The case involves an application filed by Punjab National Bank (PNB), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/S. Karnal Agriculture Industries Limited, the Corporate Debtor, for alleged default in repayment of a financial debt amounting to INR 75,98,96,552 as of March 15, 2020. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) in 2010. A debt restructuring package was approved in 2012, but the account became irregular again, leading to SARFAESI proceedings in 2017. The Corporate Debtor proposed a One-Time Settlement (OTS) which was rejected. PNB filed the application to initiate the Corporate Insolvency Resolution Process (CIRP).
1. Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/S. Karnal Agriculture Industries Limited for defaulting on a financial debt.
2. The outstanding financial debt amounted to INR 75,98,96,552 as of March 15, 2020.
3. The Corporate Debtor's account with PNB was classified as a Non-Performing Asset (NPA) in 2010 according to RBI guidelines.
4. A debt restructuring package was approved by the CDR EG on June 25, 2012, with overall financial facilities of Rs. 135,82.22 Lakhs sanctioned, including Rs. 5,423 Lakhs from PNB. A Master Restructuring Agreement was signed on December 17, 2012.
5. The accounts became irregular again, leading to PNB classifying them as NPA on September 30, 2013.
6. SARFAESI
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The Corporate Debtor's account was classified…
A debt restructuring…
The case involves an application filed by Punjab National Bank (PNB), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/S. Karnal Agriculture Industries Limited, the Corporate Debtor, for alleged default in repayment of a financial debt amounting to INR 75,98,96,552 as of March 15, 2020. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) in 2010. A debt restructuring package was approved in 2012, but the account became irregular again, leading to SARFAESI proceedings in 2017. The Corporate Debtor proposed a One-Time Settlement (OTS) which was rejected. PNB filed the application to initiate the Corporate Insolvency Resolution Process (CIRP).
1. Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/S. Karnal Agriculture Industries Limited for defaulting on a financial debt.
2. The outstanding financial debt amounted to INR 75,98,96,552 as of March 15, 2020.
3. The Corporate Debtor's account with PNB was classified as a Non-Performing Asset (NPA) in 2010 according to RBI guidelines.
4. A debt restructuring package was approved by the CDR EG on June 25, 2012, with overall financial facilities of Rs. 135,82.22 Lakhs sanctioned, including Rs. 5,423 Lakhs from PNB. A Master Restructuring Agreement was signed on December 17, 2012.
5. The accounts became irregular again, leading to PNB classifying them as NPA on September 30, 2013.
6. SARFAESI
The Corporate Debtor's account was classified…
A debt restructuring…