# Excellence Finance Pvt Ltd vs. Satiate Agri Ltd

> NCLT judgment dated 2026-08-20. Citation: TCN-2026-NCLT-00953. Excellence Finance Private Limited, a Financial Creditor, initiated Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 20 Aug 2026
- **Citation:** TCN-2026-NCLT-00953
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/excellence-finance-pvt-ltd-vs-satiate-agri-ltd-4i782

## Summary

### Background

Excellence Finance Private Limited, a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Satiate Agri Limited, the Corporate Debtor, under Section 7 of the IBC, 2016. The petition was filed due to a default in repayment of a financial debt amounting to Rs. 6,27,09,615/- as of March 31, 2026. The Corporate Debtor admitted the debt and default but sought a six-month period to repay, citing temporary financial constraints.

## Facts

Excellence Finance Pvt Ltd (Financial Creditor) filed a petition under Section 7 of the IBC against Satiate Agri Ltd (Corporate Debtor).

The petition sought to initiate Corporate Insolvency Resolution Process (CIRP) for a financial debt of Rs. 6,27,09,615/-, including interest, as of 31.03.2026.

The Corporate Debtor availed two loan facilities from the Financial Creditor, totaling a principal amount of Rs. 6,00,00,000/-, secured by a pledge of shares of Aadi Chemtrade Limited.

The loans became due and payable on 31.03.2026, and the Corporate Debtor failed to repay them.

The Financial Creditor issued demand notices via e-mail on 15.04.2026 and speed post on 12.05.2026, which were delivered on 16.05.2026.

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## Issues and analysis

### Issue 1: Whether there exists a financial debt and an occurrence of default as claimed by the Financial …

**Ratio:** The existence of financial debt and occurrence of default are established by the loan

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**Reasoning:** The Corporate Debtor admitted availing two loan facilities totaling Rs. 6,00,00,000/-,

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**Interpretation:** Section 7 of the IBC requires the Adjudicating Authority to ascertain the

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**Application:** The facts presented, including loan agreements, demand notices, and the

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## Parties

- **Judges:** Brajendra Mani…; Man Mohan Gupta,…
- **Appellants:** Excellence…; Excellence…
- **Respondents:** Satiate Ag…
- **Other parties:** Rameshwar…; Mangesh Vitthal…; +1 more
- **Advocates:** Rohit D…; Ayushi Pa…

## Timeline

- **2025-09-10 — First Loan Ag…**: Corporate Debtor availed a loan facility of Rs.…
- **2025-09-12 — First Loan Disbursement…**: Disbursement of the first…

## 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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