The case involves an appeal against the order dated 17.07.2020 passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench, Kolkata), which allowed an application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, requiring the Corporate Debtor, Jas Infrastructure and Power Limited, to be liquidated. The Corporate Debtor had approached Punjab National Bank for a term loan facility to set up a thermal power project. A loan agreement was executed, and a consortium of banks sanctioned term loans. Due to non-disbursement of funds, the Corporate Debtor could not meet its obligations, leading to its accounts being declared NPA by Punjab National Bank on 15.06.2015. An application under Section 7 of the
…Jas Infrastructure and Power Limited (Corporate Debtor) sought a term loan from Punjab National Bank (Respondent No. 1) to establish a 1320 MW thermal power project. A consortium of eleven banks, led by Axis Bank, sanctioned loans aggregating to Rs. 5920 Crores. Due to non-disbursement of funds, the Corporate Debtor defaulted, and its account was declared NPA on 15.06.2015. Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code on 11.09.2018. The Corporate Debtor contested the application, arguing it was barred by limitation. The Adjudicating Authority rejected this argument, noting that the balance sheet as of 31.03.2016 acknowledged the debt, extending the limitation period. The total debt due was Rs. 689,19,83,028.19/-.
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Punjab National Bank declared the account of…
Punjab National Bank filed an application…
The case involves an appeal against the order dated 17.07.2020 passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench, Kolkata), which allowed an application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, requiring the Corporate Debtor, Jas Infrastructure and Power Limited, to be liquidated. The Corporate Debtor had approached Punjab National Bank for a term loan facility to set up a thermal power project. A loan agreement was executed, and a consortium of banks sanctioned term loans. Due to non-disbursement of funds, the Corporate Debtor could not meet its obligations, leading to its accounts being declared NPA by Punjab National Bank on 15.06.2015. An application under Section 7 of the
…Jas Infrastructure and Power Limited (Corporate Debtor) sought a term loan from Punjab National Bank (Respondent No. 1) to establish a 1320 MW thermal power project. A consortium of eleven banks, led by Axis Bank, sanctioned loans aggregating to Rs. 5920 Crores. Due to non-disbursement of funds, the Corporate Debtor defaulted, and its account was declared NPA on 15.06.2015. Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code on 11.09.2018. The Corporate Debtor contested the application, arguing it was barred by limitation. The Adjudicating Authority rejected this argument, noting that the balance sheet as of 31.03.2016 acknowledged the debt, extending the limitation period. The total debt due was Rs. 689,19,83,028.19/-.
Punjab National Bank declared the account of…
Punjab National Bank filed an application…