Punjab National Bank initiated a Corporate Insolvency Resolution Process (CIRP) against J-Marks Exim (India) Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to a default in payment of ₹1,45,42,74,724.16. The Corporate Debtor had been granted various credit facilities, including cash credit and term loans. The Corporate Debtor defaulted in payments from June 2013 and was declared a Non-Performing Asset (NPA) on 30.09.2013. The Financial Creditor initiated recovery actions under the SARFAESI Act, 2002, and sold some of the Corporate Debtor's properties. The Corporate Debtor argued that the petition was barred by limitation.
Punjab National Bank (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against J-Marks Exim (India) Private Limited (Corporate Debtor) due to a default in payment of ₹1,45,42,74,724.16. The Corporate Debtor was incorporated on 14.03.2007. The Financial Creditor had sanctioned cash credit facilities and term loans to the Corporate Debtor. The Corporate Debtor defaulted in paying monthly installments from June 2013 and was declared a Non-Performing Asset (NPA) on 30.09.2013. The Financial Creditor initiated recovery actions under the SARFAESI Act, 2002, and sold some properties of the Corporate Debtor. The Corporate Debtor submitted balance and security confirmation letters on 16.04.2014. The Corporate Debtor also
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J-Marks Exim (India)…
Credit facilities and term loans were sanctioned…
Punjab National Bank initiated a Corporate Insolvency Resolution Process (CIRP) against J-Marks Exim (India) Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to a default in payment of ₹1,45,42,74,724.16. The Corporate Debtor had been granted various credit facilities, including cash credit and term loans. The Corporate Debtor defaulted in payments from June 2013 and was declared a Non-Performing Asset (NPA) on 30.09.2013. The Financial Creditor initiated recovery actions under the SARFAESI Act, 2002, and sold some of the Corporate Debtor's properties. The Corporate Debtor argued that the petition was barred by limitation.
Punjab National Bank (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against J-Marks Exim (India) Private Limited (Corporate Debtor) due to a default in payment of ₹1,45,42,74,724.16. The Corporate Debtor was incorporated on 14.03.2007. The Financial Creditor had sanctioned cash credit facilities and term loans to the Corporate Debtor. The Corporate Debtor defaulted in paying monthly installments from June 2013 and was declared a Non-Performing Asset (NPA) on 30.09.2013. The Financial Creditor initiated recovery actions under the SARFAESI Act, 2002, and sold some properties of the Corporate Debtor. The Corporate Debtor submitted balance and security confirmation letters on 16.04.2014. The Corporate Debtor also
…J-Marks Exim (India)…
Credit facilities and term loans were sanctioned…