This case involves an insolvency and bankruptcy petition filed by Punjab National Bank (PNB), a financial creditor, against DLS Industries Limited, the corporate debtor, for initiation of the insolvency resolution process. The petition is based on the corporate debtor's default in making payments for credit facilities sanctioned by PNB. The bank had sanctioned term loans and working capital loans to the corporate debtor, which were secured by hypothecation of stock and book debts, as well as collateral security of immovable properties belonging to guarantors. The corporate debtor defaulted on payments, leading to the classification of the loan accounts as non-performing assets. PNB issued notices under SARFAESI Act and filed a recovery suit, which is pending.
…Punjab National Bank (PNB) sanctioned ₹2.00 crores as Term Loan and ₹1.50 crores as Working Capital Loan to DLS Industries Limited on 21.11.2009. On 10.5.2011, PNB enhanced the Term Loan to ₹6.55 crores and Working Capital Loan to ₹2.50 crores. These facilities were secured by hypothecation of stock and book debts and collaterally secured by immovable properties of guarantors, including Sh. D. L. Sawwalakhe, Sh. Dhananjay Barokar, Mrs. Pranita D Sawwalakha, and M/s. Rice City Land Developers. The Corporate Debtor executed a Term Loan Agreement on 4.5.2010, a Supplementary Term Loan Agreement on 14.9.2012, a Deed of Hypothecation on 4.5.2010, and a Letter of Mortgage on 12.5.2010. D. L. Sawwalakhe and Jagdish H. Noukaria executed Guarantee Deeds on 4.5.2010. The
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Punjab National Bank sanctioned ₹2.00 crores…
Punjab National Bank enhanced the Term Loan to…
This case involves an insolvency and bankruptcy petition filed by Punjab National Bank (PNB), a financial creditor, against DLS Industries Limited, the corporate debtor, for initiation of the insolvency resolution process. The petition is based on the corporate debtor's default in making payments for credit facilities sanctioned by PNB. The bank had sanctioned term loans and working capital loans to the corporate debtor, which were secured by hypothecation of stock and book debts, as well as collateral security of immovable properties belonging to guarantors. The corporate debtor defaulted on payments, leading to the classification of the loan accounts as non-performing assets. PNB issued notices under SARFAESI Act and filed a recovery suit, which is pending.
…Punjab National Bank (PNB) sanctioned ₹2.00 crores as Term Loan and ₹1.50 crores as Working Capital Loan to DLS Industries Limited on 21.11.2009. On 10.5.2011, PNB enhanced the Term Loan to ₹6.55 crores and Working Capital Loan to ₹2.50 crores. These facilities were secured by hypothecation of stock and book debts and collaterally secured by immovable properties of guarantors, including Sh. D. L. Sawwalakhe, Sh. Dhananjay Barokar, Mrs. Pranita D Sawwalakha, and M/s. Rice City Land Developers. The Corporate Debtor executed a Term Loan Agreement on 4.5.2010, a Supplementary Term Loan Agreement on 14.9.2012, a Deed of Hypothecation on 4.5.2010, and a Letter of Mortgage on 12.5.2010. D. L. Sawwalakhe and Jagdish H. Noukaria executed Guarantee Deeds on 4.5.2010. The
…Punjab National Bank sanctioned ₹2.00 crores…
Punjab National Bank enhanced the Term Loan to…