# NTEX Transportation Services Private Limited vs. Shree Nagai Devi Sugar Private Limited

> NCLT judgment dated 2026-08-05. Citation: TCN-2026-NCLT-00802. NTEX Transportation Services Private Limited (Operational Creditor/Applicant) filed an…

- **Court:** NCLT
- **Order date:** 5 Aug 2026
- **Citation:** TCN-2026-NCLT-00802
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/ntex-transportation-services-private-limited-vs-shree-nagai-devi-sugar-private-l-2i7ax

## Summary

### Background

NTEX Transportation Services Private Limited (Operational Creditor/Applicant) filed an application under Section 9 of the IBC against Shree Nagai Devi Sugar Private Limited (Corporate Debtor) for initiating CIRP. The application was filed on 02.09.2025, claiming a default of Rs. 2,11,27,906/-. The default arose from the Corporate Debtor's failure to deliver S-30 Grade Crystal White Sugar as per a Sale Agreement dated 11.10.2023, despite receiving an advance payment. A cheque issued by the Corporate Debtor as security for the advance amount was dishonoured on 16.03.2024.

## Facts

NTEX Transportation Services Private Limited (Applicant/Operational Creditor) filed an application under Section 9 of the IBC against Shree Nagai Devi Sugar Private Limited (Corporate Debtor) on 02.09.2025.

The application was affirmed by Mr. Gaurav Yashvardhan, the Authorised Representative of the Applicant.

The claimed amount in default is Rs. 2,11,27,906/-.

The Applicant and Corporate Debtor entered into a Sale Agreement dated 11.10.2023 for the sale of S-30 Grade Crystal White Sugar.

An advance amount of Rs. 2,21,43,996/- was to be paid for 612 Metric Tons of Sugar.

The Applicant remitted Rs. 2,11,27,906/- to the Corporate Debtor on 12.10.2023.

The Corporate Debtor failed to deliver the goods between 10.11.2023 and 20.11.2023 as agreed.

…

## Issues and analysis

### Issue 1: Whether an operational debt exists and the …

**Ratio:** An operational debt exists when there is a clear contractual obligation for

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**Reasoning:** The Applicant and Corporate Debtor entered into a Sale Agreement. The Applicant remitted

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**Interpretation:** The failure to deliver goods after receiving an advance payment, coupled with

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**Application:** The Tribunal found that the Applicant remitted ₹2,11,27,906/- to the Corporate

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** NTEX Transportatio…
- **Respondents:** Shree Nagai Devi…
- **Other parties:** Committee of…; Board of Directors…; +1 more
- **Advocates:** Amir Ars…; Rahul G…; +3 more

## Timeline

- **2019-04-01 — Commission Ag…**: Copy of Commission Agreement dated…
- **2023-10-11 — Sale Agre…**: Applicant and Corporate Debtor entered into a Sale Agreement for S-30 Grade Crystal White…

## 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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