UCO Bank, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) under Section 7 of the IBC against Longrange Commodities Private Limited, the Corporate Debtor, for a default of Rs. 90.54 crores. The stated date of default was 10.09.2015, when the Corporate Debtor's loan account was classified as a Non-Performing Asset (NPA). The Corporate Debtor raised several objections, including the petition being time-barred, the existence of a counterclaim in Debts Recovery Tribunal (DRT) proceedings, alleged defects in the application (such as different default dates, missing documents, and non-filing of an Information Utility record), and the recall notice being addressed to a different entity.
UCO Bank (Financial Creditor) filed C.P. (IB) No.514/MB/2025 on 12.04.2025 under Section 7 of IBC against Longrange Commodities Private Limited (Corporate Debtor).
The application was affirmed by Mr. Amit Potdar, authorized signatory of UCO Bank.
The amount claimed in default is Rs.90,54,16,402.51/-.
The date of default is stated as 10.09.2015, when the Corporate Debtor's loan account was classified as Non-performing Asset (NPA).
Securities held by UCO Bank include: first exclusive charge on current assets, equitable mortgage of Flat no. 74 at 7th Floor and Garage no. 17 at Rajat Apartments, pledge of fixed deposit of Rs. 0.80 crores, personal guarantee of Mr. Vijay Soni and Mr. Namit Soni, and corporate guarantee by Global Tradex Ltd.
…Sign in to view the parties.
Loan Recall…
Loan Recall…
UCO Bank, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) under Section 7 of the IBC against Longrange Commodities Private Limited, the Corporate Debtor, for a default of Rs. 90.54 crores. The stated date of default was 10.09.2015, when the Corporate Debtor's loan account was classified as a Non-Performing Asset (NPA). The Corporate Debtor raised several objections, including the petition being time-barred, the existence of a counterclaim in Debts Recovery Tribunal (DRT) proceedings, alleged defects in the application (such as different default dates, missing documents, and non-filing of an Information Utility record), and the recall notice being addressed to a different entity.
UCO Bank (Financial Creditor) filed C.P. (IB) No.514/MB/2025 on 12.04.2025 under Section 7 of IBC against Longrange Commodities Private Limited (Corporate Debtor).
The application was affirmed by Mr. Amit Potdar, authorized signatory of UCO Bank.
The amount claimed in default is Rs.90,54,16,402.51/-.
The date of default is stated as 10.09.2015, when the Corporate Debtor's loan account was classified as Non-performing Asset (NPA).
Securities held by UCO Bank include: first exclusive charge on current assets, equitable mortgage of Flat no. 74 at 7th Floor and Garage no. 17 at Rajat Apartments, pledge of fixed deposit of Rs. 0.80 crores, personal guarantee of Mr. Vijay Soni and Mr. Namit Soni, and corporate guarantee by Global Tradex Ltd.
…Loan Recall…
Loan Recall…