Authority: National Company Law Tribunal, Kolkata Bench, Court-II

Order Date: 23 June 2026

Case Overview

United Masterbatches Private Limited (Corporate Debtor/Applicant) filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The company was incorporated on 25 October 2006 (CIN U24121WB2006PTC111595) with its registered office in Hooghly, West Bengal. The petition was filed through authorized director Mr. Debdip Ghosh pursuant to a Board Resolution dated 24 January 2024.

The Corporate Applicant had availed credit facilities from UCO Bank, India Exchange Place Branch, Kolkata, with total outstanding financial debt of ₹4,82,00,801 comprising ₹4,64,00,000 principal and ₹18,00,801 interest. These facilities were secured by charges over movable and immovable assets of the company. Due to financial distress, the company failed to service its debt obligations, leading UCO Bank to issue a Loan Recall Notice dated 28 February 2024 under Section 13(2) of the SARFAESI Act, 2002.

The tribunal noted that the Corporate Applicant had complied with all procedural requirements including publication of notice in The Times of India and Dainik Statesman on 20 April 2024, and obtained a No Objection Certificate dated 13 November 2025 from UCO Bank as the majority financial creditor. The company had also proposed Mr. Pratap Mukherjee as Interim Resolution Professional and provided all required documentation including financial statements, debt computation, and shareholder resolutions.

Final Outcome

The NCLT admitted the petition (CP (IB) No. 76/KB/2024) and initiated Corporate Insolvency Resolution Process against United Masterbatches Pvt. Ltd. The tribunal declared a moratorium under Section 14(1) of the IBC prohibiting: institution/continuation of legal proceedings against the corporate debtor; transfer or disposal of assets; enforcement of security interests; and recovery of property by owners/lessors. The moratorium does not apply to essential supplies or transactions notified by the Central Government.

Mr. Pratap Mukherjee (Registration No. IBBI/IPA-001/IP-P-02515/2021-2022/13851) was appointed as Interim Resolution Professional with directions to: make immediate public announcement of the CIRP; take charge of the corporate debtor's management and assets; and submit periodic progress reports to the tribunal. The Corporate Applicant was directed to pay ₹3,00,000 to the IRP for CIRP costs, subject to approval by the Committee of Creditors.

The Registry was directed to communicate the order to all parties within two days and to the IBBI and Registrar of Companies for records updating. The matter was posted for next hearing on 5 August 2026 for receiving the periodical progress report from the IRP.

Topics: Corporate Insolvency, Debt Resolution, NCLT Proceedings