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 granted to it, amounting to ₹33,85,20,047.32/-. The Corporate Debtor had restructured credit facilities with the bank, and the bank enclosed sanction letters and security documents related to the loan.
Punjab National Bank (PNB) sought to initiate Corporate Insolvency Resolution Process (CIRP) against Sheth Metal Private Limited ('Corporate Debtor') due to a default in repayment of various facilities. The default occurred from 30.11.2017 onwards, amounting to ₹33,85,20,047.32/-. PNB submitted sanction letters dated 13.6.2008, 16.11.2009, 29.11.2011, and 29.6.2012, detailing the credit facilities restructured by the Corporate Debtor. These facilities included Term Loans (TL), Working Capital (WC), and other credit facilities. The latest sanction letter was dated 29.6.2012. PNB also enclosed security documents connected with the loan sanctions. A notice under Section 13(2) of the SARFAESI Act, 2002, was issued demanding ₹18,68,97,043/- as of 1.4.2013. The Corporate
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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 granted to it, amounting to ₹33,85,20,047.32/-. The Corporate Debtor had restructured credit facilities with the bank, and the bank enclosed sanction letters and security documents related to the loan.
Punjab National Bank (PNB) sought to initiate Corporate Insolvency Resolution Process (CIRP) against Sheth Metal Private Limited ('Corporate Debtor') due to a default in repayment of various facilities. The default occurred from 30.11.2017 onwards, amounting to ₹33,85,20,047.32/-. PNB submitted sanction letters dated 13.6.2008, 16.11.2009, 29.11.2011, and 29.6.2012, detailing the credit facilities restructured by the Corporate Debtor. These facilities included Term Loans (TL), Working Capital (WC), and other credit facilities. The latest sanction letter was dated 29.6.2012. PNB also enclosed security documents connected with the loan sanctions. A notice under Section 13(2) of the SARFAESI Act, 2002, was issued demanding ₹18,68,97,043/- as of 1.4.2013. The Corporate
…Corporate Debtor committed default on…
The Petition was listed for hearing on…