Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vasudev Ispat Pvt. Ltd. for initiating a corporate insolvency resolution process due to a default of Rs. 19.03 crore as of July 31, 2017. The bank, a body corporate under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, claimed that Vasudev Ispat, engaged in iron and steel production, had approached them for credit limits to set up a re-rolling mill. The bank sanctioned term loans and cash credit facilities based on the company's representations. The applicant/financial creditor had filed the application before the Debts Recovery Tribunal - II, Kolkata being case number OA/92/2015. The applicant/financial creditor has also annexed
…Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Vasudev Ispat Pvt. Ltd. seeking to initiate the Corporate Insolvency Resolution Process (CIRP). PNB claimed that Vasudev Ispat defaulted on a payment of Rs. 19.03 crore as of July 31, 2017. PNB, a corporate body under the Banking Companies Act, had sanctioned term loans and cash credit facilities to Vasudev Ispat, an iron and steel production company, for setting up a re-rolling mill. The sanctioned facilities included a term loan of Rs. 4,90,00,000/- on March 12, 2009, another term loan of Rs. 2,83,00,000/- on March 21, 2011, and a cash credit facility of Rs. 2,40,00,000/- on March 21, 2011. Vasudev Ispat executed a Deed of Hypothecation for Rs.
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Punjab National Bank sanctioned a term loan of…
Vasudev Ispat Pvt. Ltd. executed a Deed of…
Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vasudev Ispat Pvt. Ltd. for initiating a corporate insolvency resolution process due to a default of Rs. 19.03 crore as of July 31, 2017. The bank, a body corporate under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, claimed that Vasudev Ispat, engaged in iron and steel production, had approached them for credit limits to set up a re-rolling mill. The bank sanctioned term loans and cash credit facilities based on the company's representations. The applicant/financial creditor had filed the application before the Debts Recovery Tribunal - II, Kolkata being case number OA/92/2015. The applicant/financial creditor has also annexed
…Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Vasudev Ispat Pvt. Ltd. seeking to initiate the Corporate Insolvency Resolution Process (CIRP). PNB claimed that Vasudev Ispat defaulted on a payment of Rs. 19.03 crore as of July 31, 2017. PNB, a corporate body under the Banking Companies Act, had sanctioned term loans and cash credit facilities to Vasudev Ispat, an iron and steel production company, for setting up a re-rolling mill. The sanctioned facilities included a term loan of Rs. 4,90,00,000/- on March 12, 2009, another term loan of Rs. 2,83,00,000/- on March 21, 2011, and a cash credit facility of Rs. 2,40,00,000/- on March 21, 2011. Vasudev Ispat executed a Deed of Hypothecation for Rs.
…Punjab National Bank sanctioned a term loan of…
Vasudev Ispat Pvt. Ltd. executed a Deed of…