PNB Housing Finance Ltd. filed a petition against Nirmal Singh under Section 95(1) of the Insolvency and Bankruptcy Code (IBC). An Asset Reconstruction Company (ARC) approached PNB Housing Finance Ltd. to purchase the debt payable by the Personal Guarantor.
PNB Housing Finance Ltd. initiated proceedings against Nirmal Singh, a personal guarantor, under Section 95(1) of the IBC. An Asset Reconstruction Company (ARC) expressed interest in purchasing the debt owed by the personal guarantor. Consequently, PNB Housing Finance Ltd. decided to withdraw the petition. The court considered the submission and allowed the withdrawal, granting liberty to file a fresh application if negotiations with the ARC do not succeed. The key fact is the ARC's offer, which prompted the withdrawal of the petition.
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Order delivere…
PNB Housing Finance Ltd. filed a petition against Nirmal Singh under Section 95(1) of the Insolvency and Bankruptcy Code (IBC). An Asset Reconstruction Company (ARC) approached PNB Housing Finance Ltd. to purchase the debt payable by the Personal Guarantor.
PNB Housing Finance Ltd. initiated proceedings against Nirmal Singh, a personal guarantor, under Section 95(1) of the IBC. An Asset Reconstruction Company (ARC) expressed interest in purchasing the debt owed by the personal guarantor. Consequently, PNB Housing Finance Ltd. decided to withdraw the petition. The court considered the submission and allowed the withdrawal, granting liberty to file a fresh application if negotiations with the ARC do not succeed. The key fact is the ARC's offer, which prompted the withdrawal of the petition.
Order delivere…