Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Siddhi Vinayak Logistics Ltd., treating it as the 'Corporate Debtor'. The bank had sanctioned a term loan facility to the respondent, which later faced financial difficulties, leading to the bank classifying the account as a Non-Performing Asset (NPA) and initiating recovery proceedings.
Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Siddhi Vinayak Logistics Ltd. PNB, styling itself as a 'Financial Creditor', claimed that Siddhi Vinayak Logistics Ltd., the 'Corporate Debtor', had defaulted on its loan repayments. PNB had sanctioned a Term Loan Facility of Rs. 100 Crores to Siddhi Vinayak Logistics Ltd. on June 13, 2013. The respondent company accepted the terms and conditions mentioned in the Sanction Letter. The Respondent executed various documents for the facilities availed by it. Respondent also hypothecated 335 commercial vehicles valuing 125.37 Crores to the Applicant Bank. Respondent also pledged Fixed Deposits of
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Applicant Bank…
Respondent Company accepted the terms and…
Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Siddhi Vinayak Logistics Ltd., treating it as the 'Corporate Debtor'. The bank had sanctioned a term loan facility to the respondent, which later faced financial difficulties, leading to the bank classifying the account as a Non-Performing Asset (NPA) and initiating recovery proceedings.
Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Siddhi Vinayak Logistics Ltd. PNB, styling itself as a 'Financial Creditor', claimed that Siddhi Vinayak Logistics Ltd., the 'Corporate Debtor', had defaulted on its loan repayments. PNB had sanctioned a Term Loan Facility of Rs. 100 Crores to Siddhi Vinayak Logistics Ltd. on June 13, 2013. The respondent company accepted the terms and conditions mentioned in the Sanction Letter. The Respondent executed various documents for the facilities availed by it. Respondent also hypothecated 335 commercial vehicles valuing 125.37 Crores to the Applicant Bank. Respondent also pledged Fixed Deposits of
…Applicant Bank…
Respondent Company accepted the terms and…