# Himalaya Food International Limited vs. A.P.J. Laboratories Limited

> NCLT judgment dated 2026-05-22. Citation: TCN-2026-NCLT-00545. Himalaya Food International Limited (Financial Creditor) filed an application under Section 7…

- **Court:** NCLT
- **Order date:** 22 May 2026
- **Citation:** TCN-2026-NCLT-00545
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/himalaya-food-international-limited-vs-apj-laboratories-limited-xdol3

## Summary

### Background

Himalaya Food International Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against A.P.J. Laboratories Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The default amount claimed is INR 14,41,09,996/- as of 31.03.2023, with the date of default being 10.10.2015. The debt originated from credit facilities availed by the Corporate Debtor since 2012, which were subsequently converted into a secured loan via a mortgage deed dated 28.08.2015. The Corporate Debtor failed to make repayments as per the agreement.

## Facts

The present application was filed on 26.11.2024 by Himalaya Food International Limited (Applicant/Financial Creditor) through its authorized representative Sh. Basant Kumar Sharma.

The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) against A.P.J. Laboratories Limited (Respondent/Corporate Debtor).

The default amount is INR 14,41,09,996/- as on 31.03.2023, including interest.

The date of default, as mentioned in Part IV of the Application, is 10.10.2015.

A.P.J. Laboratories Limited (Corporate Debtor) is a public company limited by shares incorporated on 30.01.1992, engaged in real estate activities.

…

## Issues and analysis

### Issue 1: Whether there exists a financial debt …

**Ratio:** The Adjudicating Authority concluded that a financial debt exists, is payable, and has

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**Reasoning:** The debt originated from credit facilities, secured by a mortgage deed, with a defined

…

**Interpretation:** A 'financial debt' under the IBC is a debt along with interest, if any, which

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**Application:** The facts clearly demonstrate a disbursement of funds by the Financial Creditor

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## Parties

- **Judges:** KAUSHALENDRA…; KHETRABASI…
- **Appellants:** Himalaya Food…
- **Respondents:** A.P.J. Laboratorie…
- **Other parties:** Sh. Basant Kumar…; Sh. Man Mohan…; +2 more
- **Advocates:** Aalok J…; Sahil L…; +2 more

## Timeline

- **1992-01-30 — Incorporation of…**: A.P.J. Laboratories Limited (Corporate Debtor) was incorporated as a public company…
- **2012 — Availment of Credit…**: A.P.J. Laboratories Limited (Corporate Debtor) availed credit facility from Himalaya Food…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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