# In the matter of Adelson Pharma Pvt. Ltd. CP No. (IB) -74-7-JPR-2019

> NCLT judgment dated 2021-12-21. Citation: TCN-2021-NCLT-00095. The case involves an application filed by Anand Kumar Gupta, a financial creditor, against…

- **Court:** NCLT
- **Order date:** 21 Dec 2021
- **Citation:** TCN-2021-NCLT-00095
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/adelson-pharma-pvt-ltd-cp-no-ib-74-7-jpr-2019-22984724

## Summary

### Background

The case involves an application filed by Anand Kumar Gupta, a financial creditor, against Adelson Pharma Private Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant claims that the corporate debtor defaulted on a loan of Rs. 25,00,000/- advanced in April 2016, with an outstanding amount of Rs. 27,30,136/-. The corporate debtor contested the application, arguing that the applicant does not fall within the definition of 'Financial Creditor' and that there was no actual disbursement for the time value of money.

## Facts

Anand Kumar Gupta, claiming to be a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Adelson Pharma Private Limited, the corporate debtor. The applicant stated that he advanced a sum of Rs. 25,00,000/- to the respondent in April 2016 based on an oral agreement, with an interest rate of 12% per annum for two years. The loan was disbursed in two tranches: Rs. 12,50,000/- on 28.04.2016 and Rs. 12,50,000/- on 08.06.2016. The respondent made interest payments of Rs. 3,00,000/- on 04.05.2017 and Rs. 2,70,000/- on 01.05.2018. The applicant claimed that after the loan tenure expired on 08.06.2018, the respondent failed to repay the loan amount, leading to a total outstanding of Rs. 27,30,136/-. The respondent

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## Issues and analysis

### Issue 1: Whether the Applicant falls within the definition of 'Financial Creditor' as defined under Section …

**Ratio:** The definition of 'Financial Creditor' under Section 5(7) requires that the person has

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**Reasoning:** The Adjudicating Authority considered the evidence presented by the applicant, including

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**Interpretation:** The interpretation of 'Financial Creditor' hinges on whether the disbursement

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**Application:** The Adjudicating Authority found that the loan was disbursed against the

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## Parties

- **Judges:** Deep Chandr…; RaghuNa…
- **Appellants:** Anand Kumar…
- **Respondents:** Adelson Pharma…

## Timeline

- **2016-04-01 — Loan Agre…**: Applicant advanced a sum of Rs. 25,00,000/- to the Respondent based on an oral agreement…
- **2016-04-28 — First Tranche…**: Rs. 12,50,000/- was credited…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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