# Team India Managers Limited vs. Desai Agrifoods Private Limited

> NCLT judgment dated 27 Apr 2026. Citation: TCN-2026-NCLT-00428. Team India Managers Limited (Financial Creditor) filed a Company Petition under Section 7 of…

- **Court:** NCLT
- **Order date:** 27 Apr 2026
- **Citation:** TCN-2026-NCLT-00428
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/team-india-managers-limited-vs-desai-agrifoods-private-limited-8t6j1

## Summary

### Background

Team India Managers Limited (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Desai Agrifoods Private Limited (Corporate Debtor) for defaulting on a financial debt of Rs.1,14,36,758/-. The Financial Creditor had extended a loan facility of Rs.1,00,00,000/- with 12% interest per annum. After drawdown and initial interest payments, the Corporate Debtor admitted financial difficulties and inability to repay via email. The Financial Creditor issued several demand communications for repayment. The Corporate Debtor subsequently filed a reply denying the maintainability of the petition, the existence of financial debt and default, claiming it was an operational company arranging funds, and that the petition

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## Facts

Team India Managers Limited (Financial Creditor) filed a Company Petition under Section 7 of the IBC, 2016, against Desai Agrifoods Private Limited (Corporate Debtor).

The petition seeks initiation of Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a financial debt of Rs.1,14,36,758/-.

A Loan Agreement for a financial facility of Rs.1,00,00,000/- at 12.00% p.a. was entered into between the Financial Creditor and Corporate Debtor on 01.10.2024.

The loan amount was disbursed by the Financial Creditor on 08.11.2024, following a drawdown request on 05.11.2024.

The Corporate Debtor made an initial interest payment of Rs.1,56,822/- on 15.01.2025.

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## Issues and analysis

### Issue 1: Whether there exists a financial debt and a default thereof by the Corporate Debtor as claimed by …

**Ratio:** Section 7 of the IBC, 2016, read with Rule 4 of the IB (AAA) Rules, 2016, permits a

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**Reasoning:** The NCLT determined that the Financial Creditor extended financial assistance to the

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**Interpretation:** Financial debt encompasses interest-bearing loans as per Section 5(8) of the

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**Application:** The Loan Agreement (Annexure-G) and bank statements (Annexure-H) clearly

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## Parties

- **Judges:** SH. SHAMM…; SANJEEV S…
- **Appellants:** Team India…
- **Respondents:** Desai Agrifoods…
- **Other parties:** Corporate…; Financial…; +7 more
- **Advocates:** Ravi P…; Pratik Th…

## Timeline

- **1999-02-02 — Incorporation of…**: Desai Agrifoods Private Limited…
- **2007-04-04 — Incorporation of…**: Team India Managers Limited…

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