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IN THE NATIONAL COMPANY LAW TRIBUNAL INDORE BENCH INV. P/8(MP)2026 IN CP(IB)/77(MP)2026 [An application for intervention and directions under section 60(5) of the Insolvency and Bankruptcy code, 2016]

IN THE MATTER OF COLAMA COMMERCIAL CO LTD.

CIN: L51109WB1983PLC035719 Having its registered office at: 90, Phears Lane, 4th Floor, Room No. 404, Bowbazar (Kolkata), Kolkata, West Bengal, India, 700012 Branch office at: 219 Manek Centre, Indra Baug P N Marg, Jamnagar-

361008, Gujarat, India ...Applicant/Intervener Mail Id: colamacom1985@gmail.com, (Financial Creditor / Mobile No. 9427980181 Applicant/ NBFC)

Versus SATIATE AGRI LIMITED AND ITS BOARD CIN: L24111MP1986PLC003741 ... Respondents Having its registered office at: 31 Sneh (Company/Corporate Nagar, F. No. 18 Vatsalay Chamber, Debtor)

Indore G.P.O., Indore, Madhya Pradesh, India, 452001 Mail Id: shabachemicals@gmail.com, Mobile No. 9827539432 CORAM:

HON’BLE SHRI BRAJENDRA MANI TRIPATHI, MEMBER (JUDICIAL)

HON’BLE SHRI MAN MOHAN GUPTA, MEMBER (TECHNICAL)

Order Pronounced on: 20.08.2026 APPEARANCE:

For the Applicant: Mr. Nikunj Pataliya, Adv (Online) For the FC: Ms. Ayushi Patidar, PCA (Online)

For the Respondent: Mr. Rohit Dubey, Adv (Online)

ORDER

1. The present Intervention Application has been filed by Colama Commercial Co. Ltd. (“Applicant/Intervenor”) seeking intervention in CP (IB)/77/MP/2026, a petition filed by Excellence Finance Private Limited (“Financial Creditor”) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“Code”) against Satiate Agri Limited (“Corporate Debtor”).

Pleadings of the Applicant:

2. That the Applicant has a direct, substantial, interest in the present proceedings, being C.P. (IB)/77/MP/2026, and any order passed therein is likely to materially affect its rights and interests as a Financial Creditor

3. The Applicant has stated that it is a registered Non-Banking Financial Company and a Financial Creditor of the Corporate Debtor. According to the Applicant, it had already instituted its own proceedings under Section 7 of the Code, being CP (IB) No.78/MP/2025, on 02.12.2025, against the same Corporate Debtor, which is stated to be pending adjudication. It is further stated that the Applicant had obtained a Record of Default from NeSL on 25.11.2025 and had also filed an Affidavit dated 17.02.2026 and IA(I.B.C.) No.123/MP/2026 in its own proceedings.

4. The Applicant's principal grievance is that, subsequent to its alleged date of default of 30.04.2025 and during the pendency of its proceedings, the Corporate Debtor created further charges and security interests in favour of other lenders, including Excellence Finance Private Limited and Swan Finance Limited. The Applicant has referred to Loan Agreements and Pledge Agreements stated to have been executed with Excellence Finance and Swan Finance during September to November 2025 and December 2025.

5. The Applicant alleges that such subsequent creation of security interests is intended to dilute its voting rights in the proposed Committee of Creditors, affect its existing security rights and prejudice the insolvency resolution process. It further relies upon Clause 5.2(i) of its Loan Agreement, which, according to it, restricts the Corporate Debtor from creating security interests over its assets without the Applicant's prior written consent. The Applicant has also raised contentions concerning the objects contained in the Memorandum of Association of the Corporate Debtor and alleged that investments made by the Corporate Debtor and pledges created over the shares are liable to be questioned as being contrary to its principal objects.

6. The Applicant further submits that its Section 7 petition was instituted prior in point of time, on 02.12.2025, whereas the present CP (IB)/77/MP/2026 was subsequently instituted by Excellence Finance Private Limited on 02.06.2026. On this basis, the Applicant seeks, inter alia, that its earlier Section 7 petition be taken