The case pertains to a Company Petition (CP (IB) No. 3143/MB/2019) filed by Punjab National Bank (PNB), the Financial Creditor (FC), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Arshiya Limited, the Corporate Debtor (CD). The FC claims a total default amount of Rs. 193,24,35,349.59 as of 13.08.2019, including a principal amount of Rs. 103,26,02,926 and interest and other charges. Arshiya Limited is the holding company of Arshiya Northern FTWZ Limited (ANFL), a Free Trade Warehousing Zone (FTWZ) developer. ANFL had availed loans from the FC to construct the FTWZ at Khurja, Uttar
…Punjab National Bank (PNB) filed a Company Petition (CP (IB) No. 3143/MB/2019) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Arshiya Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). PNB claimed that Arshiya Limited had defaulted on a total amount of Rs. 193,24,35,349.59 as of 13.08.2019, which included a principal amount of Rs. 103,26,02,926. Arshiya Limited is the holding company of Arshiya Northern FTWZ Limited (ANFL). ANFL had taken loans from PNB to construct a Free Trade Warehousing Zone (FTWZ) at Khurja, Uttar Pradesh. The accounts of ANFL were declared Non-Performing Asset (NPA) on 30.09.2014. PNB issued a notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and
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The accounts of Arshiya…
Punjab National Bank issued a notice under…
The case pertains to a Company Petition (CP (IB) No. 3143/MB/2019) filed by Punjab National Bank (PNB), the Financial Creditor (FC), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Arshiya Limited, the Corporate Debtor (CD). The FC claims a total default amount of Rs. 193,24,35,349.59 as of 13.08.2019, including a principal amount of Rs. 103,26,02,926 and interest and other charges. Arshiya Limited is the holding company of Arshiya Northern FTWZ Limited (ANFL), a Free Trade Warehousing Zone (FTWZ) developer. ANFL had availed loans from the FC to construct the FTWZ at Khurja, Uttar
…Punjab National Bank (PNB) filed a Company Petition (CP (IB) No. 3143/MB/2019) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Arshiya Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). PNB claimed that Arshiya Limited had defaulted on a total amount of Rs. 193,24,35,349.59 as of 13.08.2019, which included a principal amount of Rs. 103,26,02,926. Arshiya Limited is the holding company of Arshiya Northern FTWZ Limited (ANFL). ANFL had taken loans from PNB to construct a Free Trade Warehousing Zone (FTWZ) at Khurja, Uttar Pradesh. The accounts of ANFL were declared Non-Performing Asset (NPA) on 30.09.2014. PNB issued a notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and
…The accounts of Arshiya…
Punjab National Bank issued a notice under…