# In the matter of Waxsen Lifescience Pvt. Ltd.

> NCLT judgment dated 2025-08-08. Citation: TCN-2025-NCLT-01298. Union Bank of India, a financial creditor and COC member, filed an application (IA/5187/2024)…

- **Court:** NCLT
- **Order date:** 8 Aug 2025
- **Citation:** TCN-2025-NCLT-01298
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/waxsen-lifescience-pvt-ltd-eecbb989

## Summary

### Background

Union Bank of India, a financial creditor and COC member, filed an application (IA/5187/2024) seeking clarification that a property sold by them under the SARFAESI Act prior to the commencement of CIRP of Waxsen Lifescience Pvt Ltd, the corporate debtor, should not be considered as part of the CIRP assets. The bank also sought to set aside the decision of Respondent No. 2 approving the resolution plan dated 04.01.2024.

## Facts

Union Bank of India sanctioned and disbursed credit facilities to Waxsen Lifescience Pvt Ltd for Rs. 1378.02 lakhs, secured by equitable mortgage and hypothecation.

The loan of the Corporate Debtor was classified as NPA on 31.01.2020.

Union Bank of India took symbolic possession of the property under Section 13(2) and (3) of the SARFAESI Act.

E-auction was conducted on 10.09.2022, and M/s. Survival Technologies Private Limited was declared the highest bidder.

A sale certificate was issued on 15.12.2022 and registered on 07.06.2023.

The Corporate Debtor issued a No Objection Certificate dated 11.01.2022 to Gujarat Industrial Development Corporation.

Union Bank of India submitted a claim in Form C of INR 19969519.00 dated 14.03.2023.

…

## Issues and analysis

### Issue 1: Whether the property in question is required to be excluded from the CIRP process being not the …

**Ratio:** The sale of the property by the applicant bank has been challenged and the adjudication

…

**Reasoning:** The DRT has also passed an order dated 10.01.2023, that the measures taken by the Union

…

**Interpretation:** The outcome of which may approve the sale, in the event of which, the property

…

**Application:** The Respondent has also categorically submitted that in the event, sale is set

…

## Parties

- **Judges:** Sushil Mahadeorao…; Charanjeet Singh…
- **Appellants:** Union Bank of…
- **Respondents:** Waxsen Lifscience…; Ritesh Prakash…; +7 more
- **Advocates:** Rakesh…; Prajakta M…; +2 more

## Timeline

- **2019-09-27 — Sanction Lett…**: Sanction letter for credit…
- **2019-09-30 — Letter of Continuity…**: Letter of continuity for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-mumbai/waxsen-lifescience-pvt-ltd-eecbb989