Punjab National Bank filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against M/s Rishi Ganga Power Corporation Ltd. The corporate debtor was incorporated to set up an 8.25 MW hydro power project. The bank sanctioned and released multiple term loans and FITL facilities to the corporate debtor, which were secured by hypothecation, guarantees, and equitable mortgages. The corporate debtor defaulted on repayments, leading to the account being classified as NPA. The bank initiated recovery proceedings under SARFAESI Act and filed an application before the Debt Recovery Tribunal. The corporate debtor raised objections regarding the maintainability of the petition, competency of the Assistant General Manager to file the petition, and the
…Punjab National Bank (PNB) extended financial facilities to M/s Rishi Ganga Power Corporation Ltd. for setting up a hydro power project. The initial term loan of ₹25 crores was sanctioned on 04.07.2006, followed by additional facilities, bringing the total to ₹47.16 crores by 2009. The project faced delays, and the loan was restructured multiple times, including a fresh FITL of ₹6.23 crores in 2012 and ₹12.89 crores in 2013, raising the overall facilities to ₹66.28 crores. The accounts became irregular, classified as NPA on 19.02.2016. A demand notice under Section 13(2) of SARFAESI Act, 2002, was issued on 08.03.2016, demanding ₹75,04,04,961.91. The corporate debtor cited a cloud burst on 11.08.2016, causing significant damage to the project, which was insured for ₹94
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Punjab National Bank filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against M/s Rishi Ganga Power Corporation Ltd. The corporate debtor was incorporated to set up an 8.25 MW hydro power project. The bank sanctioned and released multiple term loans and FITL facilities to the corporate debtor, which were secured by hypothecation, guarantees, and equitable mortgages. The corporate debtor defaulted on repayments, leading to the account being classified as NPA. The bank initiated recovery proceedings under SARFAESI Act and filed an application before the Debt Recovery Tribunal. The corporate debtor raised objections regarding the maintainability of the petition, competency of the Assistant General Manager to file the petition, and the
…Punjab National Bank (PNB) extended financial facilities to M/s Rishi Ganga Power Corporation Ltd. for setting up a hydro power project. The initial term loan of ₹25 crores was sanctioned on 04.07.2006, followed by additional facilities, bringing the total to ₹47.16 crores by 2009. The project faced delays, and the loan was restructured multiple times, including a fresh FITL of ₹6.23 crores in 2012 and ₹12.89 crores in 2013, raising the overall facilities to ₹66.28 crores. The accounts became irregular, classified as NPA on 19.02.2016. A demand notice under Section 13(2) of SARFAESI Act, 2002, was issued on 08.03.2016, demanding ₹75,04,04,961.91. The corporate debtor cited a cloud burst on 11.08.2016, causing significant damage to the project, which was insured for ₹94
…Punjab National Bank constituted under…
Power of attorney dated…