The 'Financial Creditor' Corporation Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Patna Highway Projects Limited. The Corporate Debtor is a company registered under the Companies Act, 1956, incorporated on 22.12.2009. The Financial Creditor claimed a default of Rs. 199,73,97,499/- as of 30.04.2019, including future and pendenlite interest. The Corporate Debtor's account was classified as NPA on 28.05.2015. The Corporate Debtor opposed the admission of the petition, raising arguments regarding limitation, the authority of the person signing the petition, and the completeness of the petition.
Corporation Bank, the 'Financial Creditor', filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Patna Highway Projects Limited, the 'Corporate Debtor'. The Corporate Debtor was incorporated on 22.12.2009 under the Companies Act, 1956. The Financial Creditor claimed a default of Rs. 199,73,97,499/- as of 30.04.2019, including future and pendenlite interest at 1%. The Corporate Debtor's account was classified as Non-Performing Asset (NPA) on 28.05.2015. The total amount sanctioned, granted, and restructured in the form of a Term Loan starting from 01.09.2010 to 25.03.2015 is claimed to be INR 192,55,00,000/-. The Corporate Debtor opposed the petition, arguing it was barred by
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M/s. Patna Highway…
The Petitioner-Bank…
The 'Financial Creditor' Corporation Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Patna Highway Projects Limited. The Corporate Debtor is a company registered under the Companies Act, 1956, incorporated on 22.12.2009. The Financial Creditor claimed a default of Rs. 199,73,97,499/- as of 30.04.2019, including future and pendenlite interest. The Corporate Debtor's account was classified as NPA on 28.05.2015. The Corporate Debtor opposed the admission of the petition, raising arguments regarding limitation, the authority of the person signing the petition, and the completeness of the petition.
Corporation Bank, the 'Financial Creditor', filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Patna Highway Projects Limited, the 'Corporate Debtor'. The Corporate Debtor was incorporated on 22.12.2009 under the Companies Act, 1956. The Financial Creditor claimed a default of Rs. 199,73,97,499/- as of 30.04.2019, including future and pendenlite interest at 1%. The Corporate Debtor's account was classified as Non-Performing Asset (NPA) on 28.05.2015. The total amount sanctioned, granted, and restructured in the form of a Term Loan starting from 01.09.2010 to 25.03.2015 is claimed to be INR 192,55,00,000/-. The Corporate Debtor opposed the petition, arguing it was barred by
…M/s. Patna Highway…
The Petitioner-Bank…