Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Rathi Ispat Ltd. The application was based on the alleged default by Rathi Ispat Ltd. in settling an amount of Rs. 1,40,58,32,990/-, which included the interest component. Punjab National Bank had been extending financial facilities to Rathi Ispat Ltd. since 1970. The bank sanctioned a cash credit facility of Rs. 1,00,00,000/- and a deferred payment guarantee of Rs. 53,00,000/- against securities substantiated by documents/deeds executed between 14.01.1989 and 15.05.1989. The bank last extended financial facilities to Rathi Ispat Ltd. in 2005/2006, totaling Rs. 5300 lakhs against securities. Punjab
…Punjab National Bank (PNB) extended financial facilities to Rathi Ispat Ltd. starting in 1970. In 1988, PNB sanctioned a cash credit facility of Rs. 1,00,00,000 and a deferred payment guarantee of Rs. 53,00,000 against securities. These arrangements were substantiated by documents executed between January 14, 1989, and May 15, 1989. The financial facilities were last extended in 2005/2006, totaling Rs. 5300 lakhs against securities. PNB sought recourse under Section 19 of the RDDBFI Act in OA No. 190 of 2009, seeking to recover Rs. 68,90,95,822 along with interest. The Tribunal allowed OA No. 190 of 2009 on September 4, 2018, directing Rathi Ispat Ltd. to pay Rs. 68,90,95,822 with interest. Rathi Ispat Ltd. defaulted on repayment, leading PNB to file an application
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Punjab National Bank…
Punjab National Bank sanctioned a cash credit…
Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Rathi Ispat Ltd. The application was based on the alleged default by Rathi Ispat Ltd. in settling an amount of Rs. 1,40,58,32,990/-, which included the interest component. Punjab National Bank had been extending financial facilities to Rathi Ispat Ltd. since 1970. The bank sanctioned a cash credit facility of Rs. 1,00,00,000/- and a deferred payment guarantee of Rs. 53,00,000/- against securities substantiated by documents/deeds executed between 14.01.1989 and 15.05.1989. The bank last extended financial facilities to Rathi Ispat Ltd. in 2005/2006, totaling Rs. 5300 lakhs against securities. Punjab
…Punjab National Bank (PNB) extended financial facilities to Rathi Ispat Ltd. starting in 1970. In 1988, PNB sanctioned a cash credit facility of Rs. 1,00,00,000 and a deferred payment guarantee of Rs. 53,00,000 against securities. These arrangements were substantiated by documents executed between January 14, 1989, and May 15, 1989. The financial facilities were last extended in 2005/2006, totaling Rs. 5300 lakhs against securities. PNB sought recourse under Section 19 of the RDDBFI Act in OA No. 190 of 2009, seeking to recover Rs. 68,90,95,822 along with interest. The Tribunal allowed OA No. 190 of 2009 on September 4, 2018, directing Rathi Ispat Ltd. to pay Rs. 68,90,95,822 with interest. Rathi Ispat Ltd. defaulted on repayment, leading PNB to file an application
…Punjab National Bank…
Punjab National Bank sanctioned a cash credit…