Punjab National Bank filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Arshiya Northern FTWZ Limited, alleging default in payment. The Corporate Debtor is a subsidiary of Arshiya Limited and a Free Trade Warehousing Zone (FTWZ) developer. They obtained financial facilities from a consortium of banks for constructing a FTWZ at Khurja District, Uttar Pradesh. The account was declared NPA on September 30, 2014. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002, and initiated recovery proceedings at the Debt Recovery Tribunal in New Delhi. The Corporate Debtor approached the Financial Creditor with an OTS proposal, which was
…Punjab National Bank, the Financial Creditor, filed a petition to initiate CIRP against Arshiya Northern FTWZ Limited, the Corporate Debtor, due to payment defaults. The Corporate Debtor, a subsidiary of Arshiya Limited, had availed loan facilities from a consortium of banks for a FTWZ project in Khurja, Uttar Pradesh. The account was declared NPA on September 30, 2014. The Financial Creditor initiated recovery proceedings under the SARFAESI Act. The Corporate Debtor proposed an OTS, which was later cancelled. The Corporate Debtor argued the petition was time-barred, citing the NPA date. However, the Corporate Debtor had acknowledged the debt in a Security Confirmation Letter dated September 12, 2016. The outstanding dues aggregated to Rs. 193,24,35,350/- including
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Sanction Letter dated…
Sanction Letter dated 27th November 2010 for…
Punjab National Bank filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Arshiya Northern FTWZ Limited, alleging default in payment. The Corporate Debtor is a subsidiary of Arshiya Limited and a Free Trade Warehousing Zone (FTWZ) developer. They obtained financial facilities from a consortium of banks for constructing a FTWZ at Khurja District, Uttar Pradesh. The account was declared NPA on September 30, 2014. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002, and initiated recovery proceedings at the Debt Recovery Tribunal in New Delhi. The Corporate Debtor approached the Financial Creditor with an OTS proposal, which was
…Punjab National Bank, the Financial Creditor, filed a petition to initiate CIRP against Arshiya Northern FTWZ Limited, the Corporate Debtor, due to payment defaults. The Corporate Debtor, a subsidiary of Arshiya Limited, had availed loan facilities from a consortium of banks for a FTWZ project in Khurja, Uttar Pradesh. The account was declared NPA on September 30, 2014. The Financial Creditor initiated recovery proceedings under the SARFAESI Act. The Corporate Debtor proposed an OTS, which was later cancelled. The Corporate Debtor argued the petition was time-barred, citing the NPA date. However, the Corporate Debtor had acknowledged the debt in a Security Confirmation Letter dated September 12, 2016. The outstanding dues aggregated to Rs. 193,24,35,350/- including
…Sanction Letter dated…
Sanction Letter dated 27th November 2010 for…