Punjab National Bank, acting as the Financial Creditor, filed a petition against Gavi Siddeswara Steels India Private Limited, the Corporate Debtor, for defaulting on a payment of Rs. 36,62,00,000 out of a total debt of Rs. 102,41,00,000. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated in 2007 and had approached Indian Overseas Bank for funds to set up a steel plant. The Corporate Debtor faced financial difficulties due to a decline in steel prices and a ban on iron ore mining, leading to the account becoming NPA in December 2014. The Corporate Debtor attempted to revive the unit and proposed a settlement with banks, which
…Punjab National Bank (PNB), the Financial Creditor, filed a petition against Gavi Siddeswara Steels India Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Debtor defaulted on repaying Rs. 36,62,00,000/- as of June 30, 2018, which was PNB's share of the total outstanding debt of Rs. 102,41,00,000/-. Gavi Siddeswara Steels was incorporated on May 3, 2007, with the objective of setting up an integrated steel plant. The Corporate Debtor approached Indian Overseas Bank (IOB) in October 2010 for a term loan of Rs. 70 Crores and a working capital limit of Rs. 10.12 Crores. A consortium of banks, including PNB and UCO Bank, nominated IOB as the lead bank. The Corporate Debtor executed various documents,
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Gavi Siddeswara Steels…
Corporate Debtor approached Indian Overseas…
Punjab National Bank, acting as the Financial Creditor, filed a petition against Gavi Siddeswara Steels India Private Limited, the Corporate Debtor, for defaulting on a payment of Rs. 36,62,00,000 out of a total debt of Rs. 102,41,00,000. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated in 2007 and had approached Indian Overseas Bank for funds to set up a steel plant. The Corporate Debtor faced financial difficulties due to a decline in steel prices and a ban on iron ore mining, leading to the account becoming NPA in December 2014. The Corporate Debtor attempted to revive the unit and proposed a settlement with banks, which
…Punjab National Bank (PNB), the Financial Creditor, filed a petition against Gavi Siddeswara Steels India Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Debtor defaulted on repaying Rs. 36,62,00,000/- as of June 30, 2018, which was PNB's share of the total outstanding debt of Rs. 102,41,00,000/-. Gavi Siddeswara Steels was incorporated on May 3, 2007, with the objective of setting up an integrated steel plant. The Corporate Debtor approached Indian Overseas Bank (IOB) in October 2010 for a term loan of Rs. 70 Crores and a working capital limit of Rs. 10.12 Crores. A consortium of banks, including PNB and UCO Bank, nominated IOB as the lead bank. The Corporate Debtor executed various documents,
…Gavi Siddeswara Steels…
Corporate Debtor approached Indian Overseas…