In the matter of Immaculate Agro Spices Private Limited

ORDER 1. 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 ofInterim Resolution Professional, againstthe Corporate Debtor viz. M/s Immaculate Agro Spices Private Limited. 2. The total amountclaimed to be in default as per Part-IV ofthe 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 in the cultivation, processing, and trading of agricultural and engage 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. 3. 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 Tribunalvide order dated 27.10.2025. Upon serviceofnotice, the matter was listed before this Bench on multiple occasionsfor hearing. Despitegiving many opportunities to the Corporate Debtor to appear,

IN THE NATIONALCOMPANY LAWTRIBUNAL KOCHI BENCH TataCapitalLimitedv. ImmaculateAgroSpicesPrivateLimited none appeared on behalf of the Corporate Debtor in any of the hearings, andthe Corporate Debtor was set exparte vide order dated 18.11.2025. 4. Facts of the Case and Submissions made by Ld. Counsel for the Petitioner i. It is submitted that Corporate Debtor, M/s. Immaculate Agro Spices Private Limitedhad applied for Term Loan facilities from the Financial Creditor,Tata CapitalLimited. Pursuant to the said request, the Financial Creditor sanctioned a Term Loan Facility vide Sanction Letter dated 23.11.2023 for an amount of Rs. 4,00,00,000/- (Rupees Four Crores Only). ii. As a condition for the sanction and prior to disbursement,the Corporate Debtor executed the Term Loan Agreement dated 27.11.2023 and the Memorandum of Deposit of Title Deeds dated 29.11.2023 with the intention to create mortgage. iii. The Corporate Debtor committeddefault inthe repaymentofthe credit facilities,leading to the loan accountsbecoming irregular. As per the guidelines issued by the Reserve Bank of India, the accounts were classified as Non-Performing Assets on 11.05.2025.

Pursuant to this, the Petitioner issued a Loan Recall Notice dated 21.05.2025 and a demand notice under Section 13(2) ofthe SARFAESIAct, 2002 on 29.05.2025, calling upon the Corporate Debtor to pay the then outstanding dues of Rs. as on 16.05.2025. iv. Despite repeated opportunities,the Corporate Debtor has failed to repay its debts, prompting the Petitioner to file the present application under Section 7 of the Code, for initiation of the IN THE NATIONALCOMPANYLAWTRIBUNAL KOCHI BENCH TataCapitalLimitedv.ImmaculateAgroSpicesPrivateLimited Corporate Insolvency Resolution Process. The outstanding amountexceeds the threshold ofRs. 1 Croreprescribed for such applications underthe Code. v. The present petition has been filed within the statutory period of limitation. The cause ofaction arose on 11.05.2025 when the account was classified as a Non-Performing Asset. vi. The Financial Creditor has proposed the name of one Mr. Jasin Jose, having Registration No, IBBI/lPA-001/lP-P00695/2017- 2018/11225, 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 AdjudicatingAuthority) Rules, 2016. 5. The Financial Creditor has primarily relied upon the following documents: i. Sanction Letter Ref No. CF\TLIERN/15377 dated 23rd November 2023 annexed as Annexure A4. ii.

Agreement for Term Loan dated 27th November 2023 annexed as Annexure A5. iii. Memorandum of Deposit Title Deeds 29th November 2023 annexed as Annexure A6. iv. Resolution Passed by the Board ofDirectors ofM/s. Immaculate Agro Spices Private Limited, dated 27th November 2023, annexed as Annexure A7. v. Affidavits for Net worth dated 27.11.2023 annexed as Annexure vi. Letterfor Net Disbursal dated 27.11.2023 issuedby Immaculate Agro Spices Pvt. Ltd annexed as Annexure A9. 4 e.

IN THE NATIONALCOMPANY LAWTRIBUNAL KOCHI BENCH TataCapitalLimitedv. ImmaculateAgro SpicesPrivateLimited vii. NESL Certificate annexed as Annexure 10. viii. Loan RecallNotice Issued on behalfofTataCapitalLimited dated 21.05.2025, annexedas Annexure -All. ix. Demand Notice under 13(2) of SARFAESI 2002 dated 29.05.2025 issued to Immaculate Agro Spices Pvt. Ltd annexed as Annexure A12. x. Statement of Accounts of the Corporate Debtor annexed as Annexure A13. FINDINGS AND ANALYSIS: - 6. This present Petition has been filed by the Petitionerunder section 7 ofIBC 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 Respondentapart 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 ofIBC, which is read as under.

