# In the matter of Kasturi Farm Private Limited

> NCLT judgment dated 2026-03-17. Citation: TCN-2026-NCLT-00303. Omshree Agro Tech Private Limited filed an application under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 17 Mar 2026
- **Citation:** TCN-2026-NCLT-00303
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/kasturi-farm-private-limited-ae1eefea

## Summary

### Background

Omshree Agro Tech Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kasturi Farm Private Limited, the Corporate Debtor, due to unpaid operational debt.

## Facts

Omshree Agro Tech Private Limited (Operational Creditor) filed C.P.(IB) No.1099/MB/2025 on 01.07.2024 under Section 9 of the IBC against Kasturi Farm Private Limited (Corporate Debtor).

The Operational Creditor is in the business of supplying Soya Doc 46% to the Corporate Debtor.

The total amount claimed to be in default is Rs. 1,38,98,889/-, including a principal amount of Rs. 1,24,38,933/- and interest of Rs. 14,59,956/-.

The first date of default was on 06.10.2023 under Invoice No. SV4092, and the last date of default was on 19.05.2024 under Invoice no. SV802.

The Corporate Debtor was directed to file a reply, but no reply was filed, and the Tribunal closed the right to file a reply.

…

## Issues and analysis

### Issue 1: Whether the application under Section 9 of the IBC meets the threshold of Rs. 1 Crore as per …

**Ratio:** The threshold under Section 4 of the Code is required to be met at the time of filing the

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**Reasoning:** The Adjudicating Authority relied on the judgment of Hon'ble NCLAT in Devika Resources

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**Interpretation:** The interpretation is that even if the Corporate Debtor makes a part-payment

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**Application:** In this case, the Adjudicating Authority found that the threshold of Rs. 1

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Omshree Agro Tech…
- **Respondents:** Kasturi Farm…
- **Other parties:** Sachin Mahendra…; Rajesh Kumar…
- **Advocates:** Ravi Shekar…; Suraj S. A…; +2 more

## Timeline

- **01.07.2024 — Application…**: Omshree Agro Tech Private Limited filed C.P.(IB) No.1099/MB/2025 under Section 9 of the…
- **17.10.2025 — Order for…**: The Corporate Debtor was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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