# In the matter of Ramakrisha Homeo Pharmaceuticals Limited

> NCLT judgment dated 2024-01-10. Citation: TCN-2024-NCLT-03204. The case involves an application under Section 7 of the Insolvency & Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 10 Jan 2024
- **Citation:** TCN-2024-NCLT-03204
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ramakrisha-homeo-pharmaceuticals-limited-4d81b8b9

## Summary

### Background

The case involves an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, filed by financial creditors M/s.Carbonzero Eco Projects Private Limited and M/s.Greater Horizon Consultants LLP against M/s.Ramakrishna Homeo Pharmaceuticals Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had taken loans from the financial creditors, and despite extensions and agreements, failed to repay the amounts. The financial creditors issued legal notices, but the Corporate Debtor sought more time, citing financial difficulties.

## Facts

M/s.Carbonzero Eco Projects Private Limited and M/s.Greater Horizon Consultants LLP (Financial Creditors) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s.Ramakrishna Homeo Pharmaceuticals Private Limited (Corporate Debtor). The Corporate Debtor took a loan of Rs.80,00,000/- from Financial Creditor No.1 on 09.04.2018 and Rs.15,00,000/- from Financial Creditor No.2 on 17.05.2019. The Corporate Debtor requested a waiver of interest and an extension of the timeline, which was partially granted. The Corporate Debtor and Financial Creditor No.1 entered into an extension agreement on 04.04.2022, extending the payment due date to 31.03.2022, with an interest rate of 18%

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency & Bankruptcy Code, 2016, for …

**Ratio:** The legal principle is that once a debt and default are established, the application

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**Reasoning:** The court reasoned that the Corporate Debtor admitted to the outstanding debt and

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**Interpretation:** The interpretation is that the existence of a debt and default are primary

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**Application:** The court applied this principle to the facts, noting that the Corporate Debtor

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Carbonzero Eco…
- **Respondents:** Ramakrishna Homeo…

## Timeline

- **2018-04-09 — Loan Agreeme…**: The Corporate Debtor took a loan of…
- **2019-05-17 — Loan Agreeme…**: The Corporate Debtor took a loan of…

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