The case pertains to an application filed by M/s Siddhi Vinayak Power Generation and Distributors Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP). The applicant company, incorporated in 2011, sought CIRP due to a distress situation and to restructure its debts. The company had availed loan facilities from Punjab National Bank (PNB) and faced difficulties in fulfilling a Gas Supply Agreement, leading to its loan account being declared a Non-Performing Asset (NPA).
M/s Siddhi Vinayak Power Generation and Distributors Private Limited (SVPG 1) was incorporated on 19.05.2011. The company availed loan facilities from Punjab National Bank (PNB). The company entered into a Gas Supply Agreement with Oil and Natural Gas Corporation in 2013 but was unable to produce the desired level of power, leading to the termination of the agreement on 19.02.2016. The loan account with PNB became a Non-Performing Asset (NPA) on 30.09.2013. The company admitted to committing a default exceeding one lakh, as fixed under Section 4 of the Code. The company filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP). The application was supported by a Board Resolution
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M/s Siddhi Vinayak…
The Corporate Applicant entered into a Gas…
The case pertains to an application filed by M/s Siddhi Vinayak Power Generation and Distributors Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP). The applicant company, incorporated in 2011, sought CIRP due to a distress situation and to restructure its debts. The company had availed loan facilities from Punjab National Bank (PNB) and faced difficulties in fulfilling a Gas Supply Agreement, leading to its loan account being declared a Non-Performing Asset (NPA).
M/s Siddhi Vinayak Power Generation and Distributors Private Limited (SVPG 1) was incorporated on 19.05.2011. The company availed loan facilities from Punjab National Bank (PNB). The company entered into a Gas Supply Agreement with Oil and Natural Gas Corporation in 2013 but was unable to produce the desired level of power, leading to the termination of the agreement on 19.02.2016. The loan account with PNB became a Non-Performing Asset (NPA) on 30.09.2013. The company admitted to committing a default exceeding one lakh, as fixed under Section 4 of the Code. The company filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP). The application was supported by a Board Resolution
…M/s Siddhi Vinayak…
The Corporate Applicant entered into a Gas…