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2026 Supreme(Online)(NCLT) 4238
NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH COURT VI
Nilesh Sharma, J, Sameer Kakar, Technical Member
Mr R Srikant Ayyer – Appellant
Versus
Neogreen Agriculture LLP – Respondent
C.P.(IB)/654(MB)2026
For the Appellants/Petitioners: Ashwin Shanker, Keyna Bhavsar
For the Respondents: None present
Dues of separate corporate entities, even if part of the same group, cannot be clubbed to meet the minimum threshold of one crore rupees for initiating the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016.
Headnote:The matter involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor alleged a total default of Rs. 1,02,28,590/-, which included a principal amount of Rs. 20,00,000/- lent to the Corporate Debtor and Rs. 30,00,000/- lent to a group company. The Financial Creditor contended that both entities operated as a single economic entity and were jointly and severally liable for the total claim. The primary issue was whether an application under Section 7 is maintainable when the applicant clubs dues claimed from a Corporate Debtor and its group company to meet the statutory threshold. The court reasoned that under Section 3(8), Section 4, and Section 7 of the IBC, the threshold for initiating CIRP (currently Rs. 1 Crore as per Notification S.O. 1205(E)) must be met by the specific Corporate Debtor against whom the petition is filed. The court held that the law does not permit the clubbing of outstanding dues payable by two or more separate corporate debtors to meet this threshold. Accordingly, C.P.(IB)/654/MB/2026 stands rejected being not maintainable.
| Table of Content |
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| 1. details of the cirp application and claimed amounts. (Para 3) |
ORDER SHEET OF HEARING DATED 07.07.2026
Item No. P-2
The case is fixed for pronouncement of the order. The order is pronounced in the open court, vide separate order. Detailed order is being uploaded on the NCLT portal today.
Sd/- Sd/-
NILESH SHARMA SAMEER KAKAR
MEMBER (JUDICIAL) MEMBER (TECHNICAL)
//SS//
[Under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016]
IN THE MATTER OF:
Mr. R. Srikant Ayyer
C-606, Lotus Building, Ansal Vihar, Shimpoli Road, Borivali (West), Mumbai - 400092
... Financial Creditor
V/s
Neogreen Agriculture LLP
LLPIN: AAX-2889
401, B Wing, Kohinoor Square, N. C. Kelkar Marg, Opp. Shiv Sena Bhavan, Dadar, Mumbai - 400028
...Corporate Debtor
Pronounced: 07.07.2026
Appearances: Hybrid
For Applicant: Adv. Mr. Ashwin Shanker/Adv. Ms. Keyna Bhavsar
For Respondent: None present
ORDER
[PER: CORAM]
1. BACKGROUND
1.1 This C.P. (IB)/654/MB/2026 (Application) was filed on 04.06.2026 by Mr. R. Srikant Ayyer, the Financial Creditor (FC) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Neogreen Agriculture LLP, the Corporate Debtor (CD), having [Identification No.: AAX-2889].
1.2 Perusal of the Part III reveals that the Applicant has named Mr. Nitin Om Kothari, 3A/303, Whispering, Palm, Lokhandwala Township, Kandivali East, Mumbai 400101 Email ID: cakotharico@gmail.com having IP Registration No. IBBI/IPA-001/IP-P02310/2020 2021/13477 as the IRP. The proposed IRP has given his consent in Form No. 2, which is appended at Page No. 92 to 95. The AFA of the proposed IRP is valid till 30.06.2027.
1.3 As per Part IV of the Application, the amount claimed to be in default is Rs. 1,02,28,590/- (One Crore Two Lakhs Twenty-Eight Five Hundred and Ninety Rupees Only.) being the principal amount of ₹50,00,000/- and interest of ₹ 52,28,590/- calculated at 25% per annum. The date of default is mentioned as 30.04.2026
2. CONTENTIONS OF APPLICANT
2.1 It is stated by the Financial Creditor that he was employed as a Consultant/ Marine Engineer by the Corporate Debtor since November 2016.
2.2 Further, it is stated that Neogreen Agriculture LLP ("Corporate Debtor") and Neogreen Ventures Limited (formerly "Neogreen Ventures Private Limited") operate collectively as a single economic entity under the "Corporate Debtor Group," engaged in bio-dynamic farming, cattle raising, and hydroponic projects. The operations, management, and corporate communications of both entities are entirely intertwined, being routed through common directors and personnel. By virtue of their unified economic operation and shared control, the Corporate Debtor and Neogreen Ventures Limited are jointly and severally liable for the entire claim amount due to the Financial Creditor.
2.3 It is stated that in/around 2023, the Financial Creditor was approached by one, Mr. Rajmohan Waldia, Director of Neogreen Ventures Limited (formerly known as Neogreen Ventures Private Limited) with an investment opportunity in the business of the Corporate Debtor and Neogreen Ventures Limited against consideration for time value of money.
2.4 it is stated that the Financial Creditor and the Corporate Debtor entered into an Investment Agreement dated 05.12.2022 (the 'Investment Agreement') whereby the Financial Creditor lent an amount of Rs. 20,00,000/- to the business of the Corporate Debtor vide NEFT No. KARBR52022120100551604 dated 01.12.2022, for a period of 5 years under a '25% yearly return scheme with Principal Return '. The interest payments were to commence from December 2022.
2.5 it is stated that as per the Investment Agreement, the Corporate Debtor agreed for a
