The case pertains to a Company Petition (IB) No.126/ALD/2018 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy Rules, 2016. Punjab National Bank, the financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Aman Medicals Products Pvt. Ltd., the corporate debtor, due to default in repayment of a bank loan. The corporate debtor raised objections regarding the application's validity, citing issues with authorization, incorrect default date, and limitation.
Punjab National Bank, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Aman Medicals Products Pvt. Ltd., the corporate debtor. The corporate debtor had approached the financial creditor for financial assistance in the form of cash credit and term loans, amounting to Rs 9.55 Cr. The cash credit facility was renewed on 16.12.2008, and equitable mortgages were created to secure the repayment. The account of the corporate debtor was declared NPA on 31.12.2010 due to continuous default in repayment. The amount claimed by the financial creditor as default was Rs.23,65,00,000/- as on 31.03.2017 along with interest. The corporate debtor raised objections to the application, including issues with authorization,
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M/s Aman Medicals…
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The case pertains to a Company Petition (IB) No.126/ALD/2018 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy Rules, 2016. Punjab National Bank, the financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Aman Medicals Products Pvt. Ltd., the corporate debtor, due to default in repayment of a bank loan. The corporate debtor raised objections regarding the application's validity, citing issues with authorization, incorrect default date, and limitation.
Punjab National Bank, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Aman Medicals Products Pvt. Ltd., the corporate debtor. The corporate debtor had approached the financial creditor for financial assistance in the form of cash credit and term loans, amounting to Rs 9.55 Cr. The cash credit facility was renewed on 16.12.2008, and equitable mortgages were created to secure the repayment. The account of the corporate debtor was declared NPA on 31.12.2010 due to continuous default in repayment. The amount claimed by the financial creditor as default was Rs.23,65,00,000/- as on 31.03.2017 along with interest. The corporate debtor raised objections to the application, including issues with authorization,
…M/s Aman Medicals…
Date of the sanction…