# UCO Bank vs. Longrange Commodities Limited

> NCLT judgment dated 2026-06-12. Citation: TCN-2026-NCLT-00560. UCO Bank, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP)…

- **Court:** NCLT
- **Order date:** 12 Jun 2026
- **Citation:** TCN-2026-NCLT-00560
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/uco-bank-vs-longrange-commodities-limited-9i163

## Summary

### Background

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.

## Facts

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.

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial …

**Ratio:** Acknowledgment of debt through OTS proposals and financial statements, even if

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**Reasoning:** The Corporate Debtor made multiple OTS offers (25.08.2017, 21.12.2017, 03.01.2018,

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**Interpretation:** Section 18 of the Limitation Act should not be construed with pedantic rigidity

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**Application:** The application filed on 12.04.2025, considering the last OTS offer on

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** UCO B…
- **Respondents:** Longrange…
- **Other parties:** Committee of…; Keshav…; +3 more
- **Advocates:** Mr Rohit…; Adv Mr. Rohit…; +2 more

## Timeline

- **2015-05-19 — Loan Recall…**: Loan Recall Notice…
- **2015-06-03 — Loan Recall…**: Loan Recall Notice…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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