Union Bank of India, as a Financial Creditor, filed an application under Section 7 of the IBC to initiate Corporate Insolvency Resolution Process (CIRP) against Excel Overseas Pvt. Ltd., the Corporate Debtor, due to outstanding financial debt. The Financial Creditor claimed a default of Rs. 60,19,49,713.32/- as of 30.09.2024, arising from various credit facilities sanctioned and enhanced up to Rs. 40.91 crores. The Corporate Debtor's accounts were classified as NPA on 31.01.2020. The Corporate Debtor contested the application on grounds of statutory disclosure deficiencies, disputed interest calculations, and argued that the application was time-barred.

Union Bank of India, as a Financial Creditor, filed an application under Section 7 of the IBC to initiate Corporate Insolvency Resolution Process (CIRP) against Excel Overseas Pvt. Ltd., the Corporate Debtor, due to outstanding financial debt. The Financial Creditor claimed a default of Rs. 60,19,49,713.32/- as of 30.09.2024, arising from various credit facilities sanctioned and enhanced up to Rs. 40.91 crores. The Corporate Debtor's accounts were classified as NPA on 31.01.2020. The Corporate Debtor contested the application on grounds of statutory disclosure deficiencies, disputed interest calculations, and argued that the application was time-barred.