The case pertains to a Company Petition filed by Punjab National Bank (formerly Oriental Bank of Commerce) as a Financial Creditor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against NCS Sugars Ltd, the Corporate Debtor, for defaulting on a payment of Rs.226,94,94,093/- as on 31.03.2018. The Financial Creditor claimed that the Corporate Debtor had approached a consortium of banks in 2002 and was disbursed sums aggregating to Rs.130,37,47,281/-. Despite the Corporate Debtor creating a charge on its immovable properties and hypothecation of goods and assets, it failed to repay the amount, leading to the account being classified as a Non-Performing Asset (NPA) on 30.12.2013. The Financial Creditor issued a Demand Notice dated 12.05.2014 under
…Punjab National Bank (formerly Oriental Bank of Commerce) filed a Company Petition to initiate Corporate Insolvency Resolution Process (CIRP) against NCS Sugars Ltd. The basis for the petition was a default in payment of Rs.226,94,94,093/- as of March 31, 2018. In 2002, NCS Sugars had approached a consortium of banks, including Andhra Bank, Indian Overseas Bank, and Global Trust Bank Limited (merged with Punjab National Bank), and received disbursements totaling Rs.130,37,47,281/-. As part of the loan agreements, NCS Sugars created charges on its immovable properties and hypothecated its goods and assets. Due to consistent failure to repay, the account was classified as a Non-Performing Asset (NPA) on December 30, 2013. A Demand Notice was issued on May 12, 2014, under
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Corporate Debtor approached a consortium of…
The account was classified as Non-Performing…
The case pertains to a Company Petition filed by Punjab National Bank (formerly Oriental Bank of Commerce) as a Financial Creditor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against NCS Sugars Ltd, the Corporate Debtor, for defaulting on a payment of Rs.226,94,94,093/- as on 31.03.2018. The Financial Creditor claimed that the Corporate Debtor had approached a consortium of banks in 2002 and was disbursed sums aggregating to Rs.130,37,47,281/-. Despite the Corporate Debtor creating a charge on its immovable properties and hypothecation of goods and assets, it failed to repay the amount, leading to the account being classified as a Non-Performing Asset (NPA) on 30.12.2013. The Financial Creditor issued a Demand Notice dated 12.05.2014 under
…Punjab National Bank (formerly Oriental Bank of Commerce) filed a Company Petition to initiate Corporate Insolvency Resolution Process (CIRP) against NCS Sugars Ltd. The basis for the petition was a default in payment of Rs.226,94,94,093/- as of March 31, 2018. In 2002, NCS Sugars had approached a consortium of banks, including Andhra Bank, Indian Overseas Bank, and Global Trust Bank Limited (merged with Punjab National Bank), and received disbursements totaling Rs.130,37,47,281/-. As part of the loan agreements, NCS Sugars created charges on its immovable properties and hypothecated its goods and assets. Due to consistent failure to repay, the account was classified as a Non-Performing Asset (NPA) on December 30, 2013. A Demand Notice was issued on May 12, 2014, under
…Corporate Debtor approached a consortium of…
The account was classified as Non-Performing…