Unpaid Dues
NCLT admits Union Bank of India's insolvency plea against Tirupatee Agro
This story was originally published at 17:19 IST on 18 December 2025
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NEW DELHI – The Mumbai bench of the National Company Law Tribunal has admitted Union Bank of India's plea to start insolvency proceedings against Tirupatee Agro Industries Pvt. Ltd. for unpaid dues of INR 258.52 million. The tribunal appointed Mahesh Chand Gupta as the interim resolution professional of Tirupatee Agro Industries to carry out functions under the Insolvency and Bankruptcy Code, 2016.
Tirupatee Agro Industries' accounts were classified as non-performing assets by Union Bank in 2024. In 2021, the bank sanctioned a cash credit facility of INR 50 million and a term loan of INR 109 million to Tirupatee Agro Industries. The cash credit was enhanced to INR 130 million in 2022.
In its plea, Union Bank said Tirupatee Agro Industries' default has exceeded the threshold prescribed under the 2016 Code. The debt is secured through mortgage, hypothecation and guarantee agreements, the bank said. The default continues and has not been rectified despite statutory notices under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, and multiple opportunities extended by the bank, it said.
Thursday, Union Bank of India's shares ended 0.7% higher at INR 154.15 on the National Stock Exchange. End
Reported by Surya Tripathi
Edited by Saji George Titus
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