PNB Housing Finance Ltd. filed a petition against Nirmal Singh, a personal guarantor, 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. filed a petition against Nirmal Singh, who is the personal guarantor, under Section 95(1) of the IBC. An Asset Reconstruction Company (ARC) approached PNB Housing Finance Ltd. to purchase the debt payable by the personal guarantor. Consequently, PNB Housing Finance Ltd. decided to withdraw the petition against Nirmal Singh. The NCLT allowed the withdrawal, dismissing the petition but granting PNB Housing Finance Ltd. the liberty to refile if negotiations with the ARC fail.
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Order delivered by the NCLT allowing the…
PNB Housing Finance Ltd. filed a petition against Nirmal Singh, a personal guarantor, 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. filed a petition against Nirmal Singh, who is the personal guarantor, under Section 95(1) of the IBC. An Asset Reconstruction Company (ARC) approached PNB Housing Finance Ltd. to purchase the debt payable by the personal guarantor. Consequently, PNB Housing Finance Ltd. decided to withdraw the petition against Nirmal Singh. The NCLT allowed the withdrawal, dismissing the petition but granting PNB Housing Finance Ltd. the liberty to refile if negotiations with the ARC fail.
Order delivered by the NCLT allowing the…