2026 (3) TMI 34

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....d on behalf of the Respondent, hence, we proceed to hear this appeal. 2. This appeal is against an impugned order dated 12.01.2023 whereby a petition filed under Section 7 of the IBC, 2016 by the Appellant herein before the Ld. NCLT, Kolkata Bench was dismissed. 3. It is the submission of the Ld. Counsel for the Appellant the reasoning given in paragraph 11 of the impugned order is factually incorrect. The Ld. NCLT though was of the view that 18 crores recovered from the sale of the assets as mentioned in the paragraph 9 of the impugned order were credited to the loan account of the CD as maintained by the UCO Bank but whereas only Rs. 1.85 crores had come to the appellant bank from the sale proceeds of two such properties as mentione....

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....appellant has actually demanded an amount of Rs. 5.66 crores plus accrued interest from the date of NPA till date. The letter dated 28.01.2022 of UCO Bank is as under:- 8. Thus, it was the submission of the Ld. Counsel for the Appellant that the findings given in the paragraph 11 of the impugned order are incorrect and it was so given as the letters dated 15.12.2021; 28.01.2022 were inadvertently never filed before the Ld. NCLT. A bare perusal of such documents would reveal the amount of Rs. 1.85 crores was never a full and final settlement but a part adjustment of dues as the major portion of sale consideration went to SBI viz. the another Financial Creditor. 9. Thus in the circumstances and in view of the documents shown to us it wo....

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....gachhi, PO: Bichannagar, PS: Phansidewa, Dist: Darjeeling, In this context, we would like to inform you that our Competent Authority has authorized you to sale the properties mentioned above. The above NOC is valid subject to deposit of our share of sale proceeds of Rs.1.85 Crore directly to our bank. We shall satisfy our charge after receipt of full amount of our share. Yours faithfully. Received Suficing STRUCTION (Sumit Khandelwal)- Deputy General Manager 3/11/2020 FCC, IEP, Kolkata 03 11 202975 UCO Bank, Flagship Corporate Branch, 2, India Exchange Place (Ground Floor), Kolkata - 700 001. Phone: 033 4450-4482 Fax: 033 2248 0770 E-mail: [email protected] Document 2 „Dated: 09.11.2020 Ref.No: FCC/IE....

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.... Phansidewa, Dist: Darjeeling in the name of M/s Limtex Tea & Industires Limited. Yours faithfully, (Sumit Khandelwal) 9/11/20 Deputy General Manager FCC, IEP, Kolkata UCO Bank, Flagship Corporate Branch. 2, Indla Exchange Place (Ground Floor), Kolkata - 700 001. Phone: 033 6450-4482 Fax: 033 2248 0770 E-mail: [email protected] Document 3 यूको बैंक सम्मान आपके विख्याल का 295 UCO BANK Honours your trust ANNEXURE A-14 Ref: FCC/IEP/CR/2/3//2021-22 Dated: 28/01/2022 To The Director M/s Limtex Tea & Industries Ltd The Legacy, 25A. Shakespeare Saranl, 2nd Floor Kolkat....