The case involves a Company Petition filed by Punjab National Bank (Financial Creditor) against KSK Water Infrastructures Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was engaged in setting up an infrastructure and pipeline for water transportation to a power plant. The project was financed by a consortium of banks, including Punjab National Bank. The Corporate Debtor defaulted on its loan repayments, leading to its account being categorized as a Non-Performing Asset. The Financial Creditor issued a default notice and initiated proceedings under the SARFAESI Act. The Corporate Debtor's financial difficulties were exacerbated by the insolvency of KMPCL, its sole consumer.
KSK Water Infrastructures Private Limited (Corporate Debtor) was setting up a water transportation infrastructure for KMPCL's power plant. Punjab National Bank (Financial Creditor) and other banks financed the project. The project's cost escalated from Rs.679.19 crores to Rs.879.66 crores. The Corporate Debtor defaulted on loan repayments, leading to its account being classified as a Non-Performing Asset on 2018-03-09. A default notice was issued. The outstanding balance was Rs.175,55,13,936.30 as of 2018-03-31. The repayment of debts was secured by hypothecation of assets and mortgage of property, including assets of KSK Mahanadi Power Company Limited and guarantees from other entities and directors. KSK Mahanadi Limited held 100% shareholding in the Corporate Debtor.
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The case involves a Company Petition filed by Punjab National Bank (Financial Creditor) against KSK Water Infrastructures Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was engaged in setting up an infrastructure and pipeline for water transportation to a power plant. The project was financed by a consortium of banks, including Punjab National Bank. The Corporate Debtor defaulted on its loan repayments, leading to its account being categorized as a Non-Performing Asset. The Financial Creditor issued a default notice and initiated proceedings under the SARFAESI Act. The Corporate Debtor's financial difficulties were exacerbated by the insolvency of KMPCL, its sole consumer.
KSK Water Infrastructures Private Limited (Corporate Debtor) was setting up a water transportation infrastructure for KMPCL's power plant. Punjab National Bank (Financial Creditor) and other banks financed the project. The project's cost escalated from Rs.679.19 crores to Rs.879.66 crores. The Corporate Debtor defaulted on loan repayments, leading to its account being classified as a Non-Performing Asset on 2018-03-09. A default notice was issued. The outstanding balance was Rs.175,55,13,936.30 as of 2018-03-31. The repayment of debts was secured by hypothecation of assets and mortgage of property, including assets of KSK Mahanadi Power Company Limited and guarantees from other entities and directors. KSK Mahanadi Limited held 100% shareholding in the Corporate Debtor.
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Applicant sanctioned…