Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Goyal Energy and Steel Private Limited due to an alleged default of ₹103,44,07,566.00, including interest and other loan-related expenses, calculated as of March 31, 2023. The applicant bank, as part of a consortium, had extended various credit facilities to the corporate debtor, including Cash Credit Hypothecation (CCH), Term Loans, COVID-19 Emergency Credit Facility (CEFC), and Guaranteed Emergency Credit Line (GECL) schemes. The corporate debtor failed to make timely payments, leading to the loan account being declared a Non-Performing Asset (NPA) on November 29, 2021.
Punjab National Bank (PNB) filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Goyal Energy and Steel Private Limited. PNB, as part of a consortium, had sanctioned various credit facilities to the corporate debtor, including Cash Credit Hypothecation (CCH) limit of ₹74.50 Crores and Term Loan of ₹22 Crores, aggregating to ₹96.50 Crores, sanctioned on 24.03.2015. Subsequently, the CCH limit was enhanced to ₹94.50 Crores, and Non-Fund Based Credit Facilities amounting to ₹20 Crores were also sanctioned. The applicant bank further sanctioned ₹5 Crores towards COVID-19 Emergency Credit Facility (CEFC) and Working Capital Term Loan (WCTL) of ₹11.90 Crores. The Corporate Debtor failed to make timely payments, and the loan account was
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Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Goyal Energy and Steel Private Limited due to an alleged default of ₹103,44,07,566.00, including interest and other loan-related expenses, calculated as of March 31, 2023. The applicant bank, as part of a consortium, had extended various credit facilities to the corporate debtor, including Cash Credit Hypothecation (CCH), Term Loans, COVID-19 Emergency Credit Facility (CEFC), and Guaranteed Emergency Credit Line (GECL) schemes. The corporate debtor failed to make timely payments, leading to the loan account being declared a Non-Performing Asset (NPA) on November 29, 2021.
Punjab National Bank (PNB) filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Goyal Energy and Steel Private Limited. PNB, as part of a consortium, had sanctioned various credit facilities to the corporate debtor, including Cash Credit Hypothecation (CCH) limit of ₹74.50 Crores and Term Loan of ₹22 Crores, aggregating to ₹96.50 Crores, sanctioned on 24.03.2015. Subsequently, the CCH limit was enhanced to ₹94.50 Crores, and Non-Fund Based Credit Facilities amounting to ₹20 Crores were also sanctioned. The applicant bank further sanctioned ₹5 Crores towards COVID-19 Emergency Credit Facility (CEFC) and Working Capital Term Loan (WCTL) of ₹11.90 Crores. The Corporate Debtor failed to make timely payments, and the loan account was
…The first tranche of…
The terms and conditions of the Sanction…