# In the matter of UCO Bank vs. Gopal Poddar

> NCLT judgment dated 2024-03-19. Citation: TCN-2024-NCLT-02019. UCO Bank filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 19 Mar 2024
- **Citation:** TCN-2024-NCLT-02019
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/uco-bank-vs-gopal-poddar-9389ab26

## Summary

### Background

UCO Bank filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Gopal Poddar, the personal guarantor to the corporate debtor, M/s Limtex (India) Ltd., for initiating the Insolvency Resolution Process. The corporate debtor and personal guarantor had approached the applicant bank seeking financial facilities, which were extended on 20.11.2014. The corporate debtor failed to repay the loan, leading to the account being classified as NPA on 30.09.2016. The bank issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 08/03/2017. Gopal Poddar executed a personal guarantee on 25/11/2014 to secure the repayment. A demand notice in Form B was issued on 22/03/2021, but no reply was received.

## Facts

UCO Bank extended credit facilities to M/s Limtex (India) Ltd. on 20.11.2014, with Gopal Poddar acting as the personal guarantor. The corporate debtor defaulted on repayments, leading UCO Bank to classify the account as a Non-Performing Asset (NPA) on 30.09.2016. UCO Bank issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 08/03/2017. Gopal Poddar had executed a personal guarantee on 25.11.2014. A demand notice in Form B was issued to the personal guarantor on 22.03.2021, but no reply was received. The debt amount was Rs. 16,22,06,566.45. The Deed of Guarantee was executed on 25.11.2014.

## Issues and analysis

### Issue 1: Whether the application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, is …

**Ratio:** The application must comply with Section 95 and Rule 7 of the Insolvency and Bankruptcy

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**Reasoning:** The court examined the application to ensure it met the requirements of Section 95 and

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**Interpretation:** Section 95 and Rule 7 outline the necessary documents and procedures for

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**Application:** The court determined that the application was complete as required under

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Appellants:** UCO B…
- **Respondents:** M/s Limtex…; Gopal P…

## Timeline

- **2014-11-20 — Credit Facilities…**: UCO Bank extended various credit…
- **2014-11-25 — Personal Guarantee…**: Gopal Poddar executed a personal…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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