This case involves an application filed by Punjab National Bank 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, to initiate the Insolvency Resolution Process against Mr. Prashanta Chandra Ratha, the personal guarantor, for the debts of M/s MAADURGA THERMAL POWER COMPANY LIMITED, the corporate debtor. The corporate debtor was admitted into Corporate Insolvency Resolution Process on 08.06.2018 under section 7 of IBC 2016 by an application filed by SREI Equipment Finance Limited by NCLT-Kolkata and was later admitted into liquidation on 25.06.2019.
Punjab National Bank (PNB) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution Process against Mr. Prashanta Chandra Ratha, 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 on 08.06.2018 under section 7 of IBC 2016 and subsequently admitted into liquidation on 25.06.2019. PNB issued a demand notice dated 06.08.2022, calling upon the personal guarantor to pay Rs. 133.11 Crores. The guarantor failed to pay the amount, leading to the application under Section 95. The respondent argued that the application was barred by limitation, as
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Maa Durga Thermal Power Company Ltd admitted…
Corporate d…
This case involves an application filed by Punjab National Bank 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, to initiate the Insolvency Resolution Process against Mr. Prashanta Chandra Ratha, the personal guarantor, for the debts of M/s MAADURGA THERMAL POWER COMPANY LIMITED, the corporate debtor. The corporate debtor was admitted into Corporate Insolvency Resolution Process on 08.06.2018 under section 7 of IBC 2016 by an application filed by SREI Equipment Finance Limited by NCLT-Kolkata and was later admitted into liquidation on 25.06.2019.
Punjab National Bank (PNB) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution Process against Mr. Prashanta Chandra Ratha, 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 on 08.06.2018 under section 7 of IBC 2016 and subsequently admitted into liquidation on 25.06.2019. PNB issued a demand notice dated 06.08.2022, calling upon the personal guarantor to pay Rs. 133.11 Crores. The guarantor failed to pay the amount, leading to the application under Section 95. The respondent argued that the application was barred by limitation, as
…Maa Durga Thermal Power Company Ltd admitted…
Corporate d…