Punjab National Bank (PNB) filed an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) regarding the Corporate Insolvency Resolution Process (CIRP) of Purple Advertising. PNB's claim, initially filed by United Bank of India (later merged with PNB), was rejected by the Resolution Professional (RP) for being filed after the stipulated 90-day period. PNB obtained an order condoning the delay but submitted proof of claim after the 270-day CIRP period expired. The Adjudicating Authority directed the Committee of Creditors (CoC) to consider a resolution plan submitted by Loka Properties Pvt. Ltd., excluding PNB's claim. PNB argued that its claim should be considered, which would increase its voting share in the CoC.

Punjab National Bank (PNB) filed an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) regarding the Corporate Insolvency Resolution Process (CIRP) of Purple Advertising. PNB's claim, initially filed by United Bank of India (later merged with PNB), was rejected by the Resolution Professional (RP) for being filed after the stipulated 90-day period. PNB obtained an order condoning the delay but submitted proof of claim after the 270-day CIRP period expired. The Adjudicating Authority directed the Committee of Creditors (CoC) to consider a resolution plan submitted by Loka Properties Pvt. Ltd., excluding PNB's claim. PNB argued that its claim should be considered, which would increase its voting share in the CoC.