M/s. Tata Capital Limited vs M/s. Immaculate Agro Spices Private Limited

The present Petition has been filed by Tata Capital Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'the Code'), read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process, declaring moratorium, and for appointment of Interim Resolution Professional, against the Corporate Debtor viz. M/s Immaculate Agro Spices Private Limited.

The total amount claimed to be in default as per Part-IV of the petition is Rs. 3,57,87,361.25/- (Rupees Three crore fifty-seven lakh eighty-seven thousand three hundred sixty-one rupees and twenty-five paise only) as on 21.07.2025. The Corporate Debtor was incorporated on 23.01.2017 with CIN: U01110KL2017PTC047863 under the Companies Act, 2013. Main objective of the Corporate Debtor is to engage in the cultivation, processing, and trading of agricultural and agro-food products, including activities related to dairy farming, horticulture, and floriculture. Its registered office is at Kanjiravelil House, Pazhamthottam (PO), Ernakulam, Kerala, India-683565. Therefore, this Bench has jurisdiction to deal with this petition.

The Petitioner issued a notice to the Corporate Debtor by post and by mail on 01.11.2025. In addition, the Registry issued notices to the Corporate Debtor via e-mail on 27.10.2025, under the directions of this Tribunal vide order dated 27.10.2025. Upon service of notice, the matter was listed before this Bench on multiple occasions for hearing. Despite giving many opportunities to the Corporate Debtor to appear, none appeared on behalf of the Corporate Debtor in any of the hearings, and the Corporate Debtor was set ex parte vide order dated 18.11.2025.

The Financial Creditor has primarily relied upon the following documents:

This present Petition has been filed by the Petitioner under section 7 of IBC for initiation Insolvency Process against the Corporate Debtor, alleging default of Rs. 3,57,87,361.25/- (Rupees Three crore fifty-seven lakh eighty-seven thousand three hundred sixty-one rupees and twenty-five paise only) as on 21.07.2025. Notice of Petition was sent to the Respondent apart from the intimation sent by the Petitioner to the Respondent. Despite notice, Respondent has failed to put its appearance and contest the matter. As such respondent facilitated ex parte proceedings. Though the Respondent is ex parte, yet this Adjudicating Authority is to see whether the Petitioner is entitled to the relief sought or not. At this juncture, it would be appropriate to reproduce section 7 of IBC, which is read as under.

Proceedings for insolvency under Section 7 can be initiated if there exist debt and default of more than Rupees 1 crore, and before passing any order, it is to be seen that the cause of action should be within time.

- In this case, the Petitioner has claimed Rs. 3,36,88,923/- as principal, Rs. 19,10,005.29/- as interest, and Rs. 1,88,432.93/- on account of other charges. So, the amount claimed is more than Rupees 1 crore, which is the threshold as per section 4 of IBC. - This loan was sanctioned vide sanction letter dated 23.11.2023, and the loan documents were executed on 27.11.2023 constitutes a financial debt within the meaning of Section 5(8) of the Code, being disbursal against consideration for the time value of money. And as per the NeSL certificate, the date of default is 11.05.2025.

Petitioner has placed on record a recall notice dated 21.05.2025 and notice issued under section 13(2) of the SARFAESI Act, 2002 dated 29.05.2025. The claim is within the limitation period calculated from the date of execution of the loan documents and commission of default, and the respondent has failed to respond to the date of default as reported to NeSL. The financial debt exceeds the threshold limit of Rupees 1 Crore. Accordingly, this Adjudicating Authority is satisfied that a financial debt exists, and the Corporate Debtor has committed default in repayment, and finds no legal impediment to initiate the process under section 7 of IBC against the respondent on the default reported by the Petitioner against the respondent on the basis of material available on record.

In light of the above facts and circumstances, it is hereby ordered as follows: -

The Petition bearing CP(IB)/29/KOB/2025 filed by M/s. Tata Capital Limited, the Petitioner/Financial Creditor, under section 7 of the Code read with Rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process against M/s. Immaculate Agro Spices Private Limited, the Respondent/ Corporate Debtor, is hereby admitted.

There will be a moratorium under section 14 of the Code.

The moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the Code or passes an order for liquidation of Corporate Debtor under Section 33 of the Code, as the case may be.

Public announcement of the Corporate Insolvency Resolution Process shall be made immediately as specified under Section 13 of the Code, read with Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations 2016.

The Financial Creditor has proposed the name of one Mr Jasin Jose, Reg No: IBBI/IPA-001/IP-P00695/2017-2018/1125, as Interim Resolution Professional, and he had filed his written communication in the format prescribed under Form 2 of the Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016. However, it is observed that Mr. Jasin Jose is already handling multiple ongoing assignments before this Bench. In view of Regulation 22 of the IBBI (Insolvency Professionals) Regulations, 2016, which restricts an Insolvency Professional from taking on excessive assignments to ensure timely and effective resolution, this Tribunal considers it appropriate to appoint another Insolvency Professional as the Interim Resolution Professional in the present matter, so that adequate time and attention may be devoted to this case. Accordingly, from the panel prepared in accordance with the “Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2025” issued by the Insolvency and Bankruptcy Board of India, Ms Celine P Thomas, having Registration No. IBBI/IPA-001/IP-P-02358/2021-2022/13612, Residing at: 4b, Tulip, Skyline River Dale Apartments, Petta, Tripunithura ,Near Petta Bridge ,Ernakulam, Kerala - 682301, Email ID: [email protected], is hereby appointed as the Interim Resolution Professional of the Respondent/Corporate Debtor. She is directed to submit her written consent to act as the Interim Resolution Professional within three days from the date of receipt of this order.

The Interim Resolution Professional shall carry out his functions as contemplated by Sections 15 to 21 of the Code.

During the Corporate Insolvency Resolution Process period, the management of the affairs of the Corporate Debtor shall vest with the Interim Resolution Professional or, as the case may be, the Resolution Professional in terms of section 17 of the Code. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish all information within their knowledge to the Interim Resolution Professional within one week from the date of receipt of this order, in default of which coercive steps will follow.

The Interim Resolution Professional/ Resolution Professional shall submit to this Adjudicating Authority periodical reports concerning the progress of the Corporate Insolvency Resolution Process in respect of the Corporate Debtor.

The Petitioner/ Financial Creditor shall deposit a sum of Rs. 2,00,000/- (Rupees Two Lakhs only) with the Interim Resolution Professional to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to the approval of the Committee of Creditors.

In terms of Section 7 (7) of the Code, the Registry is hereby directed to communicate a copy of this Order to the Financial Creditor, the Corporate Debtor and Interim Resolution Professional by Speed Post & e-mail immediately, and in any case, not later than two days from the date of this order.

The Financial Creditor shall serve a copy of this Order on the Interim Resolution Professional and the Registrar of Companies, Kerala, by all available means for updating the Master Data of the Corporate Debtor. The Registrar of Companies shall send a compliance report in this regard to the Registry of this Tribunal within seven days from the date of receipt of a copy of this order.

The Registry is further directed to send a copy of this order to the Insolvency and Bankruptcy Board of India for their record.

The Registry is directed to send e-mail copies of this order forthwith to all the parties and their Learned Counsel for information and for taking necessary steps.

Let the Certified Copy of this order be issued, if applied for, upon compliance with all requisite formalities.

File be consigned to records.