# In the matter of Nicco UCO Alliance Credit Limited

> NCLT judgment dated 2025-12-18. Citation: TCN-2025-NCLT-01890. UCO Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against…

- **Court:** NCLT
- **Order date:** 18 Dec 2025
- **Citation:** TCN-2025-NCLT-01890
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/nicco-uco-alliance-credit-limited-55010b85

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the petition is …

**Ratio:** OTS proposals would constitute acknowledgement of debt to extend limitation, but only if

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**Reasoning:** The NCLT referred to judgments like Dena Bank vs. C. Shivakumar Reddy and Sesh Nath Singh

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**Interpretation:** An acknowledgement under Section 18 of the Limitation Act must be made on or

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**Application:** The NCLT found that there was a gap of 9 years between the original default of

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## Parties

- **Judges:** BIDISHA BA…; Siddharth…
- **Appellants:** UCO B…
- **Respondents:** Nicco Uco…
- **Advocates:** Sailesh M…; Swatarup Ba…; +1 more

## Timeline

- **1984 — Incorpor…**: The Corporate Debtor was initially incorporated…
- **1989 — NBFC Set…**: UCO Bank decided to set up a Non-Banking Financial Company (NBFC) with Furmanite Nicco…

## 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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