# In the matter of MEDICLONE BIOTECH PRIVATE LIMITED

> NCLT judgment dated 2026-03-16. Citation: TCN-2026-NCLT-00241. The Biotechnology Industry Research Assistance Council filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 16 Mar 2026
- **Citation:** TCN-2026-NCLT-00241
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mediclone-biotech-private-limited-b71eeace

## Summary

### Background

The Biotechnology Industry Research Assistance Council filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Mediclone Biotech Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition pertains to a financial debt arising from loan agreements.

## Facts

The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.

The petitioner, Biotechnology Industry Research Assistance Council, is a non-profit public sector enterprise.

The corporate debtor, Mediclone Biotech Private Limited, is engaged in the business of producing monoclonal blood grouping and other seras.

The corporate debtor availed credit facilities for two projects, SBIRI59 and SBIRI60, amounting to Rs. 741.65 Lakhs.

The loan was sanctioned by the predecessor of the petitioner, Biotech Consortium India Limited SBIRI Management Agency.

The corporate debtor defaulted in repayment of the loan, leading to recall notices and legal notices.

The petitioner placed the NeSL certificate as a record of default.

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## Issues and analysis

### Issue 1: Whether there is a valid debt and …

**Ratio:** The Hon'ble Supreme Court in Innoventive Industries Limited -Vs- ICICI Bank & Anr.,

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**Reasoning:** The Tribunal considered the loan agreements, NeSL certificate, and the corporate debtor's

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**Interpretation:** The existence of a debt and default is a prerequisite for admitting a petition

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**Application:** The Tribunal found that the corporate debtor defaulted in repayment of the

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Biotechnology…
- **Respondents:** Mediclone Biotech…; Mediclone Biotech…
- **Other parties:** Ramela Ran…
- **Advocates:** E. Santhana…; T.V. Suresh…; +3 more

## Timeline

- **2026-03-16 — Order Pron…**: Order pronounced on 16th March, 2026,…
- **2006-12-27 — Loan Sanc…**: Loan of Rs.676.65 Lakhs…

## 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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