Punjab National Bank (International) Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Topsgrup Services and Solutions Limited, citing a default of GBP 13,624,899.92. The petitioner had sanctioned credit facilities to 'The Shield Guarding Company Limited' (Principal Borrower), guaranteed by Topsgrup Services and Solutions Limited. The account was declared a Non-Performing Asset (NPA) due to defaults in payments. The petitioner approached the County Court of London and obtained a judgment directing the Corporate Debtor to make payments. The Corporate Debtor made part payments and acknowledged the debt in correspondences. The petition was filed on 16.03.2020.
Punjab National Bank (International) Limited (PNBIL) sought to initiate Corporate Insolvency Resolution Process (CIRP) against Topsgrup Services and Solutions Limited (Corporate Debtor) due to a default of GBP 13,624,899.92. PNBIL had sanctioned credit facilities to 'The Shield Guarding Company Limited' (Principal Borrower) based on sanction letters and facility agreements. The Corporate Debtor provided an unconditional and irrevocable continuing guarantee for these facilities. The account was declared a Non-Performing Asset (NPA) on 30.11.2015, with the date of default being 30.09.2015. PNBIL issued a Demand Certificate on 16.09.2016. The Corporate Debtor made part payments between 30.09.2015 and 13.07.2017 and acknowledged the debt via emails in November 2019. The
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Sanction Letter issued…
Enhanced Sanction…
Punjab National Bank (International) Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Topsgrup Services and Solutions Limited, citing a default of GBP 13,624,899.92. The petitioner had sanctioned credit facilities to 'The Shield Guarding Company Limited' (Principal Borrower), guaranteed by Topsgrup Services and Solutions Limited. The account was declared a Non-Performing Asset (NPA) due to defaults in payments. The petitioner approached the County Court of London and obtained a judgment directing the Corporate Debtor to make payments. The Corporate Debtor made part payments and acknowledged the debt in correspondences. The petition was filed on 16.03.2020.
Punjab National Bank (International) Limited (PNBIL) sought to initiate Corporate Insolvency Resolution Process (CIRP) against Topsgrup Services and Solutions Limited (Corporate Debtor) due to a default of GBP 13,624,899.92. PNBIL had sanctioned credit facilities to 'The Shield Guarding Company Limited' (Principal Borrower) based on sanction letters and facility agreements. The Corporate Debtor provided an unconditional and irrevocable continuing guarantee for these facilities. The account was declared a Non-Performing Asset (NPA) on 30.11.2015, with the date of default being 30.09.2015. PNBIL issued a Demand Certificate on 16.09.2016. The Corporate Debtor made part payments between 30.09.2015 and 13.07.2017 and acknowledged the debt via emails in November 2019. The
…Sanction Letter issued…
Enhanced Sanction…