# Union Bank of India vs. Excel Overseas Pvt. Ltd.

> NCLT judgment dated 2026-06-10. Citation: TCN-2026-NCLT-00575. Union Bank of India, as a Financial Creditor, filed an application under Section 7 of the IBC…

- **Court:** NCLT
- **Order date:** 10 Jun 2026
- **Citation:** TCN-2026-NCLT-00575
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/union-bank-of-india-vs-excel-overseas-pvt-ltd-kv4b1

## Summary

### Background

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.

## Facts

Union Bank of India filed an application (C.P. (IB) No.845/MB)2025) on 08.11.2024 under Section 7 of the IBC against Excel Overseas Pvt. Ltd.

The application seeks to initiate Corporate Insolvency Resolution Process (CIRP) against Excel Overseas Pvt. Ltd. (Corporate Debtor).

Union Bank of India is the Financial Creditor and lead bank of a consortium including Bank of India, Saraswat Co-operative Bank, and SVC Co-operative Bank Limited.

Excel Overseas Pvt. Ltd. is a private limited company established in 1992, engaged in cutting and polishing raw diamonds and exporting them.

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## Issues and analysis

### Issue 1: Whether there exists a financial debt …

**Ratio:** The Adjudicating Authority (AA) under Section 7 of the IBC is only required to satisfy

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**Reasoning:** The Corporate Debtor (CD) admitted to being part of a consortium arrangement and availing

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**Interpretation:** The term "default" as defined in Section 3(12) of the Code includes

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**Application:** The FC has successfully established the existence of a financial debt exceeding

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Union Bank of…
- **Respondents:** Excel Overseas…
- **Other parties:** Committee of…; Mahesh Chan…
- **Advocates:** Amey Na…; Geeta Lun…; +3 more

## Timeline

- **1992 — Establishment of…**: Excel Overseas Pvt. Ltd. was…
- **2005-06 — Bank Account Statements…**: Bank Account Statement of Corporate Debtor's Loan/ Credit Facilities for this period were…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(12) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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