Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Highland Automobiles Private Limited, citing a default in repayment of a loan amounting to Rs. 33,64,46,005/-. The respondent, Highland Automobiles Private Limited, is a company incorporated on 25.09.1996. The applicant claimed that the respondent defaulted on 31.12.2008. The respondent contended that the application was filed after the expiry of the period of limitation and that they are solvent and ready to pay Rs. 12.50 Crore as part of a one-time settlement (OTS).
Punjab National Bank (PNB) extended credit facilities to Highland Automobiles Private Limited. Highland Automobiles Private Limited defaulted on the repayment of a loan amounting to Rs. 33,64,46,005/-, with the date of default being 31.12.2008 when the account slipped into NPA. PNB filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Highland Automobiles Private Limited. The respondent argued that the application was filed after the expiry of the period of limitation, claiming a delay of more than 10 years. The respondent also claimed solvency and willingness to pay Rs. 12.50 Crore as part of a one-time settlement (OTS), with Rs. 50 Lakh already paid. The applicant
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Highland Automobiles…
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Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Highland Automobiles Private Limited, citing a default in repayment of a loan amounting to Rs. 33,64,46,005/-. The respondent, Highland Automobiles Private Limited, is a company incorporated on 25.09.1996. The applicant claimed that the respondent defaulted on 31.12.2008. The respondent contended that the application was filed after the expiry of the period of limitation and that they are solvent and ready to pay Rs. 12.50 Crore as part of a one-time settlement (OTS).
Punjab National Bank (PNB) extended credit facilities to Highland Automobiles Private Limited. Highland Automobiles Private Limited defaulted on the repayment of a loan amounting to Rs. 33,64,46,005/-, with the date of default being 31.12.2008 when the account slipped into NPA. PNB filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Highland Automobiles Private Limited. The respondent argued that the application was filed after the expiry of the period of limitation, claiming a delay of more than 10 years. The respondent also claimed solvency and willingness to pay Rs. 12.50 Crore as part of a one-time settlement (OTS), with Rs. 50 Lakh already paid. The applicant
…Highland Automobiles…
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