Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Pelican Grand Motels Pvt. Ltd. for a default in repayment of Rs. 34,89,40,821.30. The Corporate Debtor's account was declared as Non-Performing Asset (NPA) on 01.11.2019. The Financial Creditor issued a recall notice under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor raised objections, including the lack of proper authorization for the application and allegations of fraud by the Bank. The NCLT initially closed the Corporate Debtor's right to file a reply, leading to appeals before the Delhi High Court and NCLAT. The High Court directed the NCLT to consider the Corporate Debtor's reply. NCLAT set aside the order dated 28.02.2023 and revived
…Punjab National Bank (PNB) sanctioned loans and credit facilities to Pelican Grand Motels Pvt. Ltd. The Corporate Debtor defaulted on repayments, leading to a total outstanding of Rs. 34,89,40,821.30 as of 01.07.2022. PNB declared the account as NPA on 01.11.2019 and issued a recall notice under SARFAESI Act. PNB filed a Section 7 application under the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP). Pelican Grand Motels opposed the application, claiming PNB committed fraud by not complying with pre-requisite conditions of the sanction letter. The Corporate Debtor also argued that it is an MSME and PNB failed to restructure the loan despite a TEV study. The Corporate Debtor filed a civil suit and a writ petition
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Pelican Grand Motels…
Punjab National Bank sanctioned a loan of Rs…
Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Pelican Grand Motels Pvt. Ltd. for a default in repayment of Rs. 34,89,40,821.30. The Corporate Debtor's account was declared as Non-Performing Asset (NPA) on 01.11.2019. The Financial Creditor issued a recall notice under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor raised objections, including the lack of proper authorization for the application and allegations of fraud by the Bank. The NCLT initially closed the Corporate Debtor's right to file a reply, leading to appeals before the Delhi High Court and NCLAT. The High Court directed the NCLT to consider the Corporate Debtor's reply. NCLAT set aside the order dated 28.02.2023 and revived
…Punjab National Bank (PNB) sanctioned loans and credit facilities to Pelican Grand Motels Pvt. Ltd. The Corporate Debtor defaulted on repayments, leading to a total outstanding of Rs. 34,89,40,821.30 as of 01.07.2022. PNB declared the account as NPA on 01.11.2019 and issued a recall notice under SARFAESI Act. PNB filed a Section 7 application under the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP). Pelican Grand Motels opposed the application, claiming PNB committed fraud by not complying with pre-requisite conditions of the sanction letter. The Corporate Debtor also argued that it is an MSME and PNB failed to restructure the loan despite a TEV study. The Corporate Debtor filed a civil suit and a writ petition
…Pelican Grand Motels…
Punjab National Bank sanctioned a loan of Rs…