# In the matter of ALBYS AGRO PRIVATE LIMITED

> NCLT judgment dated 2026-01-20. Citation: TCN-2026-NCLT-00026. Drip Capital Inc, the Financial Creditor (FC), filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 20 Jan 2026
- **Citation:** TCN-2026-NCLT-00026
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/albys-agro-private-limited-1c0888ae

## Summary

### Background

Drip Capital Inc, the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) in respect of Albys Agro Private Limited, the Corporate Debtor (CD).

## Facts

Drip Capital Inc filed an application under Section 7 of the IBC to initiate CIRP against Albys Agro Private Limited.

The application was filed due to a default in payment of USD 180,057.00.

The Corporate Debtor admitted to a default of over Rs. 1 crore.

The Corporate Debtor stated that it had no objection to the initiation of insolvency proceedings against itself.

The Adjudicating Authority found that the Corporate Debtor was in default of more than Rupees One Crore.

The Adjudicating Authority admitted the application and initiated CIRP.

Primus Insolvency Resolution & Valuation Private Limited was appointed as the Interim Resolution Professional (IRP).

## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a default of a financial debt exceeding the threshold of Rs …

**Ratio:** Section 7 of the IBC allows a financial creditor to initiate CIRP if a default has

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**Reasoning:** The Adjudicating Authority assessed the records provided by the Financial Creditor and

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**Interpretation:** A default exceeding the threshold of Rs One Crore is sufficient grounds for

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**Application:** The Corporate Debtor admitted to a default of over Rs. 1 crore, satisfying the

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Drip Capit…
- **Respondents:** Albys Agro…
- **Other parties:** Primus Insolvency…
- **Advocates:** Supriya Ma…

## Timeline

- **2025-11-06 — Application…**: C.P. (IB) No.1203/MB/2025…
- **2025-05-20 — Date of D…**: Date of default is 20.05.2025 as…

## 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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