Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Apollo Distilleries And Breweries Pvt. Ltd., citing a default on loan repayments. The bank had sanctioned term loan and cash credit facilities to the corporate debtor, secured by equitable mortgage of immovable properties and personal guarantees from the directors. Despite restructuring and renewals, the corporate debtor failed to revamp its business operations, leading to the classification of the loan accounts as Non-Performing Assets (NPA). The bank issued a demand notice, but the corporate debtor failed to comply. The corporate debtor contested the application, arguing that no financial

Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Apollo Distilleries And Breweries Pvt. Ltd., citing a default on loan repayments. The bank had sanctioned term loan and cash credit facilities to the corporate debtor, secured by equitable mortgage of immovable properties and personal guarantees from the directors. Despite restructuring and renewals, the corporate debtor failed to revamp its business operations, leading to the classification of the loan accounts as Non-Performing Assets (NPA). The bank issued a demand notice, but the corporate debtor failed to comply. The corporate debtor contested the application, arguing that no financial