Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aban Offshore Limited, the Corporate Debtor, due to a default on a financial debt.
Punjab National Bank sanctioned a loan to Aban Offshore Limited, a company engaged in offshore drilling.
The Corporate Debtor availed credit facilities from multiple lender banks, including SBI, ICICI Bank Ltd, IOB, State Bank of Mysore, IDBI Bank Ltd, LIC, LVB Ltd, and 3i Infotech Trusteeship Services Ltd.
The date of NPA was 02.05.2017, and the outstanding amount as of 15.08.2024 was Rs. 1062,86,03,208.45.
The Corporate Debtor executed loan and security documents in favor of the Financial Creditor and Security Trustee.
The Corporate Debtor mortgaged property in Tirunelveli District as security for the loan.
The Financial Creditor issued demand notices under Section 13(2) of SARFAESI Act and possession notices under 13(4) of SARFAESI Act.
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Punjab National Bank…
The loan account of the…
Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aban Offshore Limited, the Corporate Debtor, due to a default on a financial debt.
Punjab National Bank sanctioned a loan to Aban Offshore Limited, a company engaged in offshore drilling.
The Corporate Debtor availed credit facilities from multiple lender banks, including SBI, ICICI Bank Ltd, IOB, State Bank of Mysore, IDBI Bank Ltd, LIC, LVB Ltd, and 3i Infotech Trusteeship Services Ltd.
The date of NPA was 02.05.2017, and the outstanding amount as of 15.08.2024 was Rs. 1062,86,03,208.45.
The Corporate Debtor executed loan and security documents in favor of the Financial Creditor and Security Trustee.
The Corporate Debtor mortgaged property in Tirunelveli District as security for the loan.
The Financial Creditor issued demand notices under Section 13(2) of SARFAESI Act and possession notices under 13(4) of SARFAESI Act.
…Punjab National Bank…
The loan account of the…