Akkme Food Craft Limited Vs Regal Enterprises Limited (NCLT Delhi)
The National Company Law Tribunal (NCLT), Delhi Bench, admitted an application filed by M/s. Akkme Food Craft Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Regal Enterprises Limited in respect of an alleged financial default of ₹1,05,74,726 as on 31.01.2026.
According to the Financial Creditor, the Corporate Debtor, which had business dealings as a supplier of dry fruits and grocery items, sought financial assistance in July 2025 through an Inter-Corporate Deposit (ICD) for working capital and festive season inventory. The Financial Creditor agreed to provide an ICD of ₹1 crore carrying interest at 15% per annum. The amount was disbursed in three tranches of ₹20 lakh on 28.07.2025, ₹20 lakh on 29.07.2025 and ₹60 lakh on 14.10.2025. The Corporate Debtor acknowledged receipt through ICD receipts and agreed to repay the principal together with interest by 31.01.2026. The Financial Creditor relied upon ICD receipts, bank statements and ledger accounts to establish the financial debt.
Upon maturity, the Financial Creditor requested repayment through an email dated 24.01.2026. In response, the Corporate Debtor issued two cheques dated 10.02.2026 for ₹50 lakh and ₹54,49,754 respectively. Subsequently, the Corporate Debtor requested that the cheques be presented first on 16.02.2026 and later on 20.02.2026. When presented, both cheques were dishonoured on 24.02.2026 with the remark “Funds Insufficient.” On this basis, the Financial Creditor claimed that a financial default of ₹1,05,74,726 had occurred and filed the Section 7 application. The date of default stated in the application was 24.02.2026.
