# In the matter of Bhuvee Stenovate Private Limited CP(IB) No. 515-KB-2018

> NCLT judgment dated 2019-03-12. Citation: TCN-2019-NCLT-04459. UCO Bank initiated Corporate Insolvency Resolution Process (CIRP) against Bhuvee Stenovate…

- **Court:** NCLT
- **Order date:** 12 Mar 2019
- **Citation:** TCN-2019-NCLT-04459
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhuvee-stenovate-private-limited-cpib-no-515-kb-2018-08a9300b

## Summary

### Background

UCO Bank initiated Corporate Insolvency Resolution Process (CIRP) against Bhuvee Stenovate Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging default in repayment of credit facilities. The Corporate Debtor had availed various credit facilities, including term loans and working capital, from UCO Bank and other banks under a consortium arrangement. Due to financial difficulties, the Corporate Debtor underwent Corporate Debt Restructuring (CDR) and later a Strategic Debt Restructuring (SDR) agreement. However, the Corporate Debtor continued to default, leading to its account being declared a Non-Performing Asset (NPA).

## Facts

UCO Bank, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Bhuvee Stenovate Private Limited, the corporate debtor. The corporate debtor had availed term loan and cash credit facilities from UCO Bank and other member banks in a consortium. The corporate debtor defaulted in repaying the credit facilities, leading to its account being declared a Non-Performing Asset (NPA) on 31st January 2018. The outstanding amount as of 23rd March 2018 was Rs. 274.90 crores, including uncharged interest. The corporate debtor had undergone Corporate Debt Restructuring (CDR) and Strategic Debt Restructuring (SDR) agreements, but continued to default. The financial

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## Issues and analysis

### Issue 1: Whether the applicant has filed this application with a valid Authority to initiate Corporate …

**Ratio:** The power of attorney granted to the manager authorizes them to initiate proceedings for

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**Reasoning:** The court considered the Power of Attorney and Letter of Authority produced by the

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**Interpretation:** The court interpreted the Power of Attorney and Letter of Authority to

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**Application:** The court applied the ratio to the facts of the case and found that the

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## Parties

- **Judges:** Jinan…
- **Appellants:** UCO B…
- **Respondents:** Bhuvee Stenovate…
- **Advocates:** Joy S…; Sabyasachi…; +10 more

## Timeline

- **2010-04-23 — Original Loan…**: M/s. Integrated Equipment's and Infra Services Private Limited, the original borrower,…
- **2013-01-01 — Term Loan Disb…**: Last disbursement of Term Loan…

## 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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