Punjab National Bank (PNB), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against Bhushan Power and Steel Limited, the Corporate Debtor. PNB, a body corporate constituted under the Banking Companies Act, claimed a default on financial debt, working capital facilities, term loans, and external commercial borrowings. The Corporate Debtor's authorized share capital was Rs. 450,00,00,000/-, and the paid-up share capital was Rs. 249,70,11,300/-. The application included details of the financial debt, working capital facilities, term loan, and external commercial borrowings facilities.
Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bhushan Power and Steel Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). PNB claimed that Bhushan Power and Steel Limited had defaulted on financial debt, working capital facilities, term loans, and external commercial borrowings. The total outstanding amount was substantial. The initial date of default for fund-based working capital facilities was 01.02.2016, and for term loans, it was 01.03.2016 and 01.11.2016. The defaulted amount for working capital facilities was Rs.541,43,00,000 as of 31.05.2017. The defaulted amount under Term Loan Agreement I as on 31.05.2017 was Rs.17,04,00,000/- and under Term Loan Agreement II
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Bhushan Power a…
Initial date of default…
Punjab National Bank (PNB), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against Bhushan Power and Steel Limited, the Corporate Debtor. PNB, a body corporate constituted under the Banking Companies Act, claimed a default on financial debt, working capital facilities, term loans, and external commercial borrowings. The Corporate Debtor's authorized share capital was Rs. 450,00,00,000/-, and the paid-up share capital was Rs. 249,70,11,300/-. The application included details of the financial debt, working capital facilities, term loan, and external commercial borrowings facilities.
Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bhushan Power and Steel Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). PNB claimed that Bhushan Power and Steel Limited had defaulted on financial debt, working capital facilities, term loans, and external commercial borrowings. The total outstanding amount was substantial. The initial date of default for fund-based working capital facilities was 01.02.2016, and for term loans, it was 01.03.2016 and 01.11.2016. The defaulted amount for working capital facilities was Rs.541,43,00,000 as of 31.05.2017. The defaulted amount under Term Loan Agreement I as on 31.05.2017 was Rs.17,04,00,000/- and under Term Loan Agreement II
…Bhushan Power a…
Initial date of default…