M/s. Vaman Fabrics Pvt. Ltd., the corporate applicant/debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) in respect of itself. The application was filed due to the company facing a severe liquidity crisis and becoming insolvent, with a default amount of Rs. 7,34,89,392.77 occurring on 18.03.2016. Punjab National Bank (PNB), a secured creditor, opposed the application, arguing it was filed with mala fide intentions to stall debt recovery proceedings initiated by them. PNB also raised objections regarding the completeness of the application and compliance with statutory requirements.
M/s. Vaman Fabrics Pvt. Ltd. (Corporate Debtor) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The company faced a severe liquidity crisis and became insolvent. The amount of debt in default was Rs. 7,34,89,392.77, with the default occurring on 18.03.2016. Punjab National Bank (PNB), a secured creditor, opposed the application, contending it was filed with mala fide intentions to stall debt recovery proceedings initiated by them before the Debt Recovery Tribunal (DRT). PNB had initiated proceedings under the SARFAESI Act, 2002, and the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. The Corporate Debtor had also approached the High Court
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The corporate applicant…
The present application dated 16.12.2017 is…
M/s. Vaman Fabrics Pvt. Ltd., the corporate applicant/debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) in respect of itself. The application was filed due to the company facing a severe liquidity crisis and becoming insolvent, with a default amount of Rs. 7,34,89,392.77 occurring on 18.03.2016. Punjab National Bank (PNB), a secured creditor, opposed the application, arguing it was filed with mala fide intentions to stall debt recovery proceedings initiated by them. PNB also raised objections regarding the completeness of the application and compliance with statutory requirements.
M/s. Vaman Fabrics Pvt. Ltd. (Corporate Debtor) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The company faced a severe liquidity crisis and became insolvent. The amount of debt in default was Rs. 7,34,89,392.77, with the default occurring on 18.03.2016. Punjab National Bank (PNB), a secured creditor, opposed the application, contending it was filed with mala fide intentions to stall debt recovery proceedings initiated by them before the Debt Recovery Tribunal (DRT). PNB had initiated proceedings under the SARFAESI Act, 2002, and the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. The Corporate Debtor had also approached the High Court
…The corporate applicant…
The present application dated 16.12.2017 is…