Unity Small Finance Bank (formerly Punjab & Maharashtra Co-operative Bank Ltd) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Privilege Power and Infrastructure Pvt. Ltd. The petition pertains to an unresolved financial debt of Rs. 138,48,08,867.90. The Petitioner had initially extended financial assistance to the Respondent in 2007 through an overdraft facility, which was later renewed. The Respondent's account was classified as NPA in 2012. The Petitioner claims that the Respondent defaulted on payments, leading to the filing of the petition.
In 2007, Privilege Power and Infrastructure Pvt. Ltd. (Respondent) approached Punjab & Maharashtra Co-operative Bank Ltd (now Unity Small Finance Bank, Petitioner) for financial assistance via an overdraft facility. The Petitioner opened an overdraft account and extended Rs. 11.81 Crores between 12.03.2007 and 31.03.2007. Subsequently, the Respondent executed a Demand Promissory Note dated 16.08.2018 and Mortgage Deeds dated 13.04.2017 and 24.05.2018. The Petitioner issued a 'Renewal of your Mortgage Overdraft Limit' for Rs. 81.50 Crores on 16.08.2018. The Respondent issued balance confirmations on multiple dates, including 27.06.2011, 11.07.2018, 07.08.2019, and 08.08.2019. The Corporate Debtor also issued a Letter of Continuing Security dated 16.08.2018 for Rs.
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Respondent approached…
Petitioner started extending financial…
Unity Small Finance Bank (formerly Punjab & Maharashtra Co-operative Bank Ltd) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Privilege Power and Infrastructure Pvt. Ltd. The petition pertains to an unresolved financial debt of Rs. 138,48,08,867.90. The Petitioner had initially extended financial assistance to the Respondent in 2007 through an overdraft facility, which was later renewed. The Respondent's account was classified as NPA in 2012. The Petitioner claims that the Respondent defaulted on payments, leading to the filing of the petition.
In 2007, Privilege Power and Infrastructure Pvt. Ltd. (Respondent) approached Punjab & Maharashtra Co-operative Bank Ltd (now Unity Small Finance Bank, Petitioner) for financial assistance via an overdraft facility. The Petitioner opened an overdraft account and extended Rs. 11.81 Crores between 12.03.2007 and 31.03.2007. Subsequently, the Respondent executed a Demand Promissory Note dated 16.08.2018 and Mortgage Deeds dated 13.04.2017 and 24.05.2018. The Petitioner issued a 'Renewal of your Mortgage Overdraft Limit' for Rs. 81.50 Crores on 16.08.2018. The Respondent issued balance confirmations on multiple dates, including 27.06.2011, 11.07.2018, 07.08.2019, and 08.08.2019. The Corporate Debtor also issued a Letter of Continuing Security dated 16.08.2018 for Rs.
…Respondent approached…
Petitioner started extending financial…