Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against Conros Steels Pvt. Ltd. (Corporate Debtor). The basis for the application was the Corporate Debtor's default on 31.03.2012 in repayment of ₹60,59,67,926.00. The Corporate Debtor had also filed CP No.1513 of 2017 for initiation of corporate insolvency process under section 10 of the Code. The petitioner had sanctioned ₹5 crores as Working Capital facility and a non-fund based limit of ₹20 crores to the Corporate Debtor 24.12.2009, and both the above facilities were renewed on 23.2.2011. Subsequently on 26.2.2011, the Corporate Debtor entered into a first supplemental working
…Punjab National Bank (PNB) sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Conros Steels Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor defaulted on 31.03.2012 in repayment of ₹60,59,67,926.00. PNB had sanctioned ₹5 crores as Working Capital facility and a non-fund based limit of ₹20 crores to the Corporate Debtor 24.12.2009, and both the above facilities were renewed on 23.2.2011. Subsequently on 26.2.2011, the Corporate Debtor entered into a first supplemental working capital consortium with many Financial Institutions including the Petitioner, wherein the Bank of India Consortium enhanced the facility enjoyed by the Corporate Debtor from ₹177.50 crores to ₹227.50 crores.
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Punjab National Bank sanctioned ₹5 crores as…
The above fac…
Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against Conros Steels Pvt. Ltd. (Corporate Debtor). The basis for the application was the Corporate Debtor's default on 31.03.2012 in repayment of ₹60,59,67,926.00. The Corporate Debtor had also filed CP No.1513 of 2017 for initiation of corporate insolvency process under section 10 of the Code. The petitioner had sanctioned ₹5 crores as Working Capital facility and a non-fund based limit of ₹20 crores to the Corporate Debtor 24.12.2009, and both the above facilities were renewed on 23.2.2011. Subsequently on 26.2.2011, the Corporate Debtor entered into a first supplemental working
…Punjab National Bank (PNB) sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Conros Steels Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor defaulted on 31.03.2012 in repayment of ₹60,59,67,926.00. PNB had sanctioned ₹5 crores as Working Capital facility and a non-fund based limit of ₹20 crores to the Corporate Debtor 24.12.2009, and both the above facilities were renewed on 23.2.2011. Subsequently on 26.2.2011, the Corporate Debtor entered into a first supplemental working capital consortium with many Financial Institutions including the Petitioner, wherein the Bank of India Consortium enhanced the facility enjoyed by the Corporate Debtor from ₹177.50 crores to ₹227.50 crores.
…Punjab National Bank sanctioned ₹5 crores as…
The above fac…