Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against A. Power Himalayas Ltd., alleging default on loan repayments. The corporate debtor had approached the financial creditor for various credit facilities, including term loans and bank guarantees, to finance its power projects. The bank claimed that the corporate debtor defaulted on these loans, leading to the petition for initiating the corporate insolvency resolution process. The corporate debtor opposed the petition, arguing that it was a potentially viable MSME account and that the bank had a statutory duty to rehabilitate the account under RBI guidelines. The corporate debtor also cited delays in project implementation due to external factors and alleged that
…Punjab National Bank (PNB) filed a petition against A. Power Himalayas Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. PNB, acting as the financial creditor, claimed that A. Power Himalayas Ltd., the corporate debtor, defaulted on loan repayments. The corporate debtor had approached PNB for credit facilities, including a term loan of ₹1100 lacs and a bank guarantee of ₹50 lacs for business expansion. These facilities were sanctioned in 2007. Further credit facilities were extended in 2011, including a term loan of ₹2 crores and a bank guarantee of ₹1.20 crores. Various guarantee agreements and counter indemnities were executed. The corporate debtor again approached the financial creditor for fresh FITL of ₹186.02 lakhs and re-schedulement of
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The petitioner-bank, Punjab National Bank, was…
The respondent-corporate…
Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against A. Power Himalayas Ltd., alleging default on loan repayments. The corporate debtor had approached the financial creditor for various credit facilities, including term loans and bank guarantees, to finance its power projects. The bank claimed that the corporate debtor defaulted on these loans, leading to the petition for initiating the corporate insolvency resolution process. The corporate debtor opposed the petition, arguing that it was a potentially viable MSME account and that the bank had a statutory duty to rehabilitate the account under RBI guidelines. The corporate debtor also cited delays in project implementation due to external factors and alleged that
…Punjab National Bank (PNB) filed a petition against A. Power Himalayas Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. PNB, acting as the financial creditor, claimed that A. Power Himalayas Ltd., the corporate debtor, defaulted on loan repayments. The corporate debtor had approached PNB for credit facilities, including a term loan of ₹1100 lacs and a bank guarantee of ₹50 lacs for business expansion. These facilities were sanctioned in 2007. Further credit facilities were extended in 2011, including a term loan of ₹2 crores and a bank guarantee of ₹1.20 crores. Various guarantee agreements and counter indemnities were executed. The corporate debtor again approached the financial creditor for fresh FITL of ₹186.02 lakhs and re-schedulement of
…The petitioner-bank, Punjab National Bank, was…
The respondent-corporate…