Punjab National Bank filed a Company Petition (CP (IB) No. 3143/MB/2019) under Section 7 of the Insolvency and Bankruptcy Code, 2016, 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. The petition was based on a default of Rs. 193,24,35,349.59 as of 13.08.2019. Arshiya Limited is the holding company of Arshiya Northern FTWZ Limited (ANFL). ANFL had availed loans from Punjab National Bank to construct a Free Trade Warehousing Zone (FTWZ) at Khurja, Uttar Pradesh. These loans were later restructured. The accounts of ANFL became Non-Performing Asset (NPA) on 30.09.2014. Punjab National Bank, as the Financial
…Punjab National Bank (PNB), the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Arshiya Limited, the Corporate Debtor (CD). The alleged default amount was Rs. 193,24,35,349.59 as of 13.08.2019. Arshiya Limited is the holding company of Arshiya Northern FTWZ Limited (ANFL), which is a Free Trade Warehousing Zone (FTWZ) developer. ANFL had availed loans from PNB to construct the FTWZ at Khurja, Uttar Pradesh. These loans were restructured via a Master Restructuring Agreement dated 28.09.2013. The accounts of ANFL became Non-Performing Asset (NPA) on 30.09.2014. PNB issued a notice dated 14.10.2015 under Section 13(2) of the SARFAESI Act to
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Loans availed by ANFL…
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Punjab National Bank filed a Company Petition (CP (IB) No. 3143/MB/2019) under Section 7 of the Insolvency and Bankruptcy Code, 2016, 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. The petition was based on a default of Rs. 193,24,35,349.59 as of 13.08.2019. Arshiya Limited is the holding company of Arshiya Northern FTWZ Limited (ANFL). ANFL had availed loans from Punjab National Bank to construct a Free Trade Warehousing Zone (FTWZ) at Khurja, Uttar Pradesh. These loans were later restructured. The accounts of ANFL became Non-Performing Asset (NPA) on 30.09.2014. Punjab National Bank, as the Financial
…Punjab National Bank (PNB), the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Arshiya Limited, the Corporate Debtor (CD). The alleged default amount was Rs. 193,24,35,349.59 as of 13.08.2019. Arshiya Limited is the holding company of Arshiya Northern FTWZ Limited (ANFL), which is a Free Trade Warehousing Zone (FTWZ) developer. ANFL had availed loans from PNB to construct the FTWZ at Khurja, Uttar Pradesh. These loans were restructured via a Master Restructuring Agreement dated 28.09.2013. The accounts of ANFL became Non-Performing Asset (NPA) on 30.09.2014. PNB issued a notice dated 14.10.2015 under Section 13(2) of the SARFAESI Act to
…Loans availed by ANFL…
The accounts of Arshiya…