Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Guman Furnitures and Services Pvt. Ltd., claiming a default of Rs. 15,21,380,048/- related to cash credit and overdraft facilities. The Corporate Debtor's registered office is located in Jaipur. The Financial Creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP).
Punjab National Bank (PNB) extended cash credit and overdraft facilities to M/s Guman Furnitures and Services Pvt. Ltd. The Corporate Debtor defaulted on payments, leading to a total outstanding amount of Rs. 15,21,380,048/-. PNB filed a petition under Section 7 of the IBC, 2016, to initiate CIRP. The account was declared NPA on 13.09.2016. Recall notices were issued on 01.10.2016. SARFAESI notices were also issued. The Corporate Debtor's registered office is located in Jaipur, placing it within the jurisdiction of the NCLT Jaipur Bench. The petition was supported by documents, including a sanction letter for a cash credit facility of Rs. 10 crores dated 21.01.2015 and an overdraft facility of Rs. 1.88 Cr. dated 19.11.2015. The petitioner also pointed out that
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Mr. K.C Mangal, Chief…
Sanction letter for…
Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Guman Furnitures and Services Pvt. Ltd., claiming a default of Rs. 15,21,380,048/- related to cash credit and overdraft facilities. The Corporate Debtor's registered office is located in Jaipur. The Financial Creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP).
Punjab National Bank (PNB) extended cash credit and overdraft facilities to M/s Guman Furnitures and Services Pvt. Ltd. The Corporate Debtor defaulted on payments, leading to a total outstanding amount of Rs. 15,21,380,048/-. PNB filed a petition under Section 7 of the IBC, 2016, to initiate CIRP. The account was declared NPA on 13.09.2016. Recall notices were issued on 01.10.2016. SARFAESI notices were also issued. The Corporate Debtor's registered office is located in Jaipur, placing it within the jurisdiction of the NCLT Jaipur Bench. The petition was supported by documents, including a sanction letter for a cash credit facility of Rs. 10 crores dated 21.01.2015 and an overdraft facility of Rs. 1.88 Cr. dated 19.11.2015. The petitioner also pointed out that
…Mr. K.C Mangal, Chief…
Sanction letter for…