Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sohrab Spinning Mills Limited. The petition was signed by Mr. Hassan Ali, the Senior Manager and Attorney of Punjab National Bank. The Corporate Debtor is stated to be incorporated on 18.07.1989 under the Companies Act, 1956. The corporate debtor had approached the petitioner bank for a grant of CC Limit, which was enhanced from time to time. The account of the corporate debtor was classified as Non-Performing Asset (NPA) on 05.07.2017, leading the petitioner bank to invoke the guarantees and issue a
…Punjab National Bank (PNB) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Sohrab Spinning Mills Limited. PNB, acting as the Financial Creditor, claimed a default of Rs. 38,20,49,191.32 as of 14.01.2020. Sohrab Spinning Mills Limited, the Corporate Debtor, was incorporated on 18.07.1989. The Corporate Debtor had availed various credit facilities from PNB, including CC Limits, which were enhanced over time. The account was classified as a Non-Performing Asset (NPA) on 05.07.2017. PNB invoked guarantees and issued a notice under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor failed to respond to the petition, leading to an ex parte order. The petition
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Sohrab Spinning Mills…
Punjab National Bank…
Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sohrab Spinning Mills Limited. The petition was signed by Mr. Hassan Ali, the Senior Manager and Attorney of Punjab National Bank. The Corporate Debtor is stated to be incorporated on 18.07.1989 under the Companies Act, 1956. The corporate debtor had approached the petitioner bank for a grant of CC Limit, which was enhanced from time to time. The account of the corporate debtor was classified as Non-Performing Asset (NPA) on 05.07.2017, leading the petitioner bank to invoke the guarantees and issue a
…Punjab National Bank (PNB) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Sohrab Spinning Mills Limited. PNB, acting as the Financial Creditor, claimed a default of Rs. 38,20,49,191.32 as of 14.01.2020. Sohrab Spinning Mills Limited, the Corporate Debtor, was incorporated on 18.07.1989. The Corporate Debtor had availed various credit facilities from PNB, including CC Limits, which were enhanced over time. The account was classified as a Non-Performing Asset (NPA) on 05.07.2017. PNB invoked guarantees and issued a notice under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor failed to respond to the petition, leading to an ex parte order. The petition
…Sohrab Spinning Mills…
Punjab National Bank…