Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate insolvency resolution process against M/s Dinesh Polytubes Pvt. Ltd., the Corporate Debtor, due to default on credit facilities. The bank's application was filed in Form No.1 as prescribed under the rules. The Corporate Debtor raised objections, including the validity of the authorization for filing the petition and allegations of overreaching procedures under the SARFAESI Act, particularly concerning the sale of mortgaged property.
Punjab National Bank (PNB) sought to initiate insolvency proceedings against M/s Dinesh Polytubes Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. PNB had sanctioned various credit facilities to the Corporate Debtor, including CC limits, CC book debt limits, and term loans, totaling ₹300 lacs in 2010. The Corporate Debtor's request for a CC limit of ₹30 lacs was approved on 04.03.2011, later enhanced to ₹250 lacs on 15.03.2011, along with a fresh term loan of ₹75 lacs. The Corporate Debtor executed various documents, including hypothecation agreements, to secure the credit facilities. The Corporate Debtor defaulted on payments, leading PNB to issue a recall notice on 08.01.2015, stating an outstanding amount of
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Punjab National Bank…
M/s Dinesh Polytubes…
Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate insolvency resolution process against M/s Dinesh Polytubes Pvt. Ltd., the Corporate Debtor, due to default on credit facilities. The bank's application was filed in Form No.1 as prescribed under the rules. The Corporate Debtor raised objections, including the validity of the authorization for filing the petition and allegations of overreaching procedures under the SARFAESI Act, particularly concerning the sale of mortgaged property.
Punjab National Bank (PNB) sought to initiate insolvency proceedings against M/s Dinesh Polytubes Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. PNB had sanctioned various credit facilities to the Corporate Debtor, including CC limits, CC book debt limits, and term loans, totaling ₹300 lacs in 2010. The Corporate Debtor's request for a CC limit of ₹30 lacs was approved on 04.03.2011, later enhanced to ₹250 lacs on 15.03.2011, along with a fresh term loan of ₹75 lacs. The Corporate Debtor executed various documents, including hypothecation agreements, to secure the credit facilities. The Corporate Debtor defaulted on payments, leading PNB to issue a recall notice on 08.01.2015, stating an outstanding amount of
…Punjab National Bank…
M/s Dinesh Polytubes…