Tata Capital Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Immaculate Agro Spices Private Limited due to default on a term loan facility.
Tata Capital Limited sanctioned a Term Loan Facility to Immaculate Agro Spices Private Limited vide Sanction Letter dated 23.11.2023 for Rs. 4,00,00,000/-.
The Corporate Debtor executed a Term Loan Agreement dated 27.11.2023 and a Memorandum of Deposit of Title Deeds dated 29.11.2023.
The Corporate Debtor defaulted in repayment, leading to the loan accounts being classified as Non-Performing Assets on 11.05.2025.
Tata Capital Limited issued a Loan Recall Notice dated 21.05.2025 and a demand notice under Section 13(2) of the SARFAESI Act, 2002 on 29.05.2025.
The total amount claimed to be in default is Rs. 3,57,87,361.25/- as on 21.07.2025.
The Corporate Debtor was incorporated on 23.01.2017.
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Tata Capital Limited sanctioned a Term Loan…
The Corporate…
Tata Capital Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Immaculate Agro Spices Private Limited due to default on a term loan facility.
Tata Capital Limited sanctioned a Term Loan Facility to Immaculate Agro Spices Private Limited vide Sanction Letter dated 23.11.2023 for Rs. 4,00,00,000/-.
The Corporate Debtor executed a Term Loan Agreement dated 27.11.2023 and a Memorandum of Deposit of Title Deeds dated 29.11.2023.
The Corporate Debtor defaulted in repayment, leading to the loan accounts being classified as Non-Performing Assets on 11.05.2025.
Tata Capital Limited issued a Loan Recall Notice dated 21.05.2025 and a demand notice under Section 13(2) of the SARFAESI Act, 2002 on 29.05.2025.
The total amount claimed to be in default is Rs. 3,57,87,361.25/- as on 21.07.2025.
The Corporate Debtor was incorporated on 23.01.2017.
…Tata Capital Limited sanctioned a Term Loan…
The Corporate…