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 officer who signed the Section 7 petition, allegations of fraud by the Bank, and the failure to restructure the loan despite the Corporate Debtor being an MSME. The NCLT initially closed the right of the Corporate Debtor to file a reply, leading to appeals before the Delhi High Court and NCLAT. The High Court
…Punjab National Bank (PNB) extended financial facilities to Pelican Grand Motels Pvt. Ltd. Pelican Grand Motels defaulted on repayments, leading PNB to classify the account as a Non-Performing Asset (NPA) on November 1, 2019. PNB initiated recovery proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC), claiming a total default of Rs. 34,89,40,821.30 as of July 1, 2022. Pelican Grand Motels contested the application, alleging that PNB had not complied with the pre-requisite conditions of the contract, committed fraud, and failed to restructure the loan despite being an MSME. Pelican Grand Motels also filed a civil suit against PNB. The NCLT initially closed the right of Pelican Grand Motels to file a reply, which was challenged before the Delhi High
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Pelican Grand Motels…
Financial Creditor 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 officer who signed the Section 7 petition, allegations of fraud by the Bank, and the failure to restructure the loan despite the Corporate Debtor being an MSME. The NCLT initially closed the right of the Corporate Debtor to file a reply, leading to appeals before the Delhi High Court and NCLAT. The High Court
…Punjab National Bank (PNB) extended financial facilities to Pelican Grand Motels Pvt. Ltd. Pelican Grand Motels defaulted on repayments, leading PNB to classify the account as a Non-Performing Asset (NPA) on November 1, 2019. PNB initiated recovery proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC), claiming a total default of Rs. 34,89,40,821.30 as of July 1, 2022. Pelican Grand Motels contested the application, alleging that PNB had not complied with the pre-requisite conditions of the contract, committed fraud, and failed to restructure the loan despite being an MSME. Pelican Grand Motels also filed a civil suit against PNB. The NCLT initially closed the right of Pelican Grand Motels to file a reply, which was challenged before the Delhi High
…Pelican Grand Motels…
Financial Creditor sanctioned a loan of Rs…