Punjab National Bank filed a Company Petition (CP (IB) No. 3143/MB/2019) 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 financial creditor (FC) claimed 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).
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 FC claimed a default of Rs. 193,24,35,349.59 as of 13.08.2019, including a principal amount of Rs. 103,26,02,926. 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 Pradesh. These loans were later restructured via a Master Restructuring Agreement dated 28.09.2013. The accounts of ANFL became Non-Performing Asset (NPA) on 30.09.2014. The FC declared the account of
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Loans to ANF…
The accounts of ANFL…
Punjab National Bank filed a Company Petition (CP (IB) No. 3143/MB/2019) 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 financial creditor (FC) claimed 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).
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 FC claimed a default of Rs. 193,24,35,349.59 as of 13.08.2019, including a principal amount of Rs. 103,26,02,926. 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 Pradesh. These loans were later restructured via a Master Restructuring Agreement dated 28.09.2013. The accounts of ANFL became Non-Performing Asset (NPA) on 30.09.2014. The FC declared the account of
…Loans to ANF…
The accounts of ANFL…