Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bhagwati Rice Mills Private Limited, alleging default in payment of financial debt.
Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bhagwati Rice Mills Private Limited.
The Corporate Debtor defaulted in payment of a total outstanding debt amount of Rs. 74,35,42,374/- as on 30.11.2024.
The account of the Corporate Debtor was classified as NPA on 08.06.2023.
The Financial Creditor issued recall/legal notices dated 04.01.2024 to the Corporate Debtor and notice dated 16.01.2024 to the personal guarantors.
The Corporate Debtor filed a counter affidavit, raising objections regarding the date of default, authority of the applicant, and alleged irregularities in the account.
The Financial Creditor proposed the name of Ms. Babita Jain as the Interim Resolution Professional (IRP).
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The account of the…
The Financial Creditor…
Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bhagwati Rice Mills Private Limited, alleging default in payment of financial debt.
Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bhagwati Rice Mills Private Limited.
The Corporate Debtor defaulted in payment of a total outstanding debt amount of Rs. 74,35,42,374/- as on 30.11.2024.
The account of the Corporate Debtor was classified as NPA on 08.06.2023.
The Financial Creditor issued recall/legal notices dated 04.01.2024 to the Corporate Debtor and notice dated 16.01.2024 to the personal guarantors.
The Corporate Debtor filed a counter affidavit, raising objections regarding the date of default, authority of the applicant, and alleged irregularities in the account.
The Financial Creditor proposed the name of Ms. Babita Jain as the Interim Resolution Professional (IRP).
The account of the…
The Financial Creditor…