# In the matter of LABLAND BIOTECHS PRIVATE LIMITED

> NCLT judgment dated 2025-06-13. Citation: TCN-2025-NCLT-00892. The Biotechnology Industry Research Assistance Council (BIRAC) filed a petition under Section 7…

- **Court:** NCLT
- **Order date:** 13 Jun 2025
- **Citation:** TCN-2025-NCLT-00892
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/labland-biotechs-private-limited-b6186c26

## Summary

### Background

The Biotechnology Industry Research Assistance Council (BIRAC) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Labland Biotechs Private Limited, citing a financial debt.

## Facts

The Petitioner, Biotechnology Industry Research Assistance Council (BIRAC), disbursed ₹2,42,53,000 to the Corporate Debtor.

The principal amount outstanding as of 31.03.2023 was ₹2,36,53,000.

The total amount in default, including interest, was ₹5,28,57,895.28 as of 31.03.2023.

The Date of First Default is stated as 03.08.2010.

The Corporate Debtor had sought financial assistance from the Govt of India under the Small Business Innovation Research Initiative (SBIRI).

The terms and conditions of the loan were governed by the Original Agreement dated 03.08.2007, Transfer Orders dated 25.09.2012 and 09.05.2014, and Supplementary Agreement dated 01.12.2016.

The Corporate Debtor made part payments of Rs. 2,00,000 on 21.01.2015 and Rs. 4,00,000 on 20.02.2020.

…

## Issues and analysis

### Issue 1: Whether the petition is …

**Ratio:** Acknowledgement of debt or part payment as contemplated under Sections 18 and 19 of the

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**Reasoning:** The Corporate Debtor acknowledged the monetary liability in its Balance Sheets from

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**Interpretation:** Each such acknowledgment extends the period of limitation by three years under

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**Application:** The court held that the present Petition is not barred by limitation because of

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Appellants:** Biotechnology…
- **Respondents:** M/s. Labland…
- **Other parties:** Rani N…; Alka Sh…; +1 more

## Timeline

- **2007-08-03 — Sanction…**: Sanction order issued by the Department of Biotechnology (Govt of India) under the SBIRI…
- **2010-08-03 — Date of First…**: The first date of default in…

## 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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