Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Satluj Spintex Limited. The application was filed due to the corporate debtor's failure to repay a financial debt. The respondent, M/s Satluj Spintex Limited, was incorporated on 17.03.2010. The applicant bank sanctioned credit facilities to the respondent in 2010 and further enhanced them in 2012. The corporate debtor defaulted on its repayment obligations, leading to the bank classifying the account as NPA on 02.05.2021. The applicant bank issued recall notices and demand notices under Section 13(2) of the SARFAESI Act, 2002. The respondent resisted the application, arguing that it was
…M/s Satluj Spintex Limited, incorporated on 17.03.2010, engaged in providing combed, carded, and open-end yarns. Punjab National Bank extended financial assistance to the company in 2010, followed by enhanced credit facilities in 2012. Sh. Sham Lal Goyal, as authorized by a resolution dated 26.10.2012, executed loaning/security documents. The bank sanctioned/enhanced/renewed/reviewed facilities over time, with sanction letters issued on various dates, including 30.09.2013, 26.12.2014, 02.02.2016, 13.07.2017, 27.06.2019, 17.04.2020, and 04.03.2021. The total debt disbursed amounted to Rs. 405,50,00,000/-. The company defaulted, with an outstanding amount of Rs. 394,22,27,684.00 as of 22.06.2023. The initial date of default was claimed as 31.01.2021, and the account was
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Punjab National Bank…
Punjab National Bank sanctioned enhancement of…
Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Satluj Spintex Limited. The application was filed due to the corporate debtor's failure to repay a financial debt. The respondent, M/s Satluj Spintex Limited, was incorporated on 17.03.2010. The applicant bank sanctioned credit facilities to the respondent in 2010 and further enhanced them in 2012. The corporate debtor defaulted on its repayment obligations, leading to the bank classifying the account as NPA on 02.05.2021. The applicant bank issued recall notices and demand notices under Section 13(2) of the SARFAESI Act, 2002. The respondent resisted the application, arguing that it was
…M/s Satluj Spintex Limited, incorporated on 17.03.2010, engaged in providing combed, carded, and open-end yarns. Punjab National Bank extended financial assistance to the company in 2010, followed by enhanced credit facilities in 2012. Sh. Sham Lal Goyal, as authorized by a resolution dated 26.10.2012, executed loaning/security documents. The bank sanctioned/enhanced/renewed/reviewed facilities over time, with sanction letters issued on various dates, including 30.09.2013, 26.12.2014, 02.02.2016, 13.07.2017, 27.06.2019, 17.04.2020, and 04.03.2021. The total debt disbursed amounted to Rs. 405,50,00,000/-. The company defaulted, with an outstanding amount of Rs. 394,22,27,684.00 as of 22.06.2023. The initial date of default was claimed as 31.01.2021, and the account was
…Punjab National Bank…
Punjab National Bank sanctioned enhancement of…