The case pertains to the insolvency resolution process initiated against Vindhya Vasini Industries Limited by Punjab National Bank. An order was passed under Section 7 of the Insolvency Code on August 29, 2017. The Corporate Debtor's business had been closed since 2013. The Committee of Creditors (CoC) was formed, and meetings were held, but no resolution plan was received. Consequently, the CoC decided to initiate the liquidation process.
Punjab National Bank initiated insolvency proceedings against Vindhya Vasini Industries Limited. The Corporate Debtor's business had been closed since 2013. The loan facility was granted by Punjab National Bank and Central Bank of India. A Demand Notice under SARFAESI Act was served. The Committee of Creditors was formed, but no resolution plan was received. The CoC decided to initiate the liquidation process. Smt. Saroj Singhania's property was mortgaged to the bank under the same loan agreement. The total debt was ₹41,38,06,010/-, while the realizable value of the Corporate Debtor's property was only ₹4,68,15,000/-. The total realizable value including Smt. Singhania's property was ₹17,58,15,000/-. The court considered the high haircut the banks would have to take if
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The case pertains to the insolvency resolution process initiated against Vindhya Vasini Industries Limited by Punjab National Bank. An order was passed under Section 7 of the Insolvency Code on August 29, 2017. The Corporate Debtor's business had been closed since 2013. The Committee of Creditors (CoC) was formed, and meetings were held, but no resolution plan was received. Consequently, the CoC decided to initiate the liquidation process.
Punjab National Bank initiated insolvency proceedings against Vindhya Vasini Industries Limited. The Corporate Debtor's business had been closed since 2013. The loan facility was granted by Punjab National Bank and Central Bank of India. A Demand Notice under SARFAESI Act was served. The Committee of Creditors was formed, but no resolution plan was received. The CoC decided to initiate the liquidation process. Smt. Saroj Singhania's property was mortgaged to the bank under the same loan agreement. The total debt was ₹41,38,06,010/-, while the realizable value of the Corporate Debtor's property was only ₹4,68,15,000/-. The total realizable value including Smt. Singhania's property was ₹17,58,15,000/-. The court considered the high haircut the banks would have to take if
…An order was passed…
A Committ…