Tata Capital Limited Vs Immaculate Agro Spices Private Limited (NCLT Kochi)
The petition was filed by Tata Capital Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Immaculate Agro Spices Private Limited. The petitioner requested admission of the application, declaration of moratorium, and appointment of an Interim Resolution Professional (IRP).
The amount claimed in default is ₹3,57,87,361.25 as on 21.07.2025. The Corporate Debtor was incorporated on 23.01.2017 with the objective of cultivation, processing, and trading of agricultural and agro-food products, including dairy, horticulture, and floriculture. Since the registered office is in Ernakulam, Kerala, the NCLT Kochi Bench has jurisdiction.
Notices were issued by post and email on 01.11.2025 by the Petitioner, and by the Registry on 27.10.2025. The Corporate Debtor failed to appear despite multiple opportunities and was set ex parte by order dated 18.11.2025.
According to the petitioner, the Corporate Debtor applied for a term loan from Tata Capital Limited, and a sanction letter dated 23.11.2023 approved a loan of ₹4 crore. Before disbursal, the Corporate Debtor executed a Term Loan Agreement on 27.11.2023 and a Memorandum of Deposit of Title Deeds on 29.11.2023, thereby creating a mortgage. The debtor committed default, leading to the account becoming irregular and subsequently classified as a Non-Performing Asset (NPA) on 11.05.2025 in accordance with RBI guidelines. A Loan Recall Notice was issued on 21.05.2025, followed by a SARFAESI demand notice under Section 13(2) on 29.05.2025, calling upon the Corporate Debtor to repay outstanding dues of ₹3,50,19,621.90 as on 16.05.2025.
