The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, has dismissed appeals filed by UCO Bank challenging the rejection of its claim in the Corporate Insolvency Resolution Process (CIRP) and the subsequent approval of the resolution plan.
The Tribunal ruled that loans sanctioned by UCO Bank to homebuyers under Tripartite Agreements did not constitute financial debt owed by the corporate debtor.
The dispute arose from UCO Bank’s claim of ₹18.82 crore, filed in Form-C during the CIRP of Bulland Buildtech, a real estate company engaged in the residential project “Bulland Elevates” in Greater Noida. The Bank argued that it had sanctioned home loans to 45 unit-holders, disbursing amounts…