The case involves a petition filed by Punjab National Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s Renu Residency Private Limited. The basis for the petition is the corporate debtor's inability to liquidate its financial debt. The respondent was granted a term loan of Rs. 15,00,00,000 by the applicant on 25.09.2010. The total outstanding amount, including interest and other charges, as per bank books, was Rs. 36,24,65,947 as of 31.08.2019. The loan was to be repaid in 24 quarterly installments of Rs. 75 Lacs, commencing from 01.04.2012, but the respondent defaulted. A supplementary agreement was entered into on 08.09.2011, modifying the repayment to 20 quarterly
…Punjab National Bank (PNB) extended a term loan of Rs. 15,00,00,000 to M/s Renu Residency Private Limited on September 25, 2010. The loan's repayment was structured into 24 quarterly installments, each amounting to Rs. 75 Lacs, with interest accruing from April 1, 2012. M/s Renu Residency Private Limited defaulted on the initial repayment installment. Subsequently, a supplementary agreement was executed on September 8, 2011, modifying the repayment schedule to 20 quarterly installments commencing in October 2013, aiming for complete repayment by 2018. However, only Rs. 10 Lacs was paid by M/s Renu Residency Private Limited towards the debt on April 5, 2014. PNB declared M/s Renu Residency Private Limited's account as a Non-Performing Asset (NPA) on March 31, 2014, due
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Punjab National Bank granted a term loan of…
A supplementary…
The case involves a petition filed by Punjab National Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s Renu Residency Private Limited. The basis for the petition is the corporate debtor's inability to liquidate its financial debt. The respondent was granted a term loan of Rs. 15,00,00,000 by the applicant on 25.09.2010. The total outstanding amount, including interest and other charges, as per bank books, was Rs. 36,24,65,947 as of 31.08.2019. The loan was to be repaid in 24 quarterly installments of Rs. 75 Lacs, commencing from 01.04.2012, but the respondent defaulted. A supplementary agreement was entered into on 08.09.2011, modifying the repayment to 20 quarterly
…Punjab National Bank (PNB) extended a term loan of Rs. 15,00,00,000 to M/s Renu Residency Private Limited on September 25, 2010. The loan's repayment was structured into 24 quarterly installments, each amounting to Rs. 75 Lacs, with interest accruing from April 1, 2012. M/s Renu Residency Private Limited defaulted on the initial repayment installment. Subsequently, a supplementary agreement was executed on September 8, 2011, modifying the repayment schedule to 20 quarterly installments commencing in October 2013, aiming for complete repayment by 2018. However, only Rs. 10 Lacs was paid by M/s Renu Residency Private Limited towards the debt on April 5, 2014. PNB declared M/s Renu Residency Private Limited's account as a Non-Performing Asset (NPA) on March 31, 2014, due
…Punjab National Bank granted a term loan of…
A supplementary…