# UCO Bank vs. Akshara Highrise Private Limited

> NCLT judgment dated 2026-05-06. Citation: TCN-2026-NCLT-00533. UCO Bank, as a Financial Creditor, filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 6 May 2026
- **Citation:** TCN-2026-NCLT-00533
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/uco-bank-vs-akshara-highrise-private-limited-0bkrr

## Summary

### Background

UCO Bank, as a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Akshara Highrise Private Limited, the Corporate Debtor and corporate guarantor for M/s Nandini Impex Pvt. Ltd. (principal borrower). Credit facilities were sanctioned to the principal borrower since 2001, restructured in 2012, and the Corporate Debtor executed a Letter of Guarantee on 28.09.2012. The principal borrower's account was classified as NPA on 30.09.2012. A SARFAESI notice was issued on 01.10.2020, and CIRP against the principal borrower was admitted on 20.09.2022. The Financial Creditor claims a debt of Rs. 4,52,08,22,525.31. The Corporate Debtor contested the petition on grounds of the correct date of default, limitation, and the

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## Facts

UCO Bank (Financial Creditor) filed a Section 7 IBC application against Akshara Highrise Private Limited (Corporate Debtor).

Akshara Highrise Private Limited is the corporate guarantor for M/s Nandini Impex Pvt. Ltd., the principal borrower.

Credit facilities were sanctioned to the principal borrower since 2001 and were renewed/restructured on 28.06.2012 and 28.09.2012.

The Corporate Debtor executed a Letter of Guarantee dated 28.09.2012 in favour of the Financial Creditor.

The principal borrower's account was classified as NPA on 30.09.2012.

A notice under Section 13(2) of the SARFAESI Act dated 01.10.2020 was issued to the principal borrower and the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether there exists a financial debt …

**Ratio:** Yes, a financial debt and default exist, as the Corporate Debtor, being a guarantor, is

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**Reasoning:** The Corporate Debtor executed a Letter of Guarantee for credit facilities extended to the

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**Interpretation:** Section 7 of the IBC requires the Adjudicating Authority to ascertain the

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**Application:** The Corporate Debtor, as a corporate guarantor, is directly liable for the

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## Parties

- **Judges:** BIDISHA BA…; Cmde Siddharth…
- **Appellants:** UCO B…
- **Respondents:** Akshara Highrise…
- **Other parties:** Committee of…; Directors and…; +1 more
- **Advocates:** Rahul A…; Aditya G…; +7 more

## Timeline

- **2001 — Credit Facilities…**: Credit facilities were sanctioned to the principal borrower (Nandini Impex Private…
- **2012-06-28 — Credit Facilities…**: The credit facilities granted to the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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