The case pertains to an application filed by Punjab National Bank (PNB) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Arcee Ispat Udyog Ltd., seeking initiation of the corporate insolvency resolution process (CIRP). PNB, the financial creditor, claimed that Arcee Ispat Udyog Ltd. had defaulted on its loan repayments. The corporate debtor challenged the maintainability of the petition, raising objections regarding the authorization of the person who filed the petition on behalf of the bank and the nomination of the Interim Resolution Professional (IRP). The bank contended that it had extended credit facilities to the corporate debtor, which were secured by hypothecation and mortgage of properties. The corporate debtor had defaulted in
…Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Arcee Ispat Udyog Ltd. PNB claimed that Arcee Ispat Udyog Ltd. had defaulted on its loan repayments. Arcee Ispat Udyog Ltd. was incorporated on 17.12.1987 with an authorized share capital of ₹4,00,00,000/- and a paid-up share capital of ₹3,92,04,000/-. The company is engaged in the manufacturing of galvanizing of MS pipe/tubes. PNB had extended credit facilities to Arcee Ispat Udyog Ltd. since 07.04.1989, with the last sanction granted on 14.03.2013. The credit facilities were secured by hypothecation of goods and book debts, movable assets, and current assets, as well as mortgage of properties. Arcee Ispat Udyog Ltd. defaulted in payment of
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The petitioner Bank was incorporated under…
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The case pertains to an application filed by Punjab National Bank (PNB) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Arcee Ispat Udyog Ltd., seeking initiation of the corporate insolvency resolution process (CIRP). PNB, the financial creditor, claimed that Arcee Ispat Udyog Ltd. had defaulted on its loan repayments. The corporate debtor challenged the maintainability of the petition, raising objections regarding the authorization of the person who filed the petition on behalf of the bank and the nomination of the Interim Resolution Professional (IRP). The bank contended that it had extended credit facilities to the corporate debtor, which were secured by hypothecation and mortgage of properties. The corporate debtor had defaulted in
…Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Arcee Ispat Udyog Ltd. PNB claimed that Arcee Ispat Udyog Ltd. had defaulted on its loan repayments. Arcee Ispat Udyog Ltd. was incorporated on 17.12.1987 with an authorized share capital of ₹4,00,00,000/- and a paid-up share capital of ₹3,92,04,000/-. The company is engaged in the manufacturing of galvanizing of MS pipe/tubes. PNB had extended credit facilities to Arcee Ispat Udyog Ltd. since 07.04.1989, with the last sanction granted on 14.03.2013. The credit facilities were secured by hypothecation of goods and book debts, movable assets, and current assets, as well as mortgage of properties. Arcee Ispat Udyog Ltd. defaulted in payment of
…The petitioner Bank was incorporated under…
The Respondent-Corporate Debtor was…