Q Top Fab Engineering Pvt Ltd filed a Company Petition under Section 10 of the IBC, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application was filed due to the company's inability to pay its debts, citing financial distress caused by the COVID-19 pandemic.
Q Top Fab Engineering Pvt Ltd filed a petition under Section 10 of the IBC, 2016, seeking initiation of CIRP.
The applicant cited financial distress due to the COVID-19 pandemic as the reason for its inability to pay debts.
Punjab National Bank (PNB) and Phoenix ARC Private Limited opposed the petition, alleging it was filed to stall recovery proceedings.
PNB had sanctioned credit facilities to the applicant, which were later enhanced.
PNB issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, after declaring the applicant's account as NPA.
Phoenix ARC Private Limited is an assignee of the loan originally granted by HDFC Bank Limited.
The applicant had also availed a business loan from HDFC Bank Limited.
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This Company Petition is filed on 19.01.2023…
The Punjab National Bank sanctioned credit…
Q Top Fab Engineering Pvt Ltd filed a Company Petition under Section 10 of the IBC, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application was filed due to the company's inability to pay its debts, citing financial distress caused by the COVID-19 pandemic.
Q Top Fab Engineering Pvt Ltd filed a petition under Section 10 of the IBC, 2016, seeking initiation of CIRP.
The applicant cited financial distress due to the COVID-19 pandemic as the reason for its inability to pay debts.
Punjab National Bank (PNB) and Phoenix ARC Private Limited opposed the petition, alleging it was filed to stall recovery proceedings.
PNB had sanctioned credit facilities to the applicant, which were later enhanced.
PNB issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, after declaring the applicant's account as NPA.
Phoenix ARC Private Limited is an assignee of the loan originally granted by HDFC Bank Limited.
The applicant had also availed a business loan from HDFC Bank Limited.
…This Company Petition is filed on 19.01.2023…
The Punjab National Bank sanctioned credit…