# M/s Samunnati Financial Intermediation and Services Pvt Ltd vs. M/s Mahakali Foods Pvt Ltd

> NCLT judgment dated 2026-07-31. Citation: TCN-2026-NCLT-00746. M/s Samunnati Financial Intermediation and Services Pvt Ltd (Financial Creditor) filed a…

- **Court:** NCLT
- **Order date:** 31 Jul 2026
- **Citation:** TCN-2026-NCLT-00746
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/ms-samunnati-financial-intermediation-and-services-pvt-ltd-vs-ms-mahakali-foods-dlk0x

## Summary

### Background

M/s Samunnati Financial Intermediation and Services Pvt Ltd (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Mahakali Foods Pvt Ltd (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor alleged a default in payment of outstanding debts amounting to Rs. 4,41,12,323.99/-, with the date of default stated as 30.09.2023. The debt arose from financial assistance extended, initially as a short-term loan, later converted into a long-term facility of Rs. 3,00,00,000/-. The Corporate Debtor defaulted on repayments, including dishonored cheques and non-compliance with an arbitral award.

## Facts

M/s Samunnati Financial Intermediation & Services Pvt Ltd (Financial Creditor) filed a Company Petition under Section 7 of the IBC against M/s Mahakali Foods Pvt Ltd (Corporate Debtor) for initiating CIRP.

The Corporate Debtor defaulted on outstanding debts amounting to Rs. 4,41,12,323.99/-.

The date of default is stated to be 30.09.2023, with additional interest thereupon.

The Financial Creditor extended financial assistance to the Corporate Debtor, initially a Short-Term Loan facility (ARF) sanctioned on 05.03.2019.

Various amounts were disbursed from time to time since March 2019.

The loan was converted into a long-term facility of Rs. 3,00,00,000 by a sanction letter dated 20.09.2021.

…

## Issues and analysis

### Issue 1: Whether a financial debt exists between …

**Ratio:** Under Section 7 of the IBC, the Adjudicating Authority must be satisfied of the existence

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**Reasoning:** The Financial Creditor provided sanction letters (initial 05.03.2019, revised

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**Interpretation:** The Tribunal interpreted 'financial debt' broadly, consistent with the IBC's

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**Application:** Based on the sanction letters, loan agreements, financial records, and the

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## Parties

- **Judges:** Brajendra Mani…; Man Mohan…
- **Appellants:** M/s Samunnati…
- **Respondents:** M/s Mahakali…
- **Other parties:** Navin Khan…
- **Advocates:** Rohit D…; Pragya…; +1 more

## Timeline

- **2019-03-05 — Initial Financial…**: M/s Samunnati Financial Intermediation & Services Pvt Ltd extended financial assistance…
- **2019-03-01 — Disbursement of Funds…**: Various amounts were disbursed from time to time since March 2019 under the sanctioned…

## 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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