The case pertains to an application filed by PK Industries Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). PK Industries, the Corporate Debtor, is the applicant. The company faced financial difficulties, leading to defaults in payments to its financial creditors. The application was filed before the National Company Law Tribunal (NCLT), New Delhi.
PK Industries Private Limited, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company is involved in manufacturing and dealing with goods and services such as conduit pipes, galvanized steel pipes, PVC fittings, and ceramic wares. The company faced financial difficulties and defaulted on payments to its financial creditors. The Corporate Debtor availed loan facilities from Karnataka Bank Limited (Rs. 5,50,00,000/- in overdraft and Rs. 5,00,00,000/- in term loan) and Aditya Birla Finance Limited (Rs. 15,00,000/- in business loan). As of April 27, 2017, the total liability to Karnataka Bank was Rs. 8,81,33,239.50/- with interest. The
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The case pertains to an application filed by PK Industries Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). PK Industries, the Corporate Debtor, is the applicant. The company faced financial difficulties, leading to defaults in payments to its financial creditors. The application was filed before the National Company Law Tribunal (NCLT), New Delhi.
PK Industries Private Limited, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company is involved in manufacturing and dealing with goods and services such as conduit pipes, galvanized steel pipes, PVC fittings, and ceramic wares. The company faced financial difficulties and defaulted on payments to its financial creditors. The Corporate Debtor availed loan facilities from Karnataka Bank Limited (Rs. 5,50,00,000/- in overdraft and Rs. 5,00,00,000/- in term loan) and Aditya Birla Finance Limited (Rs. 15,00,000/- in business loan). As of April 27, 2017, the total liability to Karnataka Bank was Rs. 8,81,33,239.50/- with interest. The
…The account of PK…
The total liability due…