Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Linkson Ispat & Energies Pvt. Ltd. due to a default of ₹52,45,42,450/- on 30.09.2014. The bank had sanctioned fund-based and non-fund-based working capital limits to the corporate debtor, aggregating to ₹30 crores. Despite multiple notices and opportunities, the corporate debtor failed to appear, leading the NCLT to proceed ex-parte.
Punjab National Bank (PNB) sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Linkson Ispat & Energies Pvt. Ltd., referred to as the 'Corporate Debtor'. The basis for this action was the Corporate Debtor's default on 30.09.2014, amounting to ₹52,45,42,450/-. PNB had previously sanctioned working capital limits to the Corporate Debtor, totaling ₹30 crores. The Corporate Debtor acknowledged the sanction letter and accepted the facilities. PNB provided various security documents, including promissory notes and guarantee letters. The Corporate Debtor did not appear despite service of notice, leading the NCLT to proceed ex-parte. PNB also issued a notice on 11.11.2014 under Section 13(2) of the Securitization and Reconstruction of Financial
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Corporate Debtor…
PNB issued a notice…
Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Linkson Ispat & Energies Pvt. Ltd. due to a default of ₹52,45,42,450/- on 30.09.2014. The bank had sanctioned fund-based and non-fund-based working capital limits to the corporate debtor, aggregating to ₹30 crores. Despite multiple notices and opportunities, the corporate debtor failed to appear, leading the NCLT to proceed ex-parte.
Punjab National Bank (PNB) sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Linkson Ispat & Energies Pvt. Ltd., referred to as the 'Corporate Debtor'. The basis for this action was the Corporate Debtor's default on 30.09.2014, amounting to ₹52,45,42,450/-. PNB had previously sanctioned working capital limits to the Corporate Debtor, totaling ₹30 crores. The Corporate Debtor acknowledged the sanction letter and accepted the facilities. PNB provided various security documents, including promissory notes and guarantee letters. The Corporate Debtor did not appear despite service of notice, leading the NCLT to proceed ex-parte. PNB also issued a notice on 11.11.2014 under Section 13(2) of the Securitization and Reconstruction of Financial
…Corporate Debtor…
PNB issued a notice…