Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Kut Energy Pvt. Ltd. for initiation of Corporate Insolvency Resolution Process (CIRP). The petition was filed due to the corporate debtor's failure to repay the outstanding debt. The financial creditor, Punjab National Bank, had sanctioned various credit facilities to the corporate debtor, M/s Kut Energy Pvt. Ltd., over time. The corporate debtor defaulted on these payments, leading to the account being classified as NPA. The bank then issued a demand notice under Section 13(2) of the SARFAESI Act and initiated recovery proceedings before the Debts Recovery Tribunal. The corporate debtor contested the amount claimed by the bank, arguing it was unconscionable.
…Punjab National Bank, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Kut Energy Pvt. Ltd., the corporate debtor, for initiation of Corporate Insolvency Resolution Process (CIRP). The corporate debtor was sanctioned various financial facilities by the bank, with the last sanction being on 2015-09-29. The total outstanding amount as of 2018-08-31 was ₹89,30,56,987.58. The corporate debtor failed to achieve commercial operations within the specified time, leading to the account being classified as NPA on 2016-03-31. The bank issued a demand notice on 2017-03-15 under Section 13(2) of the SARFAESI Act, demanding ₹106,07,91,644.26. The bank also filed an Original Application before the Debts Recovery
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The loan was restructure…
The account of the respondent-corporate…
Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Kut Energy Pvt. Ltd. for initiation of Corporate Insolvency Resolution Process (CIRP). The petition was filed due to the corporate debtor's failure to repay the outstanding debt. The financial creditor, Punjab National Bank, had sanctioned various credit facilities to the corporate debtor, M/s Kut Energy Pvt. Ltd., over time. The corporate debtor defaulted on these payments, leading to the account being classified as NPA. The bank then issued a demand notice under Section 13(2) of the SARFAESI Act and initiated recovery proceedings before the Debts Recovery Tribunal. The corporate debtor contested the amount claimed by the bank, arguing it was unconscionable.
…Punjab National Bank, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Kut Energy Pvt. Ltd., the corporate debtor, for initiation of Corporate Insolvency Resolution Process (CIRP). The corporate debtor was sanctioned various financial facilities by the bank, with the last sanction being on 2015-09-29. The total outstanding amount as of 2018-08-31 was ₹89,30,56,987.58. The corporate debtor failed to achieve commercial operations within the specified time, leading to the account being classified as NPA on 2016-03-31. The bank issued a demand notice on 2017-03-15 under Section 13(2) of the SARFAESI Act, demanding ₹106,07,91,644.26. The bank also filed an Original Application before the Debts Recovery
…The loan was restructure…
The account of the respondent-corporate…