# Union Bank of India Vs. SE Transstadia Pvt. Ltd.

> NCLT judgment dated 16/09/2026. Citation: TCN-2026-NCLT-01013. The case concerns an application filed by Union Bank of India, the Financial Creditor, against…

- **Court:** NCLT
- **Order date:** 16/09/2026
- **Citation:** TCN-2026-NCLT-01013
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/union-bank-of-india-vs-se-transstadia-private-limited-nsjkw

## Summary

### Background

The case concerns an application filed by Union Bank of India, the Financial Creditor, against SE Transstadia Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of financial debt. The petition was registered on 31.08.2026, with a claimed default amount of Rs.223,82,01,046/- as on 24.07.2026, including principal, normal, and penal interest. The Corporate Debtor, incorporated on 17.12.2008, availed consortium financial facilities from Union Bank of India, Bank of Baroda, and Bank of India, secured by a mortgage over leasehold land and a building. The loan accounts were classified as Non-Performing Assets (NPA) on

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## Facts

An application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

The Applicant/Financial Creditor is Union Bank of India, represented by its Authorised Signatory, Mr. Jitendra Kamath, with its registered office in Mumbai, Maharashtra.

The Respondent/Corporate Debtor is SE Transstadia Private Limited (CIN: U74990GJ2008PTC065269), with its registered office in Kankaria, Ahmedabad, Gujarat.

The petition was first listed on 01.09.2026.

The order was pronounced on 16.09.2026.

A Company Petition was registered on 31.08.2026.

The petition seeks initiation of Corporate Insolvency Resolution Process (CIRP) on account of default in repayment of financial debt.

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## Issues and analysis

### Issue 1: Whether the acknowledgments of debt by the Corporate Debtor through Revival Letters and audited …

**Ratio:** The Applicant asserts that the Corporate Debtor's acknowledgments of debt in Revival

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**Reasoning:** The Applicant explicitly relies on these acknowledgments and legal provisions "in

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**Interpretation:** Section 18 of the Limitation Act, 1963, allows for a fresh period of limitation

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**Application:** The Applicant is applying the principle of acknowledgment of debt under Section

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** Union Bank of…; Reconstruction…; +1 more
- **Respondents:** SE Transstadia…; SE Transstadia…; +1 more
- **Other parties:** consortium…; Committee of…; +13 more
- **Advocates:** Amey Ha…; Jay Kan…; +2 more

## Timeline

- **2006-09-27**
- **2007-04-27**

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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