# UCO Bank vs. Mr. Souvanik Mal

> NCLT judgment dated 16 Apr 2026. Citation: TCN-2026-NCLT-00418. UCO Bank, the Financial Creditor, filed an application (I.A.(IB)No. 1077/KB/2025 in…

- **Court:** NCLT
- **Order date:** 16 Apr 2026
- **Citation:** TCN-2026-NCLT-00418
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/uco-bank-vs-mr-souvanik-mal-24534384

## Summary

### Background

UCO Bank, the Financial Creditor, filed an application (I.A.(IB)No. 1077/KB/2025 in C.P.(IB)/117(KB)2025) against Mr. Souvanik Mal, a Personal Guarantor to Corporate Debtor Bevkart Industries Limited. The application sought to initiate the Insolvency Resolution Process under Section 99 and Section 60(5) of the IBC, 2016, and also requested condonation of delay in filing. The total debt and default amount was Rs. 10,27,15,000/- as of 31.12.2024. Demand notices were issued on 22.11.2021 and 06.12.2021 (under SARFAESI Act, 2002), with the personal guarantee invoked on 22.11.2021 and a directive to clear dues by 30.11.2021. The date of default was established as 30.11.2021, while the application was filed on 04.04.2025. Mr. Debdas Chakraborty was appointed as the

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## Facts

UCO Bank, the Financial Creditor, filed an application (I.A.(IB)No. 1077/KB/2025 in C.P.(IB)/117(KB)2025) against Mr. Souvanik Mal, a Personal Guarantor to Corporate Debtor Bevkart Industries Limited, under Section 99 and Section 60(5) of the IBC, 2016.

The application also sought to condone the delay in its filing.

The total amount in debt and default was Rs. 10,27,15,000/- as on 31.12.2024.

On 22.11.2021, UCO Bank issued a demand notice to the Corporate Debtor and personal guarantors for Rs. 7,58,81,655.06/-, with a deadline to clear the outstanding balance by 30.11.2021.

On 06.12.2021, UCO Bank sent another notice under Section 13(2) of the SARFAESI Act, 2002, to the Corporate Debtor and Personal Guarantor for Rs. 7,60,89,574.06/- (inclusive of interest till 10.11.2021).

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## Issues and analysis

### Issue 1: Whether the application seeking to initiate the Insolvency Resolution Process against the personal …

**Ratio:** The limitation period for initiating insolvency proceedings against a personal guarantor

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**Reasoning:** The Tribunal relied on the Supreme Court's judgment in *Syndicate Bank vs. Channaverappa

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**Interpretation:** The interpretation of the limitation period for personal guarantors under the

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**Application:** In this case, the date of default for the personal guarantor, Mr. Souvanik Mal,

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## Parties

- **Judges:** BIDISHA BA…; Rekha Kantilal…
- **Appellants:** UCO B…
- **Respondents:** Bevkart Industries…; Souvani…
- **Other parties:** Insolvency and…; Personal Gu…; +6 more

## Timeline

- **2019-09-26 — Deed of Guarantee…**: Mr. Souvanik Mal executed a Deed of Guarantee in favour of UCO Bank against credit…
- **2021-11-22 — Financial Creditor issues demand notice and…**: UCO Bank issued a demand notice to the Corporate Debtor and personal guarantors for Rs.…

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