Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking the Corporate Insolvency Resolution Process (CIRP) against Harneshwar Agro Products Power & Yeast (I) Ltd. The bank claimed that the corporate debtor had defaulted on a loan amounting to Rs. 45,82,14,984/-. The bank had sanctioned term loans, working capital loans, and cash credit facilities to the corporate debtor in 2005, which were subsequently renewed/revised. The corporate debtor raised objections, including allegations of violations of various laws and principles of natural justice.
Punjab National Bank sanctioned term loans, working capital loans, and cash credit facilities to Harneshwar Agro Products Power & Yeast (I) Ltd. in 2005, which were subsequently renewed/revised. As of 06.01.2019, the outstanding amount was Rs. 45,82,14,984/-. The bank provided security documents, including term loan agreements, deeds of hypothecation, and simple mortgages. The bank issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 12.11.2011, claiming Rs. 12,82,06,949/- as on 31.10.2011. The Corporate Debtor filed replies on 08.04.2019 and 11.06.2019, raising contentions including violations of the Insolvency and Bankruptcy Code, Indian Contract Act, Indian Evidence Act, Bankers Books Evidence Act and Articles 14, 21, 141 of the Constitution of
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Punjab National Bank sanctioned term loan,…
The Petitioner issued notice on 12.11.2011 u/s…
Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking the Corporate Insolvency Resolution Process (CIRP) against Harneshwar Agro Products Power & Yeast (I) Ltd. The bank claimed that the corporate debtor had defaulted on a loan amounting to Rs. 45,82,14,984/-. The bank had sanctioned term loans, working capital loans, and cash credit facilities to the corporate debtor in 2005, which were subsequently renewed/revised. The corporate debtor raised objections, including allegations of violations of various laws and principles of natural justice.
Punjab National Bank sanctioned term loans, working capital loans, and cash credit facilities to Harneshwar Agro Products Power & Yeast (I) Ltd. in 2005, which were subsequently renewed/revised. As of 06.01.2019, the outstanding amount was Rs. 45,82,14,984/-. The bank provided security documents, including term loan agreements, deeds of hypothecation, and simple mortgages. The bank issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 12.11.2011, claiming Rs. 12,82,06,949/- as on 31.10.2011. The Corporate Debtor filed replies on 08.04.2019 and 11.06.2019, raising contentions including violations of the Insolvency and Bankruptcy Code, Indian Contract Act, Indian Evidence Act, Bankers Books Evidence Act and Articles 14, 21, 141 of the Constitution of
…Punjab National Bank sanctioned term loan,…
The Petitioner issued notice on 12.11.2011 u/s…