# Buldana Urban Cooperative Credit Society Limited Buldana vs. Amar Seeds Private Limited

> NCLT judgment dated 29 Apr 2026. Citation: TCN-2026-NCLT-00448. Buldana Urban Cooperative Credit Society Limited Buldana (Applicant/Financial Creditor) filed…

- **Court:** NCLT
- **Order date:** 29 Apr 2026
- **Citation:** TCN-2026-NCLT-00448
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/buldana-urban-cooperative-credit-society-limited-buldana-vs-amar-seeds-private-l-399f5d78

## Summary

### Background

Buldana Urban Cooperative Credit Society Limited Buldana (Applicant/Financial Creditor) filed an application bearing C.P. (IB) No.767/MB/2025 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Amar Seeds Private Limited (Corporate Debtor/CD) for initiating Corporate Insolvency Resolution Process (CIRP). The application, filed on 30.07.2025, alleged a default of Rs. 24,26,03,387/- as on 06.05.2025, arising from a loan sanctioned on 10.04.2023 for Rs. 18 Crores. The loan was secured by a mortgage deed and personal guarantees from directors/guarantors. The Applicant claimed that the CD defaulted on instalments after a 12-month moratorium period, leading to the account being classified as NPA on 30.11.2024, and demand notices were issued on

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## Facts

Buldana Urban Cooperative Credit Society Limited Buldana (Applicant) filed an application under Section 7 of the IBC, 2016, against Amar Seeds Private Limited (Corporate Debtor/CD) for initiating CIRP.

The application, C.P. (IB) No.767/MB/2025, was filed on 30.07.2025.

The Applicant, identified as a Financial Creditor, claimed a total default amount of Rs. 24,26,03,387/- as on 06.05.2025.

The financial debt arose from a loan of Rs. 18 Crores sanctioned to the CD by the Applicant vide a Loan Sanction Letter dated 10.04.2023.

A Loan Agreement dated 29.04.2023 was executed between the parties, with interest at 15% per annum for a tenure of 120 months (108+12 months moratorium).

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## Issues and analysis

### Issue 1: Whether there exists a financial debt and a default in repayment of the said debt by the Corporate …

**Ratio:** The Adjudicating Authority, in a Section 7 application, is primarily required to

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**Reasoning:** The Tribunal found it an admitted and undisputed position that the Applicant sanctioned

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**Interpretation:** Section 7 of the IBC grants financial creditors the right to initiate CIRP upon

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**Application:** Given the clear loan agreement, disbursement, consistent failure to pay

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## Parties

- **Judges:** NILESH SHARMA,…; SAMEER KAKAR,…
- **Appellants:** Buldana Urban…
- **Respondents:** Amar Seeds…
- **Other parties:** Corporate…; Financial…; +16 more

## Timeline

- **2021-10-28 — Tripartite Ag…**: A Tripartite Agreement was executed between the Applicant, Corporate Debtor, and M/s. Jai…
- **2023-04-10 — Loan Sanction…**: Loan Sanction Letter for Rs. 18 Crores issued by Buldana Urban Cooperative Credit Society…

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