The case pertains to an application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Punjab National Bank against Mr. Pramod Chandra Rath, the personal guarantor for loans availed by M/s MAADURGA THERMAL POWER COMPANY LIMITED. The corporate debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 08.06.2018 under section 7 of IBC2016 by an application filed by SREI Equipment Finance Limited by NCLT-Kolkata and subsequently admitted into liquidation on 25.06.2019. Punjab National Bank seeks to initiate the Insolvency Resolution Process against the
…Punjab National Bank (PNB) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Mr. Pramod Chandra Rath, who acted as a personal guarantor for loans availed by M/s MAADURGA THERMAL POWER COMPANY LIMITED. The corporate debtor, Maa Durga Thermal Power Company Ltd, was admitted into Corporate Insolvency Resolution Process (CIRP) on 08.06.2018 and subsequently into liquidation on 25.06.2019. PNB claims that the principal borrower defaulted in repayment, leading to the account being classified as a Non-Performing Asset (NPA) on 31.12.2014. A demand notice was issued to the personal guarantor on 26.10.2022, demanding payment of Rs. 128.56 Crores as of 30.09.2022. The guarantor allegedly failed to repay the outstanding dues. The corporate
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Maa Durga Thermal Power…
Maa Durga Thermal Power…
The case pertains to an application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Punjab National Bank against Mr. Pramod Chandra Rath, the personal guarantor for loans availed by M/s MAADURGA THERMAL POWER COMPANY LIMITED. The corporate debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 08.06.2018 under section 7 of IBC2016 by an application filed by SREI Equipment Finance Limited by NCLT-Kolkata and subsequently admitted into liquidation on 25.06.2019. Punjab National Bank seeks to initiate the Insolvency Resolution Process against the
…Punjab National Bank (PNB) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Mr. Pramod Chandra Rath, who acted as a personal guarantor for loans availed by M/s MAADURGA THERMAL POWER COMPANY LIMITED. The corporate debtor, Maa Durga Thermal Power Company Ltd, was admitted into Corporate Insolvency Resolution Process (CIRP) on 08.06.2018 and subsequently into liquidation on 25.06.2019. PNB claims that the principal borrower defaulted in repayment, leading to the account being classified as a Non-Performing Asset (NPA) on 31.12.2014. A demand notice was issued to the personal guarantor on 26.10.2022, demanding payment of Rs. 128.56 Crores as of 30.09.2022. The guarantor allegedly failed to repay the outstanding dues. The corporate
…Maa Durga Thermal Power…
Maa Durga Thermal Power…