# In the matter of OYSTER SALES PRIVATE LIMITED

> NCLT judgment dated 2026-03-24. Citation: TCN-2026-NCLT-00248. UCO Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 24 Mar 2026
- **Citation:** TCN-2026-NCLT-00248
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/oyster-sales-private-limited-fb716983

## Summary

### Background

UCO Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Oyster Sales Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a financial debt.

## Facts

UCO Bank, the Financial Creditor, filed a petition under Section 7 of the IBC against Oyster Sales Private Limited, the Corporate Debtor.

The Corporate Debtor defaulted on a financial debt amounting to Rs. 1,54,34,515.81/-.

The account of the Principal Borrower was declared NPA on 14.10.2022, and the date of default is 16.07.2022.

The Financial Creditor issued a demand notice dated 31.10.2022 under Section 13(2) of the SARFAESI Act, 2002.

The Adjudicating Authority proceeded ex parte against the Corporate Debtor due to their non-appearance.

The Corporate Debtor was granted credit facilities by the Financial Creditor amounting to Rs. 1,00,00,000/-.

The application was filed on 20.11.2024, which is within the limitation period.

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 of …

**Ratio:** Section 7(5) of the

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**Reasoning:** The Adjudicating Authority observed that the application is complete in terms of Section

…

**Interpretation:** The application contains all the necessary information and documents as

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**Application:** The application was found to be complete, and the Financial Creditor is

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## Parties

- **Judges:** BIDISHA BA…; Cmde Siddharth…
- **Appellants:** UCO B…
- **Respondents:** Oyster Sales…
- **Other parties:** Annexur…; Annexur…; +8 more
- **Advocates:** Santosh Kum…; Ashmita…; +2 more

## Timeline

- **2021-08-02 — Sanction Lett…**: Sanction Letter dated…
- **2022-10-14 — NPA Decla…**: Account of the Principal Borrower…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19 — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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