Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Shivansh Diamond Private Limited. The application was based on the corporate debtor's failure to repay a term loan, with a total default amount of Rs. 12,50,97,354.88. The petition was filed on 18.02.2019, within the period of limitation.
Punjab National Bank (PNB) filed an application under Section 7 of the IBC, 2016, to initiate CIRP against Shivansh Diamond Private Limited due to a default of Rs. 12,50,97,354.88 on a term loan. The petition was filed on 18.02.2019. The Corporate Debtor was proceeded ex parte. PNB had extended cash credit facilities to the Corporate Debtor, secured by hypothecation of goods and book debts, as of 06.04.2016. PNB initiated SARFAESI proceedings by sending a notice under Section 13(2) on 06.04.2017. The Financial Creditor proposed Mr. Naresh Kumar Munjal as the Interim Resolution Professional (IRP). The court found the documents sufficient to ascertain the default.
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Cash credit facilities were extended to the…
The Financial Creditor initiated SARFAESI…
Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Shivansh Diamond Private Limited. The application was based on the corporate debtor's failure to repay a term loan, with a total default amount of Rs. 12,50,97,354.88. The petition was filed on 18.02.2019, within the period of limitation.
Punjab National Bank (PNB) filed an application under Section 7 of the IBC, 2016, to initiate CIRP against Shivansh Diamond Private Limited due to a default of Rs. 12,50,97,354.88 on a term loan. The petition was filed on 18.02.2019. The Corporate Debtor was proceeded ex parte. PNB had extended cash credit facilities to the Corporate Debtor, secured by hypothecation of goods and book debts, as of 06.04.2016. PNB initiated SARFAESI proceedings by sending a notice under Section 13(2) on 06.04.2017. The Financial Creditor proposed Mr. Naresh Kumar Munjal as the Interim Resolution Professional (IRP). The court found the documents sufficient to ascertain the default.
Cash credit facilities were extended to the…
The Financial Creditor initiated SARFAESI…