UCO Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Nicco Uco Alliance Credit Limited, claiming a default of Rs. 8,46,46,65,395/-. The Corporate Debtor (CD) argued that the petition is not maintainable as it was a financial service provider and the petition is barred by limitation.
UCO Bank filed a petition under Section 7 of the IBC against Nicco Uco Alliance Credit Limited.
The claimed amount of default is Rs. 8,46,46,65,395/-.
The Corporate Debtor was initially incorporated as 'Furmanite Nicco Investment Limited' in 1984.
UCO Bank decided to set up a Non-Banking Financial Company (NBFC) with Furmanite Nicco Investment Limited in 1989.
The name of the CD changed to Nicco Uco Alliance Credit Limited in 1999.
The RBI issued a circular in July 2004 imposing prohibition on the CD from accepting deposits without written permission.
The RBI cancelled the NBFC license of the CD on April 6, 2005.
The CD made various OTS proposals between 2013 and 2024 acknowledging the debt.
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The Corporate Debtor was…
UCO Bank decided to set up a Non-Banking…
UCO Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Nicco Uco Alliance Credit Limited, claiming a default of Rs. 8,46,46,65,395/-. The Corporate Debtor (CD) argued that the petition is not maintainable as it was a financial service provider and the petition is barred by limitation.
UCO Bank filed a petition under Section 7 of the IBC against Nicco Uco Alliance Credit Limited.
The claimed amount of default is Rs. 8,46,46,65,395/-.
The Corporate Debtor was initially incorporated as 'Furmanite Nicco Investment Limited' in 1984.
UCO Bank decided to set up a Non-Banking Financial Company (NBFC) with Furmanite Nicco Investment Limited in 1989.
The name of the CD changed to Nicco Uco Alliance Credit Limited in 1999.
The RBI issued a circular in July 2004 imposing prohibition on the CD from accepting deposits without written permission.
The RBI cancelled the NBFC license of the CD on April 6, 2005.
The CD made various OTS proposals between 2013 and 2024 acknowledging the debt.
…The Corporate Debtor was…
UCO Bank decided to set up a Non-Banking…