The Petitioner, Unity Small Finance Bank (formerly Punjab & Maharashtra Co-operative Bank Ltd.), filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. Privilege Power and Infrastructure Pvt. Ltd., for an unresolved financial debt of Rs. 138,48,08,867.90/-. The petition was originally filed by the Administrator of Punjab and Maharashtra Co-operative Bank Limited (PMC), which later merged with Unity Small Finance Bank.
Unity Small Finance Bank, formerly Punjab & Maharashtra Co-operative Bank Ltd. ( PMC ), filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Privilege Power and Infrastructure Pvt. Ltd. The petition sought resolution for an unresolved financial debt amounting to Rs. 138,48,08,867.90/-. The original petition was filed by the Administrator of PMC, which subsequently merged with Unity Small Finance Bank following a scheme of amalgamation approved by the Reserve Bank of India (RBI) on January 25, 2022. Unity Small Finance Bank was substituted as the Petitioner via an order dated March 11, 2022. The Corporate Debtor had approached the Petitioner in 2007 for an Overdraft
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The Petitioner, Unity Small Finance Bank (formerly Punjab & Maharashtra Co-operative Bank Ltd.), filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. Privilege Power and Infrastructure Pvt. Ltd., for an unresolved financial debt of Rs. 138,48,08,867.90/-. The petition was originally filed by the Administrator of Punjab and Maharashtra Co-operative Bank Limited (PMC), which later merged with Unity Small Finance Bank.
Unity Small Finance Bank, formerly Punjab & Maharashtra Co-operative Bank Ltd. ( PMC ), filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Privilege Power and Infrastructure Pvt. Ltd. The petition sought resolution for an unresolved financial debt amounting to Rs. 138,48,08,867.90/-. The original petition was filed by the Administrator of PMC, which subsequently merged with Unity Small Finance Bank following a scheme of amalgamation approved by the Reserve Bank of India (RBI) on January 25, 2022. Unity Small Finance Bank was substituted as the Petitioner via an order dated March 11, 2022. The Corporate Debtor had approached the Petitioner in 2007 for an Overdraft
…The Petitioner started extending financial…
The Petitioner classified the Respondent's…