7. Initiation of corporate insolvency resolution process by financial creditor. (1) A financial creditor either by itself orjointly with 'Jother financial creditors, orany otherperson on behalfofthefinancial creditor, as may be notified by the Central Government] mayfile an applicationfor initiating corporate insolvency resolution process against a corporate debtorbefore theAdjudicating Authority when a defaulthas occurred. [Provided thatforthefinancial creditors, referredto in clauses(a)and (b) of sub-section (64) of section 21, an application for initiation corporate

IN THE NATIONALCOMPANY LAWTRIBUNAL KOCHI BENCH TataCapitalLimitedv. ImmaculateAgroSpices PrivateLimited insolvency resolution process against the corporate debtor shall be filed jointlybynotless than one hundredofsuch creditorsin thesame class ornot less than ten per cent. ofthetotal number ofsuch creditorsin thesameclass, whicheveris less: Provided further thatforfinancial creditorswho are allottees under a real estateproject, an applicationfor initiating corporate insolvency resolution processagainstthecorporate debtorshallbefiledjointlybynotless than one hundredofsuch allotteesunderthesame real estateprojectornot less than ten per cent. ofthetotal number ofsuch allottees underthesame realestate project, whichever is less: Provided also that where an application for initiating the corporate insolvency resolution process againsta corporate debtor has been filed bya financial creditorreferred to in thefirstorsecondprovisos and has notbeen admitted by the Adjudicating Authority before the commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2020, such application shall be modified to comply with the requirements of thefirst or second provisos as thecase may be within thirty daysofthecommencement ofthe said Act, failing which the application shall be deemed to be withdrawn before itsadmission.]

Explanation. Forthepurposes ofthissub-section,a defaultincludesadefault in respectofafinancial debtowednotonlytothePetitionerfinancialcreditor but toanyotherfinancial creditorofthecorporate debtor. (2) Thefinancial creditorshallmake an application under sub-section (1) in suchformandmanner and accompanied withsuchfee asmaybeprescribed. (3) Thefinancialcreditorshall, along with theapplicationfurnish - (a) record ofthedefaultrecorded with theinformation utility orsuch other recordorevidence ofdefaultasmaybespecified; (b) the name of the resolution professionalproposed to act as an interim resolution professional; and (c) anyotherinformationasmaybespecified bytheBoard. (4) TheAdjudicating Authority shall, withinfourteendays ofthe receipt of the application under sub-section (2), ascertain the existence ofa default from the records ofan information utility or on thebasis ofotherevidence furnished by thefinancial creditorunder sub-section (3): ProvidedthatiftheAdjudicatingAuthorityhas notascertainedtheexistence ofdefaultandpassedan orderundersub-section (5)withinsuch time, itshall record its reasons in writingforthesameJ (5) Where theAdjudicatingAuthority issatisfied that- (a) a default has occurred and the application under sub-section (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional, itmay,by order, admitsuch application;or (b) default has not occurred or the application under sub-section (2) is incomplete or any disciplinary proceeding is pending against theproposed resolution professional, itmay,byorder, rejectsuch application: Provided that the Adjudicating Authority shall, before rejecting the applicationunder clause(b)ofsub-section (5),give a notice to thePetitioner to rectify the defect in his application within seven days ofreceipt ofsuch noticefrom theAdjudicatingAuthority.

(6) The corporate insolvency resolution process shall commencefrom the date ofadmission oftheapplication undersub-section (5). (7) The AdjudicatingAuthorityshall communicate-

IN THE NATIONAL COMPANYLAW TRIBUNAL KOCHI BENCH TataCapitalLimitedv. ImmaculateAgroSpicesPrivateLimited (a) theorderunder clause(a)ofsub-section (5) to thefinancialcreditorand the corporate debtor; (b) theorderunder clause(b) ofsub-section (5) to thefinancialcreditor, within seven days ofadmission orrejection ofsuch application, as the case maybe. 7. Proceedings for insolvency under Section 7 can be initiated if there exist debt anddefault ofmorethan Rupees 1 crore, andbefore 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) ofthe Code, being disbursal against consideration for the time value ofmoney.And as per the NeSL certificate, the date ofdefault is 11.05.2025. 8. Petitionerhas 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 respondenthas failedto respond tothe date ofdefault as reported to NeSL. The financial debt exceeds the threshold limit of Rupees 1 Crore. Accordingly, this Adjudicating Authority is satisfied $)iat a financial debt exists, and the Corporate Debtor has committed

