# In the matter of Aaishni Pharmaceuticals Pvt. Ltd. CP (IB) 4059-MB-2018

> NCLT judgment dated 2023-01-06. Citation: TCN-2023-NCLT-05160. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 6 Jan 2023
- **Citation:** TCN-2023-NCLT-05160
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aaishni-pharmaceuticals-pvt-ltd-cp-ib-4059-mb-2018-199c5a4a

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Omkara Assets Reconstruction Pvt. Ltd. (the Applicant/Financial Creditor) against Aaishni Pharmaceuticals Pvt. Ltd. (the Corporate Debtor), alleging default in payment of a financial debt. The Respondent Company was incorporated on 17.01.2014. The Applicant is an assignee of New India Co-operative Bank Limited. The Corporate Debtor failed to make payment of outstanding financial debt. The Corporate Debtor had agreed and confirmed that on the date of execution the Corporate Debtor will be liable to pay Rs. 8,00,44,953 along with 14% and penal interest @ 2%.

## Facts

Omkara Assets Reconstruction Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Aaishni Pharmaceuticals Pvt. Ltd., alleging default in payment of a financial debt. Aaishni Pharmaceuticals Pvt. Ltd. was incorporated on 17.01.2014. The nominal share capital of the Respondent/Corporate Debtor Company is Rs. 10,00,000/-. The Corporate Debtor failed to make payment of outstanding financial Debt of Rs. 6,86,67,000/- (Rupees Six Crores Eighty-Six Lakhs Sixty-Seven Thousand Only) being the Principal amount and Interest Rs. 1,93,50,000/- (One Crore Ninety-Three Lakhs Fifty Thousand Only aggregating to Rs. 8,80,17,000/- (Rupees Eight Crores Eighty Lakhs Seventeen Thousand Only) as on 28.02.2018. The date of Non-Performing Asset was on

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

**Ratio:** The Adjudicating Authority must be satisfied that a default has occurred and the

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**Reasoning:** The court perused the Petition/Application filed under Section 7 of the Code r.w. Rule 4

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**Interpretation:** Section 7 of the IBC outlines the procedure for initiating the corporate

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**Application:** The court found that the application was complete under sub-section (2) of S. 7

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Respondents:** Aaishni Pharmaceut…

## Timeline

- **2014-01-17 — Incorporation of…**: The Respondent Company, Aaishni Pharmaceuticals Pvt. Ltd., was incorporated under the…
- **2016-08-12 — Arbitration…**: An Arbitral award was passed whereby the Corporate Debtor had agreed and confirmed that…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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