Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Shree Badri Kedar Paper Pvt Ltd, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application was filed due to the corporate debtor's default on financial facilities availed from the bank. The corporate debtor disputed the default amount and claimed compliance with restructuring terms. The bank contended that the corporate debtor failed to adhere to the terms and conditions of the agreements, leading to the account being classified as NPA. The Corporate Debtor had also filed an application before the Hon'ble Debt Recovery Tribunal (DRT), Dehradun, under section 19 of the Recovery of Debts Due to Banks and Financial Institutions
…Punjab National Bank (PNB) extended various credit facilities to M/s Shree Badri Kedar Paper Pvt Ltd, including term loans, cash credit facilities, and inland letters of credit, with the total outstanding debt amounting to Rs. 41,94,62,418.23 as of 31.05.2023. The Corporate Debtor defaulted on repayments, leading to the account being classified as a Non-Performing Asset (NPA) on 31.03.2021. PNB issued multiple recall notices demanding payment of the outstanding amount. The Corporate Debtor claimed that the default was due to COVID-19 and that a restructuring proposal was in place, making the NPA classification erroneous. The bank initiated recovery proceedings before the Debt Recovery Tribunal (DRT), Dehradun, and subsequently filed an application under Section 7 of
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Punjab National Bank sanctioned term loans and…
Corporate Debtor…
Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Shree Badri Kedar Paper Pvt Ltd, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application was filed due to the corporate debtor's default on financial facilities availed from the bank. The corporate debtor disputed the default amount and claimed compliance with restructuring terms. The bank contended that the corporate debtor failed to adhere to the terms and conditions of the agreements, leading to the account being classified as NPA. The Corporate Debtor had also filed an application before the Hon'ble Debt Recovery Tribunal (DRT), Dehradun, under section 19 of the Recovery of Debts Due to Banks and Financial Institutions
…Punjab National Bank (PNB) extended various credit facilities to M/s Shree Badri Kedar Paper Pvt Ltd, including term loans, cash credit facilities, and inland letters of credit, with the total outstanding debt amounting to Rs. 41,94,62,418.23 as of 31.05.2023. The Corporate Debtor defaulted on repayments, leading to the account being classified as a Non-Performing Asset (NPA) on 31.03.2021. PNB issued multiple recall notices demanding payment of the outstanding amount. The Corporate Debtor claimed that the default was due to COVID-19 and that a restructuring proposal was in place, making the NPA classification erroneous. The bank initiated recovery proceedings before the Debt Recovery Tribunal (DRT), Dehradun, and subsequently filed an application under Section 7 of
…Punjab National Bank sanctioned term loans and…
Corporate Debtor…