# In the matter of AJS AGRO TRADE PRIVATE LIMITED

> NCLT judgment dated 2026-02-12. Citation: TCN-2026-NCLT-00152. M/s Volga Credit and Leasing Limited, a Financial Creditor, filed a petition under Section 7 of…

- **Court:** NCLT
- **Order date:** 12 Feb 2026
- **Citation:** TCN-2026-NCLT-00152
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-cuttack/ajs-agro-trade-private-limited-e7bad3f1

## Summary

### Background

M/s Volga Credit and Leasing Limited, a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s AJS Agro Trade Private Limited, the Corporate Debtor, due to default in repayment of a financial debt.

## Facts

The Financial Creditor, M/s Volga Credit and Leasing Limited, is a Non-Banking Financial Company.

The Corporate Debtor, M/s AJS Agro Trade Private Limited, approached the Financial Creditor in October 2022 seeking financial assistance of ₹10,00,00,000.

A Loan Agreement dated 09.10.2022 was executed between the parties, whereby the Financial Creditor agreed to grant an unsecured inter-corporate loan of ₹10,00,00,000 to the Corporate Debtor at an interest rate of 10% per annum.

The Financial Creditor disbursed the loan amount in thirteen tranches between 16.12.2022 and 19.12.2022.

The principal amount was repayable after two years from the date of receipt of the loan, with interest payable on a monthly basis.

…

## Issues and analysis

### Issue 1: Whether the applicant is …

**Ratio:** The applicant claims to be a Non-Banking Financial Company and has placed its NBFC

…

**Reasoning:** The Tribunal directed the applicant to place its NBFC registration certificate on record,

…

**Interpretation:** The applicant satisfies the requirement of being a Financial Creditor under the

…

**Application:** The applicant, M/s Volga Credit and Leasing Limited, is deemed to be a

…

## Parties

- **Judges:** Deep Chandr…; Banwari Lal…
- **Appellants:** M/S Volga Credit…
- **Respondents:** M/S AJS Agro…
- **Other parties:** Suman Kumar…; Vekas Kuma…
- **Advocates:** Kunal God…; Kinjal C…

## Timeline

- **2022-10-00 — Loan Appli…**: The Corporate Debtor approached the Financial…
- **2022-10-09 — Loan Agre…**: A Loan Agreement was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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