# In the matter of Alps Pharmaceuticals Pvt. Ltd. C.P. (IB) No. 497-7-NCLT-AHM-2018

> NCLT judgment dated 2019-11-06. Citation: TCN-2019-NCLT-00692. The case involves an I.B. Petition filed by Dena Bank (now Bank of Baroda) under Section 7 of…

- **Court:** NCLT
- **Order date:** 6 Nov 2019
- **Citation:** TCN-2019-NCLT-00692
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alps-pharmaceuticals-pvt-ltd-cp-ib-no-497-7-nclt-ahm-2018-9407ca26

## Summary

### Background

The case involves an I.B. Petition filed by Dena Bank (now Bank of Baroda) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Alps Pharmaceuticals Private Limited. The petition arises from the Corporate Debtor's default in repaying loan/CC facilities availed from the Bank. Dena Bank, the Applicant, is incorporated under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970. The application was filed by Shri Arvindkumar Purushottamdas Parmar, Chief Manager at Dena Bank.

## Facts

Dena Bank (now Bank of Baroda) filed an I.B. Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Alps Pharmaceuticals Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to default in loan repayment. Alps Pharmaceuticals Private Limited was incorporated on 16/04/1980. The nominal share capital of the Respondent (CD) Company is Rs.1,50,00,000/- and the paid-up capital is Rs.1,09,28,800/-. The company manufactures injections and tablets. The petitioner Bank sanctioned total aggregate facilities of Rs.29,50,00,000/- on 29/04/2013. The Corporate-Debtor defaulted payment on 12/08/2015. The Financial Creditor filed an IA for substituting the name of Dena Bank with Bank of Baroda due to amalgamation. The

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the Insolvency and …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, allows a financial creditor to

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**Reasoning:** The Tribunal considered the documents and submissions made by the Financial Creditor,

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**Interpretation:** Section 7 of the IBC provides the mechanism for financial creditors to initiate

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**Application:** The Tribunal applied Section 7 to the facts of the case, considering the

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** Bank of B…
- **Respondents:** Alps Pharmaceutica…

## Timeline

- **1980-04-16 — Incorporation of…**: Alps Pharmaceuticals Private…
- **2013-04-29 — Sanction of Loan…**: The petitioner Bank sanctioned total…

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