Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Sitarganj Fibers Limited for initiation of Corporate Insolvency Resolution Process (CIRP). The application was filed due to the corporate debtor's default in repayment of a bank loan. The financial creditor claimed a default amount of Rs. 67,73,05,842/- as of 31.08.2018, along with interest.
Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against M/s Sitarganj Fibers Limited for initiating the Corporate Insolvency Resolution Process (CIRP). PNB, a banking institution, claimed that Sitarganj Fibers Limited defaulted on loan repayments. Sitarganj Fibers Limited had approached PNB for financial assistance in the form of cash credit and term loans, leading to the creation of equitable mortgages. The account was declared a Non-Performing Asset (NPA) on 31.12.2015 due to continuous default. PNB claimed a default amount of Rs. 67,73,05,842/- as of 31.08.2018, including interest. The application was supported by documents such as sanction letters, security documents, undertakings, and board resolutions
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M/s Sitarganj Fibers…
Date of sanctio…
Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Sitarganj Fibers Limited for initiation of Corporate Insolvency Resolution Process (CIRP). The application was filed due to the corporate debtor's default in repayment of a bank loan. The financial creditor claimed a default amount of Rs. 67,73,05,842/- as of 31.08.2018, along with interest.
Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against M/s Sitarganj Fibers Limited for initiating the Corporate Insolvency Resolution Process (CIRP). PNB, a banking institution, claimed that Sitarganj Fibers Limited defaulted on loan repayments. Sitarganj Fibers Limited had approached PNB for financial assistance in the form of cash credit and term loans, leading to the creation of equitable mortgages. The account was declared a Non-Performing Asset (NPA) on 31.12.2015 due to continuous default. PNB claimed a default amount of Rs. 67,73,05,842/- as of 31.08.2018, including interest. The application was supported by documents such as sanction letters, security documents, undertakings, and board resolutions
…M/s Sitarganj Fibers…
Date of sanctio…