NCLT Ahmedabad Admits Spright Agro Into CIRP On Agrirevolve's ₹8.66 Crore Claim

The National Company Law Tribunal (NCLT), Ahmedabad, on 24 September admitted Spright Agro Limited into the Corporate Insolvency Resolution Process (CIRP) on a petition filed by Agrirevolve Trading Private Limited, an operational creditor, over a default of more than Rs. 8.66 crore.

A Bench of Judicial Member Chitra Hankare and Technical Member Dr VG Venkata Chalapathy found that Agrirevolve had established the debt and default through authenticated records maintained by the National e-Governance Services Ltd. (NeSL), and that the outstanding amount exceeded the statutory threshold. It held:

“We conclude that the debt and default have been proved, including NeSL record and there is provision for interest in the agreement; the debt including principal amount is more than the threshold limit.”

Agrirevolve, incorporated in 2024, trades in agricultural produce. It entered into a supply agreement with Spright Agro on 18 October 2025 to supply cucumbers, capsicum, lemons and other agricultural produce. Agrirevolve supplied the produce between 15 November and 15 December 2025 and relied on invoices and transport receipts to support the transactions.

Spright Agro issued post-dated cheques towards the dues and later confirmed in writing that it owed Rs. 8.51 crore along with interest at 18% per annum. It also asked Agrirevolve not to deposit the cheques, citing financial constraints.

Despite granting time to Spright Agro, Agrirevolve did not receive the dues. It issued a demand notice on 12 January 2026 and filed authenticated records with NeSL confirming the default on 15 December 2025.

Agrirevolve relied on the supply agreement, invoices, cheques, demand notice, ledger statements and bank records to establish the debt and default. Spright Agro admitted its liability for the principal amount but disputed the contractual interest rate of 18% per annum. It also placed its balance sheets for the financial years 2022-23 to 2024-25 before the Tribunal.

The Tribunal noted that the supply agreement expressly provided for interest on delayed payments. It found that Spright Agro disputed only the rate of interest and not the existence of the debt.

Accordingly, the NCLT admitted Spright Agro into CIRP, imposed a moratorium and appointed Chartered Accountant Rajesh Jasti as the Interim Resolution Professional (IRP).