Mercury Trade Links IBC: NCLT admits plea in 2026

Key development from NCLT Ahmedabad

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by Fettech Commercial Enterprises Pvt. Ltd. against Mercury Trade Links Ltd. The order is dated 1 September 2026. The tribunal said it was satisfied that an operational debt existed and a default had occurred. It also recorded that a demand notice had been served and that no genuine pre-existing dispute was established by the corporate debtor. Following admission, the case moves into the Corporate Insolvency Resolution Process (CIRP) framework under the Insolvency and Bankruptcy Code, 2016 (IBC).

What the tribunal recorded on the operational debt

In the order, the NCLT stated that it found evidence of an operational debt and a default. It quantified the operational debt at ₹2.70 crore. The tribunal also recorded that the amount was due and payable. It further noted that the demand notice was served to the corporate debtor. And it concluded that no genuine pre-existing dispute was established by Mercury Trade Links.

“...we are satisfied that there exists an operational debt of Rs.2,70,00,000/- and that a default has occurred. The debt is due and payable, the demand notice has been served to the CD and no genuine preexisting dispute has been established by the Corporate Debtor.”

CIRP consequences: IRP appointment and moratorium

With the admission of the petition, the tribunal appointed Manish Kumar Bhagat as the Interim Resolution Professional (IRP). The NCLT also imposed a moratorium under the IBC. A moratorium typically restricts certain actions against the corporate debtor during the CIRP period, as provided under the code. The order marks a change from the earlier stage where the matter was only at a notice stage. The admission also means the insolvency process is no longer only proposed, but formally triggered through a tribunal order.

Case details disclosed in the order listing

The case title is listed as Fettech Commercial Enterprises Pvt Ltd Vs Mercury Trade Links Ltd. The case number is C.P.(IB)/24(AHM)2026. The citation shared is 2026 LLBiz NCLT (AHM) 871. In the NCLT order list table, the entry for Mercury Trade Links Limited shows “Admission - Final Order” with the order date 01 Sep, 2026. The location referenced is Ahmedabad, Gujarat.

Earlier disclosure: notice stage as of August 3, 2026

Separately, Mercury Trade Links Limited disclosed earlier that it had received a CIRP initiation notice from Fettech Commercial Enterprises Private Limited. The company said the notice was dated January 13, 2026, and proposed proceedings under Section 9 of the IBC. As of August 3, 2026, when the company informed BSE Limited, it stated that no application had been admitted by the NCLT and no order had been passed. The company also said it was examining the allegations and taking legal advice. Management stated it intended to take necessary legal steps to protect its interests and defend the matter before the appropriate forum if required.

Addresses and parties mentioned in the notice disclosure

The operational creditor was named as Fettech Commercial Enterprises Private Limited. The notice described an “Application under Section 9 to initiate Corporate Insolvency Resolution Process in respect of Mercury Trade Links Limited.” The notice was directed to Mercury Trade Links’ registered office at 624, Solaris Business Hub, Bhuyangdev Cross Road, Naranpura, Bodakdev, Ahmedabad – 380054, Gujarat. The creditor’s address was also provided as 4, TF, B/2, Om Shivalaya CHS Ltd., Opp. Iswar Ami Krupa Flats, Near Vajinath School, Jivraj Park, Ahmedabad – 380051, Gujarat. The proposed forum was the Hon’ble National Company Law Tribunal (NCLT). The subject matter was described as an alleged operational debt.

Snapshot: key facts in one place

Market references and financial context shared

Exchange data shared alongside the update showed a BSE price of ₹1.61 with 0.00% change in that snapshot. The content also referenced “Bid / Ask 0.00 / 4.42” in the same market-data block. Separately, the company reported a Q1FY26 net loss of ₹63.64 crore, reversing Q4FY25 profits, as per the text provided. While the insolvency order relates to an operational creditor claim, the reported quarterly loss adds context on financial stress that investors track alongside legal developments. Any market reaction beyond the quoted snapshot would depend on subsequent disclosures and trading, which were not provided in the text.

Why the admission matters for shareholders and counterparties

An admitted Section 9 petition changes the situation materially from a mere legal notice. With an IRP in place and a moratorium imposed, stakeholders usually watch for process updates and filings under the IBC framework. The admission also creates a formal timeline under insolvency procedures, as opposed to an open-ended pre-admission phase. For investors, the immediate focus typically shifts to what the company and the IRP disclose next under applicable regulations. In this case, the key confirmed facts are the admission order date, the operational debt amount recorded by the tribunal, and the appointment of the IRP.

Conclusion

Mercury Trade Links is now facing an admitted insolvency petition at NCLT Ahmedabad, with the tribunal recording an operational debt of ₹2.70 crore and appointing Manish Kumar Bhagat as IRP while imposing a moratorium. The development follows the company’s earlier disclosure that the matter was only at a notice stage as of August 3, 2026. The next confirmed milestones will come through the CIRP process and further filings or disclosures linked to the NCLT case C.P.(IB)/24(AHM)2026.