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. 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. The account of the Corporate Debtor was declared NPA on 29.7.2016, and a notice under Section 13(2) of the SARFAESI Act, 2002, was issued, followed by a Section 13(4) notice. The Corporate Debtor's debt was restructured on 31.3.2017 at their request. Despite acknowledging the debt and seeking time for restructuring, the Corporate Debtor did not fulfill
…Punjab National Bank (PNB) filed a petition as a Financial Creditor against Gupta Marriage Halls Pvt. Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated on 23.2.1996. PNB sanctioned a term loan and overdraft facility to the Corporate Debtor, which was enhanced over time, reaching Rs.4.60 crores in 2014. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 29.7.2016. 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 restructured at the Corporate Debtor's request. Despite acknowledging the debt and seeking restructuring, the Corporate Debtor failed to meet its obligations. PNB also filed
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Gupta Marriage Halls…
The account of the…
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. 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. The account of the Corporate Debtor was declared NPA on 29.7.2016, and a notice under Section 13(2) of the SARFAESI Act, 2002, was issued, followed by a Section 13(4) notice. The Corporate Debtor's debt was restructured on 31.3.2017 at their request. Despite acknowledging the debt and seeking time for restructuring, the Corporate Debtor did not fulfill
…Punjab National Bank (PNB) filed a petition as a Financial Creditor against Gupta Marriage Halls Pvt. Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated on 23.2.1996. PNB sanctioned a term loan and overdraft facility to the Corporate Debtor, which was enhanced over time, reaching Rs.4.60 crores in 2014. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 29.7.2016. 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 restructured at the Corporate Debtor's request. Despite acknowledging the debt and seeking restructuring, the Corporate Debtor failed to meet its obligations. PNB also filed
…Gupta Marriage Halls…
The account of the…