The case involves an application filed by Punjab National Bank (PNB), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Shiv Shankar Solvent Extraction Pvt. Ltd, the Corporate Debtor. The Corporate Debtor defaulted in paying a financial debt of Rs. 45,53,15,156.32 as of June 30, 2019. The application was initially presented before the bench on August 5, 2019, and the Corporate Debtor was later set ex-parte on August 13, 2019, due to the return of the notice with an endorsement of 'insufficient address'.
Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Shiv Shankar Solvent Extraction Pvt. Ltd. PNB claimed that the Corporate Debtor defaulted on a financial debt of Rs. 45,53,15,156.32 as of June 30, 2019. The Corporate Debtor is engaged in refinery and mining activities and had obtained a composite loan of Rs. 1050 Lakhs from PNB, comprising a cash credit limit of Rs. 400 Lakhs and a term loan of Rs. 650 Lakhs, since March 28, 2007. The loan was secured by hypothecation of movables and mortgage of immovables. The Corporate Debtor's loan account was declared a Non-Performing Asset (NPA) on June 30, 2010, due to non-repayment. The notice
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Applicant banks sanctioned the loan and the…
The Corporate Debtor did not repay the loan,…
The case involves an application filed by Punjab National Bank (PNB), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Shiv Shankar Solvent Extraction Pvt. Ltd, the Corporate Debtor. The Corporate Debtor defaulted in paying a financial debt of Rs. 45,53,15,156.32 as of June 30, 2019. The application was initially presented before the bench on August 5, 2019, and the Corporate Debtor was later set ex-parte on August 13, 2019, due to the return of the notice with an endorsement of 'insufficient address'.
Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Shiv Shankar Solvent Extraction Pvt. Ltd. PNB claimed that the Corporate Debtor defaulted on a financial debt of Rs. 45,53,15,156.32 as of June 30, 2019. The Corporate Debtor is engaged in refinery and mining activities and had obtained a composite loan of Rs. 1050 Lakhs from PNB, comprising a cash credit limit of Rs. 400 Lakhs and a term loan of Rs. 650 Lakhs, since March 28, 2007. The loan was secured by hypothecation of movables and mortgage of immovables. The Corporate Debtor's loan account was declared a Non-Performing Asset (NPA) on June 30, 2010, due to non-repayment. The notice
…Applicant banks sanctioned the loan and the…
The Corporate Debtor did not repay the loan,…