# In the matter of Aegis Medicines Pvt. Ltd. CP (IB) 4493-MB-2019

> NCLT judgment dated 2022-11-25. Citation: TCN-2022-NCLT-00321. The case involves a petition filed by State Bank of India, the Financial Creditor, under…

- **Court:** NCLT
- **Order date:** 25 Nov 2022
- **Citation:** TCN-2022-NCLT-00321
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aegis-medicines-pvt-ltd-cp-ib-4493-mb-2019-33683e8b

## Summary

### Background

The case involves a petition filed by State Bank of India, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Aegis Medicines Pvt. Ltd., the Corporate Debtor, due to alleged default in payment of a financial debt. The Financial Creditor claims that the Corporate Debtor failed to make payment of outstanding financial debt amounting to Rs. 47,50,87,913 as on 30.11.2019, with the date of Non-Performing Asset being 11.11.2013. The Financial Creditor submitted financial statements and other documents to prove the existence of the financial debt and the default.

## Facts

State Bank of India, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aegis Medicines Pvt. Ltd., the Corporate Debtor. The Financial Creditor alleged that the Corporate Debtor defaulted on a financial debt of Rs. 47,50,87,913 as of 30.11.2019, with the NPA date being 11.11.2013. Various credit facilities, including term loans and cash credit facilities, were sanctioned and disbursed to the Corporate Debtor. The Financial Creditor submitted financial statements, CRILC reports, and CIBIL reports to substantiate its claim. The Corporate Debtor was allowed to file a reply subject to payment of costs, but it failed to comply with the order and was

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## Issues and analysis

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

**Ratio:** Section 7(5)(a) of the IBC states that where the Adjudicating Authority is satisfied that

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**Reasoning:** The Adjudicating Authority perused the petition and found it to be complete under

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**Interpretation:** Section 7 of the IBC provides the procedure for initiating CIRP by a financial

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**Application:** In this case, the Adjudicating Authority found that the petition was complete

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** State Bank of…
- **Respondents:** Aegis Medicines…

## Timeline

- **2013-11-11 — Date of Non-Performing…**: The date on which the account of the Corporate Debtor was declared as a Non-Performing…
- **2019-11-30 — Outstanding Financial…**: The outstanding financial debt of the…

## 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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