This case involves an appeal against the order dated 14.05.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Court-I, admitting Section 7 Application filed by Punjab National Bank (Successor of Oriental Bank of Commerce), initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s Kaur Sain Spinners Ltd. The Central Bank of India had also filed a Section 7 application, which was later dismissed as infructuous. The Corporate Debtor had taken loans from a consortium of banks, including Oriental Bank of Commerce and Central Bank of India. The account was declared NPA by both banks in 2017. Recovery proceedings were initiated by Central Bank of India before the Debts Recovery Tribunal (DRT). The

This case involves an appeal against the order dated 14.05.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Court-I, admitting Section 7 Application filed by Punjab National Bank (Successor of Oriental Bank of Commerce), initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s Kaur Sain Spinners Ltd. The Central Bank of India had also filed a Section 7 application, which was later dismissed as infructuous. The Corporate Debtor had taken loans from a consortium of banks, including Oriental Bank of Commerce and Central Bank of India. The account was declared NPA by both banks in 2017. Recovery proceedings were initiated by Central Bank of India before the Debts Recovery Tribunal (DRT). The