# Union Bank of India vs. Indo Pacific Projects Limited

> NCLT judgment dated 2026-07-30. Citation: TCN-2026-NCLT-00730. Union Bank of India, as the Financial Creditor, filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 30 Jul 2026
- **Citation:** TCN-2026-NCLT-00730
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/union-bank-of-india-vs-indo-pacific-projects-limited-3m93h

## Summary

### Background

Union Bank of India, as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Indo Pacific Projects Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The application was filed on 13.02.2026, claiming a default amount of Rs. 13,96,88,639.09/- with the date of default stated as 02.04.2018. The Financial Creditor also proposed Ms. Megha Agarwal as the Interim Resolution Professional (IRP). The Corporate Debtor had previously approached the Financial Creditor for a term loan of Rs. 26.30 Crores, which was secured by an equitable mortgage and personal guarantees. The loan account was classified as a Non-Performing Asset (NPA) on 29.06.2018.

## Facts

Union Bank of India (Financial Creditor) filed C.P. (IB) No.150/MB/2026 under Section 7 of the IBC against Indo Pacific Projects Limited (Corporate Debtor) on 13.02.2026.

The application seeks to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.

The application was affirmed by Mr. Rohit Pradeep Gulkari, authorized signatory of Union Bank of India, vide letter dated 31.01.2026.

The amount claimed to be in default is Rs.13,96,88,639.09/- as per Part IV of the application.

The date of default is stated as 02.04.2018.

Ms. Megha Agarwal, an Insolvency Professional (Registration No. IBBI/IPA-001/IP-P-01456/2018-2019/12272), was proposed as the Interim Resolution Professional (IRP).

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the IBC is complete and …

**Ratio:** Under Section 7 of the IBC, the Adjudicating Authority must ascertain the existence of a

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**Reasoning:** The Financial Creditor provided comprehensive documentary evidence including the sanction

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**Interpretation:** Explanation II to Section 7(5) of the IBC clarifies that a record of default

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**Application:** Union Bank of India, being a Scheduled Bank and Financial Creditor, produced

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Union Bank of…
- **Respondents:** Indo Pacific…
- **Other parties:** Megha Ag…
- **Advocates:** Adv Devul…; Adv Aditya…; +1 more

## Timeline

- **2012-09-15 — Loan San…**: Financial Creditor sanctioned a Term Loan facility of Rs. 26.30 Crores to the Corporate…
- **2012-09-17 — Loan Agreement &…**: Loan Agreement, Memorandum of Deposit of Title Deeds, Letter of Guarantee, General…

## 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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