Central Bank of India Vs Rama Agro Foods Private Limited (NCLT Mumbai)
Summary: The National Company Law Tribunal, Mumbai Bench-VI admitted Central Bank of India’s application under Section 7 of the Insolvency and Bankruptcy Code, 2016 for initiation of Corporate Insolvency Resolution Process against Rama Agro Foods Private Limited, a corporate guarantor of the financial debt owed by Shri Gajanan Maharaj Sugar Limited. The application, C.P. (IB) No.208/MB/2026, was filed on 26.02.2026.
The Principal Borrower had obtained a term loan aggregating Rs.23.68 crore pursuant to renewed sanction letters dated 26.07.2016 and 25.10.2016. Rama Agro Foods Private Limited executed a Corporate Guarantee dated 14.12.2016 securing the borrower’s obligations. The Applicant relied upon the guarantee deed, invocation notice, loan and security documents, statements of account, NPA and default records, the NeSL record of default, the Principal Borrower’s audited balance sheet and OTS documents. The amount stated to be in default was Rs.27,29,61,728.78/-.
The Tribunal noted that the Principal Borrower’s account was classified as NPA on 29.12.2019 and that the Applicant had issued a notice under Section 13(2) of the SARFAESI Act, 2002 on 02.01.2020. The Principal Borrower was subsequently admitted into CIRP by the Tribunal on 31.07.2026 in CP No.22 of 2026. The Applicant invoked the Corporate Guarantee by notice dated 17.01.2026. The physical notice was returned with the endorsement “Addressee Left without Instructions”, but the guarantee deed provided that notice sent by post to the registered office would be deemed to have been given in due course. The Applicant subsequently sent the invocation notice by email on 10.02.2026 to the registered email address of the Corporate Debtor. The Tribunal accepted 10.02.2026 as the date of default of the Corporate Guarantor.
