Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Delcray Cables Pvt. Ltd. The petition was filed due to the corporate debtor's default on financial assistance availed from the bank. The corporate debtor was incorporated on 10.06.1993. The financial creditor claimed a default of Rs. 10,09,71,983.37/- as of 31.03.2019, when the account was classified as a Non-Performing Asset (NPA).
Punjab National Bank, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Delcray Cables Pvt. Ltd., the corporate debtor. The corporate debtor had availed financial assistance from the bank, including CC Limit of Rs.4.15 crores and OD Limit of Rs.3 crores. The corporate debtor deposited title deed No.6659 dated 03.03.2010 on 04.07.2012 and executed a memorandum of deposit of title deeds. The corporate debtor also availed an Adhoc Limit of Rs.80 Lakhs. The account was classified as a Non-Performing Asset (NPA) on 31.03.2019. The total amount claimed to be in default is Rs. 10,09,71,983.37/- as of 31.03.2019. The petition was filed on 09.06.2021 and re-filed on 23.06.2021. The corporate debtor did not appear,
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M/s Delcray Cab…
The corporate…
Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Delcray Cables Pvt. Ltd. The petition was filed due to the corporate debtor's default on financial assistance availed from the bank. The corporate debtor was incorporated on 10.06.1993. The financial creditor claimed a default of Rs. 10,09,71,983.37/- as of 31.03.2019, when the account was classified as a Non-Performing Asset (NPA).
Punjab National Bank, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Delcray Cables Pvt. Ltd., the corporate debtor. The corporate debtor had availed financial assistance from the bank, including CC Limit of Rs.4.15 crores and OD Limit of Rs.3 crores. The corporate debtor deposited title deed No.6659 dated 03.03.2010 on 04.07.2012 and executed a memorandum of deposit of title deeds. The corporate debtor also availed an Adhoc Limit of Rs.80 Lakhs. The account was classified as a Non-Performing Asset (NPA) on 31.03.2019. The total amount claimed to be in default is Rs. 10,09,71,983.37/- as of 31.03.2019. The petition was filed on 09.06.2021 and re-filed on 23.06.2021. The corporate debtor did not appear,
…M/s Delcray Cab…
The corporate…