Punjab National Bank filed a petition against NRC Limited under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was based on NRC Limited's default in payment of Rs. 273,09,68,793 as of 31.03.2018, with the date of default being 11.02.2010. Promoters of NRC Limited filed intervention applications seeking adjournment of the petition, citing a pending writ petition in the Bombay High Court related to an OTS proposal. The NCLT considered the intervention applications and the main petition, examining the objections raised by the Corporate Debtor.
Punjab National Bank (PNB) sanctioned various credit facilities to NRC Limited, the Corporate Debtor, including working capital fund-based limits, non-fund-based limits, and term loans, starting from 23.02.2005. The facilities were renewed and restructured over time. As of 31.03.2018, the total outstanding amount was Rs. 273,09,68,793. PNB issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 31.12.2016, claiming Rs. 78,31,57,403 as of 11.02.2010, 12.02.2010, and 20.05.2010. The Corporate Debtor had made a reference to BIFR in 2008 and was declared a sick industrial company in 2009. The Corporate Debtor submitted an OTS proposal in 2013, which was later rejected by PNB on 31.10.2018. The Corporate Debtor's promoters filed intervention applications seeking
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Punjab National Bank sanctioned working capital…
Punjab National Bank…
Punjab National Bank filed a petition against NRC Limited under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was based on NRC Limited's default in payment of Rs. 273,09,68,793 as of 31.03.2018, with the date of default being 11.02.2010. Promoters of NRC Limited filed intervention applications seeking adjournment of the petition, citing a pending writ petition in the Bombay High Court related to an OTS proposal. The NCLT considered the intervention applications and the main petition, examining the objections raised by the Corporate Debtor.
Punjab National Bank (PNB) sanctioned various credit facilities to NRC Limited, the Corporate Debtor, including working capital fund-based limits, non-fund-based limits, and term loans, starting from 23.02.2005. The facilities were renewed and restructured over time. As of 31.03.2018, the total outstanding amount was Rs. 273,09,68,793. PNB issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 31.12.2016, claiming Rs. 78,31,57,403 as of 11.02.2010, 12.02.2010, and 20.05.2010. The Corporate Debtor had made a reference to BIFR in 2008 and was declared a sick industrial company in 2009. The Corporate Debtor submitted an OTS proposal in 2013, which was later rejected by PNB on 31.10.2018. The Corporate Debtor's promoters filed intervention applications seeking
…Punjab National Bank sanctioned working capital…
Punjab National Bank…