# CFM Asset Reconstruction Private Limited vs. Sri Munisuvrata Agri International Limited

> NCLT judgment dated 2026-09-30. Citation: TCN-2026-NCLT-01095. CFM Asset Reconstruction Private Limited, claiming to be a Financial Creditor, filed an…

- **Court:** NCLT
- **Order date:** 30 Sept 2026
- **Citation:** TCN-2026-NCLT-01095
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/srimunisuvrata-agri-international-limited-3q2r6

## Summary

### Background

CFM Asset Reconstruction Private Limited, claiming to be a Financial Creditor, filed an application under Section 7 of the IBC to initiate CIRP against Sri Munisuvrata Agri International Limited (Corporate Debtor). The debt originated from working capital consortium agreements with various banks, including Standard Chartered Bank (predecessor-in-interest to the FC), which provided credit facilities to the Corporate Debtor. The Corporate Debtor allegedly defaulted on repayments, leading to its account being declared an NPA and the debt being assigned to the Financial Creditor. The Corporate Debtor contested the application, citing contradictions in default dates, the application falling within the Section 10A period, and previous dismissals of CIRP petitions against it,

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## Facts

CFM Asset Reconstruction Private Limited, claiming to be a Financial Creditor, filed an application under Section 7 of the IBC to initiate CIRP against Sri Munisuvrata Agri International Limited (Corporate Debtor).

A working capital consortium agreement was entered into on December 7, 2006, between the Corporate Debtor and five banks for a maximum principal limit of Rs. 103 crores.

On September 22, 2008, a supplemental consortium agreement included four other banks, including the predecessor-in-interest of the present Financial Creditor (Standard Chartered Bank).

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## Issues and analysis

### Issue 1: Whether the present application is barred by the principles of res judicata, estoppel, and issue …

**Ratio:** The principle of res judicata does not apply when the current application is based on an

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**Reasoning:** The NCLT noted that the Section 7 petition by Bank of Baroda was filed independently, and

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**Interpretation:** The court interprets "res judicata" narrowly in the context of

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**Application:** The court applied this interpretation to find that the present petition, based

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** CFM Asset…
- **Respondents:** Munisuvrata Agri…
- **Other parties:** J K J…; N K J…; +8 more
- **Advocates:** Tannya Ba…; Vansika K…; +4 more

## Timeline

- **2006-12-07 — Initial Consortium…**: A working capital consortium agreement was entered into between the Corporate Debtor and…
- **2008-09-22 — Supplemental Consortium Agreement & Deed of…**: A supplemental consortium agreement was entered into, including the…

## 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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