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 an investment company and to invest in and acquire and hold and otherwise deal in shares, stocks and debentures. in C.P (IB) 129/KB/2025

ii. CD was sanctioned/granted inter-alia the working capital facilities both fund based and non-fund based for meeting the part of the working capital needs of the Borro