The case involves a Company Petition filed by Punjab National Bank (PNB), the Financial Creditor, against Splendid Metal Products Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had availed various credit facilities, including term loans and working capital limits, from PNB and other banks under a consortium banking arrangement. Due to internal and external factors, the Corporate Debtor faced financial strain and requested debt restructuring. The account was referred to the Corporate Debt Restructuring Forum, and a restructuring package was approved. However, the Corporate Debtor continued to default on its obligations.
Punjab National Bank (PNB) filed a petition against Splendid Metal Products Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Splendid Metal Products Limited had availed credit facilities from PNB and other banks under a consortium. These facilities included a Term Loan of Rs. 113.32 Crores, a fund-based working capital limit of Rs. 130.00 Crores, and a non-fund-based LC limit of Rs. 120.00 Crores. Other banks in the consortium included Bank of India, State Bank of India, Indian Overseas Bank, Bank of Baroda, Andhra Bank, Oriental Bank of Commerce, Lakshmi Vilas Bank, Karnataka Bank, SASF, and IDBI Bank Limited. Due to financial difficulties, the Corporate Debtor requested debt restructuring, which was referred to the Corporate Debt Restructuring
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The case involves a Company Petition filed by Punjab National Bank (PNB), the Financial Creditor, against Splendid Metal Products Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had availed various credit facilities, including term loans and working capital limits, from PNB and other banks under a consortium banking arrangement. Due to internal and external factors, the Corporate Debtor faced financial strain and requested debt restructuring. The account was referred to the Corporate Debt Restructuring Forum, and a restructuring package was approved. However, the Corporate Debtor continued to default on its obligations.
Punjab National Bank (PNB) filed a petition against Splendid Metal Products Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Splendid Metal Products Limited had availed credit facilities from PNB and other banks under a consortium. These facilities included a Term Loan of Rs. 113.32 Crores, a fund-based working capital limit of Rs. 130.00 Crores, and a non-fund-based LC limit of Rs. 120.00 Crores. Other banks in the consortium included Bank of India, State Bank of India, Indian Overseas Bank, Bank of Baroda, Andhra Bank, Oriental Bank of Commerce, Lakshmi Vilas Bank, Karnataka Bank, SASF, and IDBI Bank Limited. Due to financial difficulties, the Corporate Debtor requested debt restructuring, which was referred to the Corporate Debt Restructuring
…The CDR Empower…
Letter of Approval…