026-NCLT-00126
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/avesthagen-limited-cc7689a4

## Summary

### Background

An application (I.A. No.441/2025) was filed by the Interim Resolution Professional (IRP) under Section 12A of the I&B Code, 2016 read with Regulations 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and Rule 11 of the NCLT Rules, 2016 seeking withdrawal of the C.P (IB) No.173/BB/2023.

## Facts

Biotechnology Industry Research Assistance Council (BIRAC) is a Government of India enterprise set up by the Department of Biotechnology (DBT).

Avesthagen Limited is a company limited by shares, incorporated on 20.04.1998, engaged in research and experimental development on Natural Sciences and Engineering.

DBT sanctioned loans to Avesthagen Limited under the Biotechnology Industrial Partnership Programme (BIPP) and Small Business Innovation Research Initiative (SBIRI) schemes.

The total outstanding amount due from Avesthagen Limited was Rs. 4,77,04,159.35/- as on 31.03.2023.

The Petitioner issued a recall notice dated 21.08.2018 and a final demand notice dated 05.02.2020 to the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the present Petition is within …

**Ratio:** Section 18 of the Limitation Act states that acknowledgment of liability in balance

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**Reasoning:** The Corporate Debtor's financial statements consistently reflected the loan liability,

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**Interpretation:** The acknowledgment of debt in the financial statements extends the period of

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**Application:** The petition was found to be within the limitation period due to the

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Appellants:** Biotechnology…; M/s Wipr…; +1 more
- **Respondents:** Avesthagen…; Avesthage…; +1 more
- **Other parties:** Piyush Kisanlal…; BaladyShekar…; +1 more

## Timeline

- **05.02.2024 — Petition…**: The present Petition was filed on 05.02.2024 under section 7 of the Insolvency and…
- **06.02.2026 — Order Del…**: Order delivered on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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