# In the matter of Admiron Life Sciences Private Limited

> NCLT judgment dated 2017-07-28. Citation: TCN-2017-NCLT-00692. Admiron Life Sciences Private Limited filed a petition to initiate Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 28 Jul 2017
- **Citation:** TCN-2017-NCLT-00692
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/admiron-life-sciences-private-limited-d1bbade4

## Summary

### Background

Admiron Life Sciences Private Limited filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC). The company had obtained credit facilities from State Bank of Hyderabad (now State Bank of India) and defaulted on payments. The bank had initiated actions under the SARFAESI Act to recover its dues. The petition was filed while the SARFAESI proceedings were ongoing.

## Facts

Admiron Life Sciences Private Limited, incorporated on 06.12.2010, sought to initiate Corporate Insolvency Resolution Process (CIRP). The company obtained credit facilities from State Bank of Hyderabad (now State Bank of India), amounting to 39 Crores as a term loan and 20 Crores as cash credit. The company defaulted on its payments, leading the bank to initiate SARFAESI proceedings. The outstanding amount as of 29.03.2017 was Rs.66,79,80,523.00. The unsecured creditors amounted to Rs. 4,39,06,152 as of 16.06.2017. The company petition was filed under Section 10 of the IBC while SARFAESI proceedings were pending. The authorized share capital of the Corporate Applicant is 45,00,00,000 (Rupees Forty Five Crores only) divided into 45000000 (Four Crore Fifty Lakh) of Rs.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor has …

**Ratio:** The IBC, 2016 defines default as

…

**Reasoning:** The court noted that the Corporate Applicant had availed various loan facilities from the

…

**Interpretation:** The interpretation of 'default' under the IBC is straightforward: failure to

…

**Application:** The court applied the definition of default to the facts of the case, noting

…

## Parties

- **Judges:** Rajeswara Rao…
- **Respondents:** Admiron Life…; State Bank of…

## Timeline

- **2010-12-06 — Incorporation of Admiron Life Sciences Private…**: Admiron Life Sciences Private Limited was incorporated in the erstwhile state of Andhra…
- **2012-07-06 — Credit Facilities…**: The Corporate Applicant obtained various credit facilities in terms of Term Loan to the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/admiron-life-sciences-private-limited-d1bbade4