# In the matter of Syed Najam Ahmed vs. National Agricultural Co-Operative Marketing Federation of India (Ltd.) (NAFED) & Anr.

> NCLAT judgment dated 2025-09-19. Citation: TCN-2025-NCLAT-00508. The appeal was filed by the Suspended Director of the Corporate Debtor challenging the order…

- **Court:** NCLAT
- **Order date:** 19 Sept 2025
- **Citation:** TCN-2025-NCLAT-00508
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/syed-najam-ahmed-vs-national-agricultural-co-operative-marketing-federation-of-i-9a7260a6

## Summary

### Background

The appeal was filed by the Suspended Director of the Corporate Debtor challenging the order dated 07.11.2024, by which the application filed under Section 7 of the IBC 2016 by the Financial Creditor, NAFED, for the resolution of an amount of Rs. 194,01,78,454/- was admitted.

## Facts

NAFED agreed to grant financial debt to the Corporate Debtor (Zenith Mining Pvt. Ltd.) by way of an agreement dated 12.02.2004 for extracting iron ore from mines in India and to execute its export orders.

On 27.02.2004, the Corporate Debtor submitted a proposal to the Financial Creditor that certain Chinese and Korean companies had approached it for export of iron ore.

The Financial Creditor advanced a sum of Rs. 90,22,00,000/- from 26.02.2004 to 12.05.2005 and also paid EGGC premium to the tune of Rs. 57,13,606/- as financial debt, totaling to Rs. 90,79,13,606/-.

The Corporate Debtor repaid a sum of Rs. 30,65,00,000/- between 01.03.2004 and 30.03.2007, leading to an outstanding amount of 60,14,00,000/-.

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## Issues and analysis

### Issue 1: Whether the arbitral award is based upon the …

**Ratio:** The court considered the terms and conditions of the agreement and the fact that the

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**Reasoning:** The court noted that both agreements dated 12.02.2004 and 16.03.2004 were relied upon by

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**Interpretation:** The court interpreted the agreements and the arbitral award to be related to a

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**Application:** The court applied the definition of financial creditor to the facts of the case

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## Parties

- **Judges:** Rakesh Kuma…; Md. Faiz Al…; +1 more
- **Appellants:** Syed Najam…
- **Respondents:** Zenith Mining…; National Agricultu…
- **Other parties:** National Agricultu…; Sanjeet Kumar…; +1 more
- **Advocates:** Soumya Priyadarshi…; Anand Kumar…; +2 more

## Timeline

- **2025-09-19 — Order Da…**: The present appeal is filed by the Suspended Director of the Corporate Debtor to…
- **2004-02-12 — Agreement…**: NAEFED agreed to grant financial debt to the Corporate Debtor (Zenith Mining Pvt. Ltd.)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(10) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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