# In the matter of BSR Diagnostic Ltd. CP No. 1283-I&BP-NCLT-MAH-2017

> NCLT judgment dated 29 Sept 2017. Citation: TCN-2017-NCLT-00332. Axis Bank Limited filed a Company Petition under section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 29 Sept 2017
- **Citation:** TCN-2017-NCLT-00332
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bsr-diagnostic-ltd-cp-no-1283-ibp-nclt-mah-2017-66dc4f48

## Summary

### Background

Axis Bank Limited filed a Company Petition under section 7 of the Insolvency and Bankruptcy Code, 2016, against BSR Diagnostic Limited (Corporate Debtor) due to defaults in loan repayments. The Corporate Debtor had availed a Term Loan facility of ₹33,75,00,000 and a Cash Credit Facility of ₹6,00,00,000. These facilities were disbursed between October and December 2011. The Corporate Debtor failed to make timely repayments, leading Axis Bank to recall the loans on December 5, 2016, demanding repayment within seven days. When the Corporate Debtor failed to comply, Axis Bank initiated the Corporate Insolvency Resolution Process (CIRP).

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## Facts

Axis Bank Limited filed a Company Petition under section 7 of the Insolvency and Bankruptcy Code, 2016, against BSR Diagnostic Limited, the Corporate Debtor. The petition alleged that the Corporate Debtor availed a Term Loan facility of ₹33,75,00,000 through a Term Loan Agreement dated November 10, 2011. The amounts were disbursed on October 27, 2011, December 7, 2011, December 9, 2011, and December 23, 2011.

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## Issues and analysis

### Issue 1: Whether the Company Petition filed by Axis Bank Limited under Section 7 of the Insolvency and…

**Ratio:** A Company Petition under Section 7 of the IBC, 2016, is admissible if the financial…

**Reasoning:** The NCLT found that the Petitioner, Axis Bank Limited, had provided sufficient…

**Interpretation:** The NCLT interpreted **Section 7** of the IBC to mean that the primary…

**Application:** In this case, Axis Bank provided the Term Loan Agreement, Cash Credit…

## Parties

- **Judges:** B.S.V. Prakash…; V. Nallasen…
- **Advocates:** Shyam Ka…; Hridhay K…; +1 more

## Timeline

- **November 10, 2011 — Term Loan Ag…**: Corporate Debtor availed Term…
- **October 10, 2011 — Cash Credit F…**: Corporate Debtor availed Cash Credit Facility of ₹6,00,00,000 through Letter of…

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