Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Rama Krishna Knitters Private Ltd. The bank claimed that the corporate debtor had defaulted on its loan obligations. The loan facilities were initially granted on 02.08.2010 and enhanced over time, with the latest documents executed in March 2015. The corporate debtor's account was classified as NPA on 31.03.2016 due to the failure to pay interest and installments regularly.
Punjab National Bank (PNB) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Rama Krishna Knitters Private Ltd. PNB, incorporated on 31.03.1970, claimed to be a financial creditor. The corporate debtor, Rama Krishna Knitters Private Ltd., was incorporated on 15.02.2007. PNB originally granted a loan to the corporate debtor on 02.08.2010, amounting to ₹16.50 crores for packing credit and ₹23.50 crores for other facilities, along with a term loan of ₹4.50 crores, totaling ₹44.50 crores. The loan facilities were enhanced over time, reaching ₹136.34 crores by March 2015. The corporate debtor failed to pay interest and installments regularly, leading to the account being classified as NPA on 31.03.2016. PNB issued a notice under Section
…Sign in to view the parties.
Rama Krishna Knitters Private Ltd. was…
Punjab National Bank originally granted a loan…
Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Rama Krishna Knitters Private Ltd. The bank claimed that the corporate debtor had defaulted on its loan obligations. The loan facilities were initially granted on 02.08.2010 and enhanced over time, with the latest documents executed in March 2015. The corporate debtor's account was classified as NPA on 31.03.2016 due to the failure to pay interest and installments regularly.
Punjab National Bank (PNB) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Rama Krishna Knitters Private Ltd. PNB, incorporated on 31.03.1970, claimed to be a financial creditor. The corporate debtor, Rama Krishna Knitters Private Ltd., was incorporated on 15.02.2007. PNB originally granted a loan to the corporate debtor on 02.08.2010, amounting to ₹16.50 crores for packing credit and ₹23.50 crores for other facilities, along with a term loan of ₹4.50 crores, totaling ₹44.50 crores. The loan facilities were enhanced over time, reaching ₹136.34 crores by March 2015. The corporate debtor failed to pay interest and installments regularly, leading to the account being classified as NPA on 31.03.2016. PNB issued a notice under Section
…Rama Krishna Knitters Private Ltd. was…
Punjab National Bank originally granted a loan…