Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Ind Barath Thermal Power Ltd, alleging default in payment of debt amounting to Rs.327,51,72,704/-. The Corporate Debtor had availed credit facilities under a consortium arrangement with other lenders, secured by mortgages, hypothecation, and pledge of shares. The Financial Creditor classified the Corporate Debtor's account as a Non-Performing Asset (NPA) on 31.03.2018 and initiated steps for realization of dues, including issuing notices under SARFAESI Act and filing an Original Application before the Debt Recovery Tribunal.
Punjab National Bank (PNB), a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Ind Barath Thermal Power Limited, the corporate debtor, for defaulting on a debt of Rs.327,51,72,704. The corporate debtor had availed credit facilities under a consortium arrangement with other lenders. These facilities were secured by mortgages on land, hypothecation of moveable assets, and pledge of shares by Ind Barath Power Infra Limited and Aarkey Energy (Rameshwaram) Limited. PNB classified the corporate debtor's account as a Non-Performing Asset (NPA) on March 31, 2018, and took steps to recover its dues, including issuing notices under the Securitisation and Reconstruction of Financial Assets and Enforcement of
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Corporate Debtor…
Punjab National Bank…
Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Ind Barath Thermal Power Ltd, alleging default in payment of debt amounting to Rs.327,51,72,704/-. The Corporate Debtor had availed credit facilities under a consortium arrangement with other lenders, secured by mortgages, hypothecation, and pledge of shares. The Financial Creditor classified the Corporate Debtor's account as a Non-Performing Asset (NPA) on 31.03.2018 and initiated steps for realization of dues, including issuing notices under SARFAESI Act and filing an Original Application before the Debt Recovery Tribunal.
Punjab National Bank (PNB), a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Ind Barath Thermal Power Limited, the corporate debtor, for defaulting on a debt of Rs.327,51,72,704. The corporate debtor had availed credit facilities under a consortium arrangement with other lenders. These facilities were secured by mortgages on land, hypothecation of moveable assets, and pledge of shares by Ind Barath Power Infra Limited and Aarkey Energy (Rameshwaram) Limited. PNB classified the corporate debtor's account as a Non-Performing Asset (NPA) on March 31, 2018, and took steps to recover its dues, including issuing notices under the Securitisation and Reconstruction of Financial Assets and Enforcement of
…Corporate Debtor…
Punjab National Bank…