# 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-00102. The case involves an application filed by Anand Kumar Gupta, claiming to be a Financial…

- **Court:** NCLT
- **Order date:** 21 Dec 2021
- **Citation:** TCN-2021-NCLT-00102
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/adelson-pharma-pvt-ltd-cp-no-ib-74-7-jpr-2019-2aa25103

## Summary

### Background

The case involves an application filed by Anand Kumar Gupta, claiming to be a Financial Creditor, against Adelson Pharma Private Limited ('Respondent' / Corporate Debtor') under Section 7 of the Insolvency and Bankruptcy Code, 2016 ('Code'). The applicant seeks initiation of Corporate Insolvency Resolution Process ('CIRP') due to alleged default in repayment of a loan. The Respondent is a Private Limited Company incorporated on 06.08.2015. The Financial Creditor is claiming an amount of Rs. 27,30,136/-. The applicant advanced a sum of Rs. 25,00,000/- to the respondent based on an oral agreement in April 2016, with an interest rate of 12% per annum for two years. To comply with the Companies Act, a director of the Respondent Company transferred shares to the Applicant,

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## Facts

Anand Kumar Gupta, claiming to be a Financial Creditor, filed an application against Adelson Pharma Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The Financial Creditor claimed a default of Rs. 27,30,136/-. In April 2016, the Applicant advanced Rs. 25,00,000/- to the Respondent based on an oral agreement with a 12% annual interest rate 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 became a 12.5% shareholder in the Respondent Company. The Respondent served a Legal Notice on 23.01.2019 demanding

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## Issues and analysis

### Issue 1: Whether the Applicant qualifies as a 'Financial Creditor' under Section 5(7) of the Insolvency and …

**Ratio:** To qualify as a Financial Creditor, the applicant must have extended a financial debt to

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**Reasoning:** The court considered the arguments that the amount was extended due to a long-standing

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**Interpretation:** The definition of 'Financial Creditor' requires a disbursement against the

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**Application:** In this case, the Applicant disbursed Rs. 25,00,000/- to the Respondent, and

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## Parties

- **Judges:** Deep Chandr…; RaghuNa…
- **Appellants:** Anand Kumar…
- **Respondents:** Adelson Pharma…
- **Advocates:** Nitesh Shri…; Mudit Ma…; +4 more

## Timeline

- **2015-08-06 — Incorporation of…**: Adelson Pharma Private Limited…
- **2016-04-01 — Oral Agreement…**: Applicant and Respondent entered into an oral agreement for an unsecured loan of Rs.…

## 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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