Unigreen Global Private Limited filed a petition under the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was filed by the corporate debtor itself. Several financial creditors, including Punjab National Bank and Oriental Bank of Commerce, raised objections to the admission of the petition, alleging that the corporate debtor had not disclosed full facts and had deliberately entangled its properties in legal webs to remove them from the reach of creditors. The financial creditors claimed that the directors of the corporate debtor manipulated the business and engaged in fraudulent activities, leading to the company's accounts becoming non-performing assets (NPA).
Unigreen Global Private Limited filed a petition to initiate CIRP under the IBC, 2016. The company was incorporated on June 13, 2008. The company owes over Rs. 100 crores to four financial creditors: Punjab National Bank, Oriental Bank of Commerce, Corporation Bank, and Vijaya Bank. The financial creditors raised objections, stating that the corporate debtor had not disclosed full facts and had deliberately entangled its properties in legal webs. Punjab National Bank claimed that civil suits were deliberately engineered to remove mortgaged properties from accountability. The bank also alleged that the directors of the corporate debtor manipulated the business and engaged in fraudulent activities. The corporate debtor's directors, Anurag Garg and Ritu Garg, offered
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The provisions of Insolvency & Bankruptcy…
Unigreen Global Private…
Unigreen Global Private Limited filed a petition under the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was filed by the corporate debtor itself. Several financial creditors, including Punjab National Bank and Oriental Bank of Commerce, raised objections to the admission of the petition, alleging that the corporate debtor had not disclosed full facts and had deliberately entangled its properties in legal webs to remove them from the reach of creditors. The financial creditors claimed that the directors of the corporate debtor manipulated the business and engaged in fraudulent activities, leading to the company's accounts becoming non-performing assets (NPA).
Unigreen Global Private Limited filed a petition to initiate CIRP under the IBC, 2016. The company was incorporated on June 13, 2008. The company owes over Rs. 100 crores to four financial creditors: Punjab National Bank, Oriental Bank of Commerce, Corporation Bank, and Vijaya Bank. The financial creditors raised objections, stating that the corporate debtor had not disclosed full facts and had deliberately entangled its properties in legal webs. Punjab National Bank claimed that civil suits were deliberately engineered to remove mortgaged properties from accountability. The bank also alleged that the directors of the corporate debtor manipulated the business and engaged in fraudulent activities. The corporate debtor's directors, Anurag Garg and Ritu Garg, offered
…The provisions of Insolvency & Bankruptcy…
Unigreen Global Private…