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NATIONAL COMPANY LAW TRIBUNAL
Smt Bidisha Banerjee, Member (Judicial), Cmde Siddharth Mishra, Member (Technical)
UCO Bank – Appellant
Versus
Nicco Uco Alliance Credit Limited – Respondent
| Table of Content |
|---|
| 1. filing of petition under ibc (Para 3) |
| 2. submissions by financial creditor (Para 4) |
| 3. submissions by corporate debtor (Para 5) |
| 4. acknowledgment of debt and limitation (Para 6) |
| 5. court analysis on limitation and acknowledgment (Para 7 , 8) |
| 6. dismissal of the application (Para 9 , 10 , 11) |
ORDER
Per : Bidisha Banerjee, Member (Judicial)
1. This Court convened through hybrid mode.
2. We have heard learned Counsels at length.
3. This Company Petition has been filed by UCO Bank/Financial Creditor under section 7(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 , against the Corporate Debtor, for an amount of default of Rs. 8,46,46,65,395/-. The date of default mentioned therein is 12.09.2023/21.09.2023.
4. Submissions on behalf of the Financial Creditor:
i. The CD was incorporated on the 18th Day of June, 1984, as a public company limited by shares under the provisions of the Companies Act, 1956, under the name and style of “Furmanite Nicco Investment Limited.” Name of the Corporate Debtor was changed to its present name, with principal business set out in the MoA that of
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