Team India Managers Limited Vs Desai Agrifoods Private Limited (NCLT Ahmedabad)
The National Company Law Tribunal admitted a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) against the corporate debtor after finding that the existence of financial debt and default had been established through documentary evidence.
The petition was filed by the financial creditor seeking initiation of CIRP against the corporate debtor for default in repayment of financial debt amounting to Rs. 1,14,36,758/-, including interest. The financial creditor stated that a loan agreement dated 01.10.2024 had been executed for a financial facility of Rs. 1 crore carrying interest at 12% per annum. Pursuant to the agreement, the loan amount was disbursed through banking channels on 08.11.2024 after a drawdown request by the corporate debtor.
According to the petition, the corporate debtor initially serviced interest and made a payment of Rs. 1,56,822/- on 15.01.2025 towards interest. Thereafter, the financial creditor demanded payment of interest for the quarter ending 31.03.2025 through communication dated 07.04.2025. The corporate debtor, through an email dated 30.04.2025, admitted financial difficulties and expressed inability to repay the dues, which the financial creditor treated as an event of default under the loan agreement. Further demand communications were issued on 06.08.2025, 07.08.2025, and 29.08.2025. The corporate debtor again acknowledged its inability to repay through emails dated 29.08.2025.
