RMD Hotels & Resorts Private Limited Vs UCO Bank (NCLT Guwahati)
Summary: The National Company Law Tribunal, Guwahati Bench, admitted UCO Bank’s Section 7 petition in CP(IB)/26/GB/2025 against RMD Hotels and Resorts Private Limited and initiated CIRP. The petition concerned financial debt of Rs. 2,03,00,950.93/- as on 31.07.2025, with the stated date of default being 15.03.2024. The Tribunal also considered IA(IBC)/72/GB/2026 filed by the Corporate Debtor under Section 60(5) of the Code read with Rule 11 of the NCLT Rules, 2016, raising objections to the authority of the bank’s signatory, evidentiary compliance, SARFAESI proceedings, the NeSL record of default, the statutory threshold and the existence of financial debt and default.
The Financial Creditor stated that the Corporate Debtor had availed multiple credit facilities from UCO Bank over several years, secured by mortgages, hypothecation, assignment of receivables and personal guarantees of its directors. The facilities included a mortgage loan, cash credit, term loans and project finance. The Bank relied on sanction letters, security documents, restructuring correspondence, recall notices and a debt acknowledgement and balance confirmation dated 17.09.2022. It stated that the loan accounts were classified as NPA on 15.03.2024 and that the outstanding financial debt was Rs. 2,03,00,950.93/-. The Corporate Debtor had also been proceeded against before the DRT, Guwahati in relation to recovery and SARFAESI measures.
