Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Telstar Industries Private Limited, the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on the Corporate Debtor's default in paying a financial debt of Rs. 8,39,68,045.92, with the date of default being 27.12.2014. The Corporate Debtor argued that the application was not maintainable due to discrepancies in the date of default and that the bank had wrongly declared the loan account as NPA, a matter already decided by the Debts Recovery Tribunal and the Bombay High Court. The Corporate Debtor also contended that the application was time-barred.
Punjab National Bank (PNB), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Telstar Industries Private Limited, the Corporate Debtor. The basis for the application was the Corporate Debtor's default in paying a financial debt of Rs. 8,39,68,045.92, with the default date being 27.12.2014. PNB had granted loan facilities to Telstar Industries, which the latter failed to repay as agreed. Consequently, PNB initiated recovery proceedings in the Debts Recovery Tribunal (DRT), Ahmedabad. The Corporate Debtor contested the application, arguing that the date of default was incorrectly stated, the application was not filed by a properly authorized
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Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Telstar Industries Private Limited, the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on the Corporate Debtor's default in paying a financial debt of Rs. 8,39,68,045.92, with the date of default being 27.12.2014. The Corporate Debtor argued that the application was not maintainable due to discrepancies in the date of default and that the bank had wrongly declared the loan account as NPA, a matter already decided by the Debts Recovery Tribunal and the Bombay High Court. The Corporate Debtor also contended that the application was time-barred.
Punjab National Bank (PNB), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Telstar Industries Private Limited, the Corporate Debtor. The basis for the application was the Corporate Debtor's default in paying a financial debt of Rs. 8,39,68,045.92, with the default date being 27.12.2014. PNB had granted loan facilities to Telstar Industries, which the latter failed to repay as agreed. Consequently, PNB initiated recovery proceedings in the Debts Recovery Tribunal (DRT), Ahmedabad. The Corporate Debtor contested the application, arguing that the date of default was incorrectly stated, the application was not filed by a properly authorized
…Financial Creditor/Bank granted and disbursed…
The Corporate Debtor…