# Colama Commercial Co Ltd vs. Satiate Agri Ltd & Its Board

> NCLT judgment dated 2026-08-20. Citation: TCN-2026-NCLT-00951. Colama Commercial Co. Ltd. (Applicant/Intervenor), a Financial Creditor, filed an Intervention…

- **Court:** NCLT
- **Order date:** 20 Aug 2026
- **Citation:** TCN-2026-NCLT-00951
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/colama-commercial-co-ltd-vs-satiate-agri-ltd-its-board-m2paq

## Summary

### Background

Colama Commercial Co. Ltd. (Applicant/Intervenor), a Financial Creditor, filed an Intervention Application in a Section 7 IBC petition (CP (IB)/77/MP/2026) initiated by Excellence Finance Private Limited (Financial Creditor) against Satiate Agri Limited (Corporate Debtor). Colama Commercial Co. Ltd. had its own Section 7 petition (CP (IB) No.78/MP/2025) pending against the same Corporate Debtor, filed earlier. The intervention sought to protect its alleged prior security rights, challenge subsequent charge creations by the Corporate Debtor in favor of other lenders (including Excellence Finance), and seek priority for its own Section 7 petition.

## Facts

Colama Commercial Co. Ltd. (Applicant/Intervenor) filed an Intervention Application (INV. P/8(MP)2026) in a pending Section 7 petition.

The main Section 7 petition, CP (IB)/77/MP/2026, was filed by Excellence Finance Private Limited (Financial Creditor) against Satiate Agri Limited (Corporate Debtor).

Colama Commercial Co. Ltd. is a registered Non-Banking Financial Company and a Financial Creditor of Satiate Agri Limited.

Colama Commercial Co. Ltd. had previously instituted its own Section 7 proceedings (CP (IB) No.78/MP/2025) against Satiate Agri Limited on 02.12.2025, which is pending adjudication.

Colama Commercial Co. Ltd. obtained a Record of Default from NeSL on 25.11.2025 and filed an Affidavit dated 17.02.2026 and IA(I.B.C.) No.123/MP/2026 in its own proceedings.

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## Issues and analysis

### Issue 1: Whether Colama Commercial Co. Ltd., being a Financial Creditor with its own pending Section 7 …

**Ratio:** At the pre-admission stage of a Section 7 application under the Insolvency and Bankruptcy

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**Reasoning:** The Tribunal relied on the NCLAT judgment in Vekas Kumar Garg v. DMI Finance Pvt. Ltd.

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**Interpretation:** Section 7 of the IBC focuses on the existence of financial debt and default

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**Application:** The principle from Vekas Kumar Garg v. DMI Finance Pvt. Ltd. & Anr. was

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## Parties

- **Judges:** Brajendra Mani…; Man Mohan…
- **Appellants:** Colama Commercial…
- **Respondents:** Satiate Agri…; Satiate Agri Ltd…; +1 more
- **Other parties:** Swan Finance…
- **Advocates:** Nikunj Pa…; Ayushi Pa…; +1 more

## Timeline

- **2021-02-18 — NCLAT Precedent…**: NCLAT decided Vekas Kumar Garg v. DMI Finance Pvt. Ltd. & Anr., Company Appeal (AT)…
- **2025-04-30 — Alleged Defau…**: Alleged date of default by Satiate Agri…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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