Mercury Trade Links Limited has disclosed an order dated September 1, 2026, passed by the Hon'ble National Company Law Tribunal (NCLT), Ahmedabad Bench – Court No. 2 in case number C.P. (IB)/24(AHM)2026. The proceedings were initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Fettech Commercial Enterprises Pvt. Ltd. (Operational Creditor) against Mercury Trade Links Limited (Corporate Debtor/Respondent).

Nature of the Event

The disclosure pertains to the admission of the company into Corporate Insolvency Resolution Process (CIRP) by the NCLT.

Key Quantitative Figures

  • Total operational debt claimed: ₹2,70,00,000 (Rupees Two Crore Seventy Lakh Only)
  • Total supplies made by operational creditor: ₹4,41,50,034.05
  • Amount paid by corporate debtor: ₹1,71,50,034.05
  • Advance payment directed to IRP for CIRP costs: ₹2,00,000 (Rupees Two Lakh Only)
  • Default date: March 31, 2025 (90 days after last invoice dated December 31, 2024)

Dates of Action

  • Supply period: April 1, 2024 to December 31, 2024
  • Demand notice issued: November 15, 2025
  • Demand notice delivered: November 18, 2025
  • Order pronounced: September 1, 2026
  • CIRP commencement: Effective from September 1, 2026

Parties Involved

  • Applicant/Operational Creditor: Fettech Commercial Enterprises Private Limited
  • Respondent/Corporate Debtor: Mercury Trade Links Limited
  • Adjudicating Authority: National Company Law Tribunal, Ahmedabad Bench – Court No. 2
  • Hon'ble Members: Mrs. Chitra Hankare (Judicial) and Dr. V. G. Venkata Chalapathy (Technical)
  • Appointed Interim Resolution Professional: Mr. Manish Kumar Bhagat (IBBI Registration No. IBBI/IPA-001/IP-P00856/2017-18/11438)
  • Proposed IRP by applicant: Mrs. Dipti Narayan Mundra (IBBI Reg. No. IBBI/IPA-001/IP-P-02845/2023-2024/14366)

Financial and Operational Impact

The NCLT has ordered:

  • Admission of corporate debtor into CIRP under Section 9(5) of IBC
  • Moratorium under Section 14 of IBC effective from date of order until completion of CIRP or approval of resolution plan/liquidation order
  • Appointment of Mr. Manish Kumar Bhagat as Interim Resolution Professional
  • IRP to make public announcement and call for claims under Section 15
  • IRP to take charge of corporate debtor's assets and documents
  • Operational creditor to pay ₹2,00,000 advance to IRP within 7 days for CIRP costs

Corporate Debtor Status

As per respondent's submissions:

  • Company is a listed entity
  • Engaged in agricultural products business
  • Suffered substantial losses due to unseasonal rains
  • Has high level of trade payables
  • Limited assets (primarily cash as per balance sheet)
  • No secured financial creditors
  • Advanced payments to farmers/vendors with limited recovery

Tribunal Findings

The NCLT observed:

  • Debt is above threshold prescribed under Section 4 of IBC
  • Application filed within prescribed limitation period
  • Goods supplied were agricultural produce exempt from GST
  • Proof of delivery and acceptance of goods exists
  • No documentary evidence produced to support alleged pre-existing disputes
  • No genuine pre-existing dispute established by corporate debtor

Additional Information

  • The company committed to making necessary disclosures regarding further material developments as required under SEBI (LODR) Regulations, 2015
  • Registry directed to communicate order to all parties, ROC, and IBBI within seven working days
  • Registrar of Companies to update master data indicating admission into CIRP