IN THE NATIONALCOMPANY LAWTRIBUNAL KOCHI BENCH TataCapitalLimitedv. ImmaculateAgroSpicesPrivateLimited default in repayment, and finds no legal impediment to initiate the process under section 7 ofIBC against the respondent on the default reported by the Petitioner against the respondent on the basis of material available on record. 9. In light ofthe above facts and circumstances, it is hereby ordered as follows: - i. The Petition bearing 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. ii. There will be a moratoriumunder section 14 ofthe Code. iii. The moratoriumshall have effectfromthe date ofthis 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 ofCorporate Debtor under Section 33 ofthe Code, as the case may be. iv. Public announcement of the Corporate Insolvency Resolution Process shall be made immediately as specified under Section 13 ofthe Code, read with Regulation 6 ofthe Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations 2016.

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IN THE NATIONAL COMPANY LAWTRIBUNAL KOCHI BENCH TataCapitalLimitedv, ImmaculateAgroSpices PrivateLimited v. The Financial Creditor has proposed the name of one Mr Jasin Jose, Reg No: IBBI/1PA-001/1P-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 ofRegulation 22 ofthe IBBI (Insolvency Professionals) Regulations, 2016, which restricts an Insolvency Professional fromtaking on excessive assignments to ensure timely and effective resolution, this Tribunal considers it appropriate to appoint another Insolvency Professional as the InterimResolution Professional inthe presentmatter, 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/1PA-001/1P-P-02358/2021-2022/13612, Residing at: 4b, Tulip, Skyline River Dale Apartments, Petta, Tripunithura ,Near Petta Bridge ,Ernakulam, Kerala - 682301, Email ID: celinerejy@gmail.com, is hereby appointed as the Interim Resolution Professional of the Respondent/Corporate Debtor. She is directedto submit

IN THE NATIONALCOMPANY LAWTRIBUNAL KOCHI BENCH TataCapitalLimitedv. ImmaculateAgroSpicesPrivateLimited her written consent to act as the Interim Resolution Professional within three days from the date of receipt of this order. vi. The Interim Resolution Professional shall carry out his functions as contemplated by Sections 15 to 21 ofthe Code. vii. During the Corporate Insolvency Resolution Processperiod, the managementofthe affairs ofthe Corporate Debtor shall vest with the InterimResolution Professional or, as the case maybe, the Resolution Professional interms ofsection 17 of the Code.The officers andmanagers ofthe 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 ofthis order, in default ofwhich coercive steps will follow. viii. The Interim Resolution Professional/ Resolution Professional shall submit to this Adjudicating Authority periodical reports concerning the progress ofthe Corporate Insolvency Resolution Process in respect of the Corporate Debtor. ix. The Petitioner/ Financial Creditor shall deposit a sum ofRs. 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 subjectto the approval ofthe Committee ofCreditors. x. In terms ofSection 7 (7) ofthe Code, the Registry is hereby directed to communicate acopy ofthis Order to the Financial

IN THE NATIONALCOMPANYLAW TRIBUNAL KOCHI BENCH TataCapitalLimitedv. ImmaculateAgroSpicesPrivateLimited Creditor, the Corporate Debtor and Interim Resolution Professional by Speed Post & e-mail immediately,and in any case, not later than two days fromthe date ofthis order. xi. The Financial Creditor shall serve a copy ofthis 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 ofthis Tribunalwithin seven days fromthe date ofreceipt ofa copy ofthis order. xii. The Registry is further directed to send a copy ofthis order to the Insolvency and Bankruptcy Board of India for their record. 10. 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 necessarysteps. II. Let the Certified Copy ofthis order be issued, ifapplied for, upon compliance with all requisite formalities. 12. File be consigned to records.

VINAYGOEL (MEMBER JUDICIAL) Signed on this the 2nd day ofDecember, 2025. Dhanya Cert edto be Teve Copy-

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