The case involves a company petition filed by Punjab & Maharashtra Co-operative Bank Ltd (now Unity Small Finance Bank Limited) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Privilege Industries Ltd. The petitioner claims that the corporate debtor defaulted on 30.06.2012, with an outstanding amount of Rs. 103,52,99,832.53/- inclusive of interest and charges. The petition was initially filed by Punjab and Maharashtra Co-operative Bank (PMC), which later merged with Unity Small Finance Bank. The petitioner relies on various documents, including sanction letters, balance sheets, and confirmation letters, to substantiate the claim. The corporate debtor disputes the claim, arguing

The case involves a company petition filed by Punjab & Maharashtra Co-operative Bank Ltd (now Unity Small Finance Bank Limited) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Privilege Industries Ltd. The petitioner claims that the corporate debtor defaulted on 30.06.2012, with an outstanding amount of Rs. 103,52,99,832.53/- inclusive of interest and charges. The petition was initially filed by Punjab and Maharashtra Co-operative Bank (PMC), which later merged with Unity Small Finance Bank. The petitioner relies on various documents, including sanction letters, balance sheets, and confirmation letters, to substantiate the claim. The corporate debtor disputes the claim, arguing