Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sturdy Industries Ltd. The petition was filed due to the corporate debtor's failure to repay its debts. The corporate debtor argued that the petition was not maintainable due to various reasons, including limitation, lack of proper authorization, and non-compliance with regulatory requirements. The Financial Creditor issued three bank guarantees on behalf of the corporate debtor in favour of the beneficiary named M/s Bharat Aluminium Company Limited and these guarantees were extended. The beneficiary M/s Bharat Aluminium Company Limited informed the financial creditor vide letter dated 19.08.2021 that
…Punjab National Bank (PNB) extended financial assistance and loan facilities to Sturdy Industries Limited over time. These included a CC(H) of Rs. 50.25 crores, a Letter of Guarantee of Rs. 20 crores, a Term Loan Assam Unit of Rs. 32 crores, and a Term Loan for a Hydro Power Electric Project of Rs. 7.25 crores. The corporate debtor also availed credit facilities from a consortium of banks, including PNB and Indian Bank. The account was downgraded to NPA category on 30.09.2019 due to non-compliances. The total amount claimed to be in default is Rs. 330,20,80,367/- as on 28.02.2023, with the date of default being 30.09.2019. PNB filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Sturdy Industries Ltd. Sturdy Industries
…Sign in to view the parties.
CC(H) of Rs.…
Ad-hoc limit r…
Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sturdy Industries Ltd. The petition was filed due to the corporate debtor's failure to repay its debts. The corporate debtor argued that the petition was not maintainable due to various reasons, including limitation, lack of proper authorization, and non-compliance with regulatory requirements. The Financial Creditor issued three bank guarantees on behalf of the corporate debtor in favour of the beneficiary named M/s Bharat Aluminium Company Limited and these guarantees were extended. The beneficiary M/s Bharat Aluminium Company Limited informed the financial creditor vide letter dated 19.08.2021 that
…Punjab National Bank (PNB) extended financial assistance and loan facilities to Sturdy Industries Limited over time. These included a CC(H) of Rs. 50.25 crores, a Letter of Guarantee of Rs. 20 crores, a Term Loan Assam Unit of Rs. 32 crores, and a Term Loan for a Hydro Power Electric Project of Rs. 7.25 crores. The corporate debtor also availed credit facilities from a consortium of banks, including PNB and Indian Bank. The account was downgraded to NPA category on 30.09.2019 due to non-compliances. The total amount claimed to be in default is Rs. 330,20,80,367/- as on 28.02.2023, with the date of default being 30.09.2019. PNB filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Sturdy Industries Ltd. Sturdy Industries
…CC(H) of Rs.…
Ad-hoc limit r…