# In the matter of Admiron Life Sciences Private Limited

> NCLT judgment dated 2017-08-09. Citation: TCN-2017-NCLT-00646. The case involves a Company Petition filed by Admiron Life Sciences Private Limited, the…

- **Court:** NCLT
- **Order date:** 9 Aug 2017
- **Citation:** TCN-2017-NCLT-00646
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/admiron-life-sciences-private-limited-d8555aec

## Summary

### Background

The case involves a Company Petition filed by Admiron Life Sciences Private Limited, the Corporate Applicant, to initiate a Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016. The petition was filed before the National Company Law Tribunal (NCLT), Hyderabad Bench.

## Facts

Admiron Life Sciences Private Limited filed a Company Petition to initiate Corporate Insolvency Resolution Process (CIRP). The petition was filed under Section 10 of the Insolvency and Bankruptcy Code, 2016. The State Bank of India (SBI) had extended loan facilities to Admiron Life Sciences. SBI had already initiated action under the SARFAESI Act. The debt was not in dispute. The proposed Resolution Professional was eligible to be appointed as IRP. SBI had no objection to initiating CIRP. The Company Petition was admitted on 2017-07-28. The Learned Counsel for the Respondent expressed no objection for appointment of IRP and imposition of moratorium.

## Issues and analysis

### Issue 1: Whether the Company Petition filed by Admiron Life Sciences Private Limited to initiate Corporate …

**Ratio:** Section 10 of the Insolvency and Bankruptcy Code, 2016 allows a corporate applicant to

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**Reasoning:** The NCLT considered the documents filed by the Applicant, including bank statements

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**Interpretation:** Section 10 of the IBC provides the legal basis for a corporate applicant to

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**Application:** The ratio and reasoning are applied to the facts of the case, where the debt

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## Parties

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

## Timeline

- **2017-07-28 — Company Petition…**: The Company Petition filed by Admiron Life Sciences Private Limited was admitted by the…
- **2017-08-09 — Date of…**: The order was issued on…

## 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)

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