Punjab National Bank (PNB) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Guman Furniture and Services Pvt. Ltd. The claim was for a total default of Rs. 15,21,380,048/- relating to Cash Credit and Overdraft facilities granted to the Corporate Debtor. The Corporate Debtor's registered office is in Jaipur. PNB, as the Financial Creditor, sought to initiate the Corporate Insolvency Resolution Process (CIRP). The account was declared NPA on 2016-09-13. Recall notices were issued on 2016-10-01. SARFAESI notices were also issued. The Corporate Debtor did not appear despite notices. The tribunal noted that the Corporate Debtor was served notice via email. The petitioner's counsel pointed out the sanction letter for the Cash

Punjab National Bank (PNB) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Guman Furniture and Services Pvt. Ltd. The claim was for a total default of Rs. 15,21,380,048/- relating to Cash Credit and Overdraft facilities granted to the Corporate Debtor. The Corporate Debtor's registered office is in Jaipur. PNB, as the Financial Creditor, sought to initiate the Corporate Insolvency Resolution Process (CIRP). The account was declared NPA on 2016-09-13. Recall notices were issued on 2016-10-01. SARFAESI notices were also issued. The Corporate Debtor did not appear despite notices. The tribunal noted that the Corporate Debtor was served notice via email. The petitioner's counsel pointed out the sanction letter for the Cash