# In the matter of Immaculate Agro Spices Private Limited

> NCLT judgment dated 2025-12-02. Citation: TCN-2025-NCLT-01754. Tata Capital Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 2 Dec 2025
- **Citation:** TCN-2025-NCLT-01754
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kochi/immaculate-agro-spices-private-limited-d8dcf620

## Summary

### Background

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.

## Facts

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.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a default …

**Ratio:** Yes, the Corporate Debtor defaulted in

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**Reasoning:** The Corporate Debtor failed to repay the loan amount as per the agreed terms, leading to

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**Interpretation:** Default is established based on the non-payment of dues and classification as

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**Application:** The Adjudicating Authority relied on the documents submitted by the Financial

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## Parties

- **Judges:** Vinay…
- **Appellants:** Tata Capital…
- **Respondents:** Immaculate Agro…
- **Other parties:** Celine P…; Jasin…
- **Advocates:** Isaac T…; Chandapillai…

## Timeline

- **2023-11-23 — Sanction…**: Tata Capital Limited sanctioned a Term Loan Facility to Immaculate Agro Spices Private…
- **2023-11-27 — Term Loan Ag…**: The Corporate Debtor…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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