Punjab National Bank (PNB) filed a petition against Vandana Energy & Steels Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to a default of ₹132.98 Crores as of 05.02.2015. PNB submitted documents including loan sanction letters, guarantee agreements, and a Master Restructuring Agreement to prove the debt and default. The Corporate Debtor did not appear despite service, leading the NCLT to proceed ex-parte. The accounts of the Corporate Debtor had become irregular, with a sum of ₹202,94,09,999/- due to Punjab National Bank, UCO Bank, and Bank of Baroda. A SARFAESI Notice dated 15.10.2015 was issued demanding ₹228,71,11,517/-. Mr. Sanjay Gupta was named as the Interim Resolution Professional (IRP).

Punjab National Bank (PNB) filed a petition against Vandana Energy & Steels Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to a default of ₹132.98 Crores as of 05.02.2015. PNB submitted documents including loan sanction letters, guarantee agreements, and a Master Restructuring Agreement to prove the debt and default. The Corporate Debtor did not appear despite service, leading the NCLT to proceed ex-parte. The accounts of the Corporate Debtor had become irregular, with a sum of ₹202,94,09,999/- due to Punjab National Bank, UCO Bank, and Bank of Baroda. A SARFAESI Notice dated 15.10.2015 was issued demanding ₹228,71,11,517/-. Mr. Sanjay Gupta was named as the Interim Resolution Professional (IRP).