# In the matter of VASUPUJYA ENTERPRISES PVT LTD

> NCLT judgment dated 2025-09-02. Citation: TCN-2025-NCLT-01321. UCO Bank, a Financial Creditor/Petitioner, filed a Company Petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 2 Sept 2025
- **Citation:** TCN-2025-NCLT-01321
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/vasupujya-enterprises-pvt-ltd-d43679c8

## Summary

### Background

UCO Bank, a Financial Creditor/Petitioner, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vasupujya Enterprise Private Limited, a Corporate Debtor/Respondent, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The petition arises from a corporate guarantee executed by Vasupujya Enterprise Private Limited in favor of UCO Bank for credit facilities extended to the Principal Borrower, Ankit Metal & Power Limited.

## Facts

UCO Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Vasupujya Enterprise Private Limited.

The petition relates to a corporate guarantee provided by Vasupujya Enterprise Private Limited for credit facilities availed by Ankit Metal & Power Limited.

The Financial Creditor sanctioned a Working Capital Credit Facility amounting to Rs. 65,00,00,000/- in favour of the Principal Borrower.

The first default in servicing the interest on the said facility occurred on 28.08.2014.

A Master Restructuring Agreement (MRA) was executed on 09.12.2014 between the Principal Borrower and the CDR Lenders, including the Financial Creditor.

…

## Issues and analysis

### Issue 1: Whether the application …

**Ratio:** The application is not

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**Reasoning:** The Adjudicating Authority considered the payments made by the Principal Borrower,

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**Interpretation:** The limitation period is extended by valid acknowledgments of debt and by the

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**Application:** The application was filed on 23.02.2023, which is within the extended

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## Parties

- **Judges:** BIDISHA BA…; Cmde Siddharth…
- **Appellants:** UCO B…
- **Respondents:** Vasupujya…
- **Other parties:** Kanchan…; Ankit Metal and…
- **Advocates:** Santosh Kum…; Zeba…; +5 more

## Timeline

- **2014-08-28 — Default…**: First default in servicing…
- **2014-12-09 — MRA Exec…**: Master Restructuring Agreement (MRA) was executed between the Principal Borrower and the…

## 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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