The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Kataria Automobiles Private Limited (Financial Creditor) to initiate the Corporate Insolvency Resolution Process (CIRP) against Samvid Steels Private Limited (Corporate Debtor). The Corporate Debtor had availed financial assistance from Punjab and Sindh Bank, which became irregular, leading to its classification as a Non-Performing Asset. The Corporate Debtor entered into an OTS with the bank, which failed. Subsequently, the Corporate Debtor approached the Financial Creditor for a loan of Rs. 4,00,00,000/-, and a Memorandum of Understanding (MoU) was executed on 01.06.2019. The Financial Creditor disbursed the loan amount in installments. The Corporate Debtor executed

The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Kataria Automobiles Private Limited (Financial Creditor) to initiate the Corporate Insolvency Resolution Process (CIRP) against Samvid Steels Private Limited (Corporate Debtor). The Corporate Debtor had availed financial assistance from Punjab and Sindh Bank, which became irregular, leading to its classification as a Non-Performing Asset. The Corporate Debtor entered into an OTS with the bank, which failed. Subsequently, the Corporate Debtor approached the Financial Creditor for a loan of Rs. 4,00,00,000/-, and a Memorandum of Understanding (MoU) was executed on 01.06.2019. The Financial Creditor disbursed the loan amount in installments. The Corporate Debtor executed