Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Sai Prakash Alloys Pvt. Ltd. for initiating the Corporate Insolvency Resolution Process (CIRP). The bank had sanctioned credit facilities to the corporate debtor, which later defaulted, leading to the account being declared as NPA. The corporate debtor approached the bank for a settlement under OTS, but failed to honor the terms. The corporate debtor also filed an interim application for dismissal of the CIRP application, arguing that the main company application had become infructuous due to the OTS. The NCLT heard arguments on the interim application and the main company petition.
Punjab National Bank (PNB) sanctioned credit facilities to Shree Sai Prakash Alloys Pvt. Ltd. The corporate debtor (CD) defaulted on payments, leading PNB to classify the account as a Non-Performing Asset (NPA) on May 12, 2015. As of February 20, 2018, the outstanding amount was Rs. 84,46,17,450.68. PNB filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) for initiating Corporate Insolvency Resolution Process (CIRP). The CD approached PNB for a One-Time Settlement (OTS) but failed to comply with the terms, only paying Rs. 7,00,00,000.00. The CD filed an interim application (IA No.46 of 2019) for dismissal of the CIRP application, arguing that the OTS made the application infructuous. The CD also filed a Writ Petition before the Gauhati High
…Sign in to view the parties.
Punjab National Bank sanctioned credit…
The account of Shree Sai Prakash Alloys Pvt.…
Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Sai Prakash Alloys Pvt. Ltd. for initiating the Corporate Insolvency Resolution Process (CIRP). The bank had sanctioned credit facilities to the corporate debtor, which later defaulted, leading to the account being declared as NPA. The corporate debtor approached the bank for a settlement under OTS, but failed to honor the terms. The corporate debtor also filed an interim application for dismissal of the CIRP application, arguing that the main company application had become infructuous due to the OTS. The NCLT heard arguments on the interim application and the main company petition.
Punjab National Bank (PNB) sanctioned credit facilities to Shree Sai Prakash Alloys Pvt. Ltd. The corporate debtor (CD) defaulted on payments, leading PNB to classify the account as a Non-Performing Asset (NPA) on May 12, 2015. As of February 20, 2018, the outstanding amount was Rs. 84,46,17,450.68. PNB filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) for initiating Corporate Insolvency Resolution Process (CIRP). The CD approached PNB for a One-Time Settlement (OTS) but failed to comply with the terms, only paying Rs. 7,00,00,000.00. The CD filed an interim application (IA No.46 of 2019) for dismissal of the CIRP application, arguing that the OTS made the application infructuous. The CD also filed a Writ Petition before the Gauhati High
…Punjab National Bank sanctioned credit…
The account of Shree Sai Prakash Alloys Pvt.…