# In the matter of Maneesh Pharmaceuticals Limited

> NCLT judgment dated 2024-10-15. Citation: TCN-2024-NCLT-00429. The case involves a petition filed by Export-Import Bank of India, Bank of India (New York…

- **Court:** NCLT
- **Order date:** 15 Oct 2024
- **Citation:** TCN-2024-NCLT-00429
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maneesh-pharmaceuticals-limited-13b396c1

## Summary

### Background

The case involves a petition filed by Export-Import Bank of India, Bank of India (New York Branch), State Bank of India, and Union Bank of India to initiate Corporate Insolvency Resolution Process (CIRP) against Maneesh Pharmaceuticals Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to alleged default in repayment of debt. The Corporate Debtor's foreign subsidiary, Svizera Holdings B.V., defaulted on a term loan facility of USD 45 million. The Corporate Debtor had provided a corporate guarantee. The account was classified as NPA by various banks in 2011. Barclays Bank PLC, Hong Kong, issued an Acceleration Notice in 2012. A foreign suit was filed in Queen's Bench, UK, resulting in a judgment against the Corporate Debtor in 2014. The Corporate

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## Facts

M/s Svizera Holdings B.V., a foreign subsidiary of Maneesh Pharmaceuticals Limited, obtained a term loan facility of USD 45 million from Export-Import Bank of India, Bank of India (New York Branch), State Bank of India, and Union Bank of India. Maneesh Pharmaceuticals Limited provided a corporate guarantee for the loan. The Borrower defaulted on the loan, leading to the account being classified as a Non-Performing Asset (NPA) by the banks in 2011. Barclays Bank PLC, Hong Kong, issued an Acceleration Notice in 2012. The Facility Agent filed a suit against the Borrower and Corporate Debtor in the Queen's Bench Division, Commercial Court, London, which resulted in a judgment dated 08.04.2014 directing the Corporate Debtor to pay USD 35,355,064.80. The Corporate Debtor

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## Issues and analysis

### Issue 1: Whether in the facts and circumstances of the present case, the foreign judgment dated 08.04.2014 …

**Ratio:** A foreign decree passed on merits by a Superior Court of a reciprocating territory can be

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**Reasoning:** The NCLT relied on the judgments of Ashapura Minechem Ltd vs. Armada (Singapore) Pte.

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**Interpretation:** The interpretation of Regulation 2A of the CIRP Regulations, 2016, allows for

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**Application:** The foreign decree obtained in the Queen's Bench, UK, is considered valid

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Export-Import…
- **Respondents:** Maneesh Pharmaceut…

## Timeline

- **2007-09-24 — Facility Ag…**: Financial Creditors extended a term loan facility of USD 45 million to Svizera Holdings…
- **2007-09-28 — Loan Disbur…**: The loan amount was disbursed to 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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