Punjab National Bank (International) Limited filed a Company Petition (IB) No. 267 of 2023 under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, to initiate the Personal Insolvency Resolution Process against Mr. Dileep Thakurdesai, the Personal Guarantor of Steadfast Shipping Private Limited (Corporate Debtor). The bank had extended a secured term loan to the Corporate Debtor, which defaulted on its repayment obligations. The facility was secured by a first charge on the acquired vessels, a debenture on fixed and floating assets, and a personal guarantee from Mr. Thakurdesai.
Punjab National Bank (International) Limited extended a secured term loan to Steadfast Shipping Private Limited (Corporate Debtor) for USD 5.0 Million, sanctioned on 2011-12-19. The loan was secured by a first charge on acquired vessels, a debenture on fixed and floating assets, and a personal guarantee from Mr. Dileep Thakurdesai. The Corporate Debtor defaulted on repayments, with the first installment due on 2012-11-27 and the last on 2019-02-27. The account was declared a Non-Performing Asset on 2014-11-30. The Petitioner initiated recovery proceedings in the High Court of Justice (England and Wales) and the Debts Recovery Tribunal in Mumbai. The Corporate Debtor acknowledged its liability from 2014-2017 and proposed a rescheduling of the facility. The Petitioner
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Punjab National Bank sanctioned a term loan…
Loan Facility Agreement was executed between…
Punjab National Bank (International) Limited filed a Company Petition (IB) No. 267 of 2023 under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, to initiate the Personal Insolvency Resolution Process against Mr. Dileep Thakurdesai, the Personal Guarantor of Steadfast Shipping Private Limited (Corporate Debtor). The bank had extended a secured term loan to the Corporate Debtor, which defaulted on its repayment obligations. The facility was secured by a first charge on the acquired vessels, a debenture on fixed and floating assets, and a personal guarantee from Mr. Thakurdesai.
Punjab National Bank (International) Limited extended a secured term loan to Steadfast Shipping Private Limited (Corporate Debtor) for USD 5.0 Million, sanctioned on 2011-12-19. The loan was secured by a first charge on acquired vessels, a debenture on fixed and floating assets, and a personal guarantee from Mr. Dileep Thakurdesai. The Corporate Debtor defaulted on repayments, with the first installment due on 2012-11-27 and the last on 2019-02-27. The account was declared a Non-Performing Asset on 2014-11-30. The Petitioner initiated recovery proceedings in the High Court of Justice (England and Wales) and the Debts Recovery Tribunal in Mumbai. The Corporate Debtor acknowledged its liability from 2014-2017 and proposed a rescheduling of the facility. The Petitioner
…Punjab National Bank sanctioned a term loan…
Loan Facility Agreement was executed between…