# Insta Capital Private Limited & Richbond Capital Private Limited vs. Shubh Food Industries Limited

> NCLT judgment dated 2026-10-06. Citation: TCN-2026-NCLT-01099. Insta Capital Private Limited and Richbond Capital Private Limited (Financial Creditors)…

- **Court:** NCLT
- **Order date:** 6 Oct 2026
- **Citation:** TCN-2026-NCLT-01099
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/shubh-food-industries-limited-5nglv

## Summary

### Background

Insta Capital Private Limited and Richbond Capital Private Limited (Financial Creditors) jointly filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC) against Shubh Food Industries Limited (Corporate Debtor) for defaulting on financial debts totaling Rs. 1,13,65,718/-. The Corporate Debtor disputed the debt, alleging that loan documents were unstamped, terms were unilaterally filled, claims were inflated, and the Financial Creditors violated RBI's Fair Practices Code. The Corporate Debtor also claimed a right to set-off against Richbond Capital due to advances made to a related entity, Global Impex, and argued that the petition was a malicious recovery attempt and below the statutory threshold.

## Facts

C.P. (IB) No. 69/MB/2026 was jointly filed on 22.01.2026 by Insta Capital Private Limited and Richbond Capital Private Limited under Section 7 of the IBC, 2016, for initiating CIRP against Shubh Food Industries Limited.

The application was affirmed by Mr. Vivek A. Bajaj, authorized signatory for both applicants.

The total amount claimed in default is Rs. 1,13,65,718/-.

The date of default is stated as 02.12.2025.

Mr. Rajeev Mannadiar, an Insolvency Professional, was proposed as the Interim Resolution Professional (IRP).

Insta Capital Private Limited (FC No. 1) sanctioned a Working Capital Demand Loan of INR 72,00,000/- to Shubh Food Industries Limited via a Sanction Letter dated 06.11.2024.

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## Issues and analysis

### Issue 1: Whether the Section 7 petition filed by the Financial Creditors is maintainable, given the …

**Ratio:** The NCLAT in Sinki Commodities Pvt Ltd held that even if no formal financial contract

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**Reasoning:** The Financial Creditors provided sufficient documents (Account Statement, Sanction

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**Interpretation:** The Tribunal can look beyond formal contract deficiencies to ascertain the true

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**Application:** The Corporate Debtor's objections regarding unstamped documents, lack of formal

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Insta Capital…; Richbond Capital…
- **Respondents:** Shubh Food…
- **Other parties:** Gaurav Harish…; Neetu Bhupendra…; +3 more
- **Advocates:** Vaidehi Ku…; (CA) Ms. Pooja…

## Timeline

- **2024-11-04 — Loan Application and…**: Corporate Debtor approached Financial Creditor No. 1 for a Working Capital Loan and…
- **2024-11-06 — Sanction Letter (FC No.…**: Insta Capital Private Limited (FC No. 1) sanctioned a Working Capital Demand Loan of INR…

## 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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