Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Sheth Metal Private Limited, the Corporate Debtor. The bank claimed that the Corporate Debtor had defaulted on repayment of various credit facilities from 30.11.2017 onwards, amounting to ₹33,85,20,047.32/-. The bank provided sanction letters and documents related to the loan facilities and security.
Punjab National Bank (PNB) sought to initiate Corporate Insolvency Resolution Process (CIRP) against Sheth Metal Private Limited (Corporate Debtor) due to default in repayment of credit facilities. The default commenced on 30.11.2017, with an outstanding amount of ₹33,85,20,047.32/-. PNB submitted sanction letters dated 13.6.2008, 16.11.2009, 29.11.2011 and 29.6.2012, along with security documents. The credit facilities were restructured by the Corporate Debtor, as indicated in the sanction letter dated 29.6.2012. The Corporate Debtor defaulted in repaying the loan availed. The Adjudicating Authority admitted the petition.
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Sheth Metal Private Limited committed default…
The Petition was listed for hearing on…
Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Sheth Metal Private Limited, the Corporate Debtor. The bank claimed that the Corporate Debtor had defaulted on repayment of various credit facilities from 30.11.2017 onwards, amounting to ₹33,85,20,047.32/-. The bank provided sanction letters and documents related to the loan facilities and security.
Punjab National Bank (PNB) sought to initiate Corporate Insolvency Resolution Process (CIRP) against Sheth Metal Private Limited (Corporate Debtor) due to default in repayment of credit facilities. The default commenced on 30.11.2017, with an outstanding amount of ₹33,85,20,047.32/-. PNB submitted sanction letters dated 13.6.2008, 16.11.2009, 29.11.2011 and 29.6.2012, along with security documents. The credit facilities were restructured by the Corporate Debtor, as indicated in the sanction letter dated 29.6.2012. The Corporate Debtor defaulted in repaying the loan availed. The Adjudicating Authority admitted the petition.
Sheth Metal Private Limited committed default…
The Petition was listed for hearing on…