# Excellence Finance Pvt Ltd vs. Satiate Agri Ltd

> NCLT judgment dated 2026-08-20. Citation: TCN-2026-NCLT-00853. Excellence Finance Private Limited (Financial Creditor) filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 20 Aug 2026
- **Citation:** TCN-2026-NCLT-00853
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/excellence-finance-pvt-ltd-vs-satiate-agri-ltd-up4rk

## Summary

### Background

Excellence Finance Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Satiate Agri Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The petition was filed due to a default in repayment of a financial debt aggregating to Rs. 6,27,09,615/-, including interest, as of March 31, 2026. The debt originated from two loan facilities totaling Rs. 6,00,00,000/-, secured by a pledge of shares of Aadi Chemtrade Limited.

## Facts

Excellence Finance Private Limited (Applicant/Financial Creditor) filed a petition under Section 7 of the IBC against Satiate Agri Limited (Respondent/Corporate Debtor).

The petition seeks initiation of Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a financial debt.

The total financial debt aggregates to Rs. 6,27,09,615/-, inclusive of interest, as on the date of default, March 31, 2026.

Excellence Finance Private Limited is a private company incorporated on June 9, 2007, under the Companies Act, 1956.

The application was filed and verified through Mr. Rameshwar Raut, Director of Excellence Finance Private Limited, authorized by a Board Resolution dated May 20, 2026.

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## Issues and analysis

### Issue 1: Whether there exists a financial debt and an …

**Ratio:** The existence of financial debt and default is established by the loan agreements,

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**Reasoning:** The Corporate Debtor admitted to availing two loan facilities aggregating to Rs.

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**Interpretation:** Section 5(8) of the IBC defines 'financial debt'. A 'default' occurs when a

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**Application:** Based on the Corporate Debtor's admissions in its Reply and the supporting

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## Parties

- **Judges:** Brajendra Mani…; Man Mohan…
- **Appellants:** Excellence…; Excellence…
- **Respondents:** Satiate Ag…
- **Other parties:** Rameshwar…; MVK IPE LLP…
- **Advocates:** Rohit D…; Ayushi Patidar,…

## Timeline

- **2025-09-10 — First Loan Ag…**: Loan Agreement for Rs. 5,00,00,000/- availed by…
- **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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