Punjab National Bank, acting as a Financial Creditor, filed a petition against Gupta Marriage Halls Pvt. Limited, the Corporate Debtor, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). The Corporate Debtor was incorporated on 23.2.1996. The Financial Creditor disclosed details of the financial debt and the circumstances leading to the default. A term loan of Rs.6.62 Crores and an overdraft of Rs.1.50 Crores were sanctioned to the Corporate Debtor, which was later enhanced in 2014 to Rs.4.60 Crores. The account was declared NPA on 29.7.2016, and a notice under Section 13(2) of the SARFAESI Act, 2002, was issued on 20.10.2016, followed by a Section 13(4) notice. On 31.3.2017, the debt was

Punjab National Bank, acting as a Financial Creditor, filed a petition against Gupta Marriage Halls Pvt. Limited, the Corporate Debtor, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). The Corporate Debtor was incorporated on 23.2.1996. The Financial Creditor disclosed details of the financial debt and the circumstances leading to the default. A term loan of Rs.6.62 Crores and an overdraft of Rs.1.50 Crores were sanctioned to the Corporate Debtor, which was later enhanced in 2014 to Rs.4.60 Crores. The account was declared NPA on 29.7.2016, and a notice under Section 13(2) of the SARFAESI Act, 2002, was issued on 20.10.2016, followed by a Section 13(4) notice. On 31.3.2017, the debt was