The case involves a petition filed by United Bank of India (now Punjab National Bank), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Progress Cultivation Limited, the Corporate Debtor. The Financial Creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP) due to the Corporate Debtor's default on a loan of Rs. 5,00,00,000/-. The petition was filed on 12 February 2019.
United Bank of India (now Punjab National Bank) extended a loan of Rs. 5,00,00,000/- to Progress Cultivation Limited. The Corporate Debtor defaulted on repayment. The total amount in default was Rs. 6,38,96,634.33/- as of 31 December 2018, with the date of default being 19 July 2014. The Corporate Debtor created a Security Interest on the Factory Premises by depositing the Original Title Deeds in favor of the Financial Creditor and also created securities against movable property. The Corporate Debtor's account was classified as Non-Performing Asset (NPA) on 31 December 2014. The Financial Creditor filed an application under Section 19(1) of the Recovery of Debts due to Banks & Financial Institutions Act, 1993, which is pending. The Financial Creditor took
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The case involves a petition filed by United Bank of India (now Punjab National Bank), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Progress Cultivation Limited, the Corporate Debtor. The Financial Creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP) due to the Corporate Debtor's default on a loan of Rs. 5,00,00,000/-. The petition was filed on 12 February 2019.
United Bank of India (now Punjab National Bank) extended a loan of Rs. 5,00,00,000/- to Progress Cultivation Limited. The Corporate Debtor defaulted on repayment. The total amount in default was Rs. 6,38,96,634.33/- as of 31 December 2018, with the date of default being 19 July 2014. The Corporate Debtor created a Security Interest on the Factory Premises by depositing the Original Title Deeds in favor of the Financial Creditor and also created securities against movable property. The Corporate Debtor's account was classified as Non-Performing Asset (NPA) on 31 December 2014. The Financial Creditor filed an application under Section 19(1) of the Recovery of Debts due to Banks & Financial Institutions Act, 1993, which is pending. The Financial Creditor took
…The Corporate Debtor…
The Financial Creditor…