# In the matter of NATEMS SUGAR PRIVATE LIMITED

> NCLT judgment dated 2026-02-10. Citation: TCN-2026-NCLT-00133. M/s. STCI Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 10 Feb 2026
- **Citation:** TCN-2026-NCLT-00133
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/natems-sugar-private-limited-4efb0c90

## Summary

### Background

M/s. STCI Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Natems Sugar Private Limited.

## Facts

STCI Finance Limited sanctioned a Corporate Term Loan of ₹60 Crore to Natems Sugar Private Limited.

The loan was sanctioned vide sanction letter No. STCI/CL/NSPL/17-18/1674 dated 19.03.2018.

A Facility Agreement dated 29.03.2018 was executed between the parties.

The Corporate Debtor executed various security documents on 29.03.2018, including a Demand Promissory Note, Continuing Letter, Share Pledge Agreement, Irrevocable Power of Attorney, Mortgage by Deposit of Title Deeds, and Deed of Hypothecation.

The loan amount was repayable in 20 quarterly installments.

The Corporate Debtor committed default in repayment when the installment of ₹3 Crore due on 31.12.2019 was not paid.

Interest amounting to ₹1,22,19,728/- due on 01.02.2020 and 02.03.2020 also remained unpaid.

…

## Issues and analysis

### Issue 1: Whether the Financial Creditor has established the existence of a financial debt and occurrence of …

**Ratio:** For admission of an application under Section 7 of the IBC, the Financial Creditor is

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**Reasoning:** The Corporate Debtor did not dispute the debt or default but repeatedly expressed its

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**Interpretation:** The Adjudicating Authority interpreted the evidence to show that a financial

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**Application:** The Adjudicating Authority applied Section 7 of the IBC and found that the

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** STCI Finance…; STCI Financ…
- **Respondents:** Natems Sugar…
- **Other parties:** Ahalada Rao…
- **Advocates:** Avinash…; K.Siddhar…; +2 more

## Timeline

- **2018-03-19 — Sanction…**: Sanction letter No. STCI/CL/NSPL/17-18/1674…
- **2018-03-29 — Facility Ag…**: Facility Agreement executed between STCI Finance…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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