Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Tirupati Balaji Enterprises Pvt. Ltd., the Corporate Guarantor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in repayment of outstanding amounts. The Corporate Debtor had availed a loan facility of Rs. 10,00,00,000/- from the Financial Creditor, with the Corporate Guarantor providing a guarantee and mortgaging its property. The loan account was classified as a Non-Performing Asset (NPA) on 30.09.2016, and a recall notice was issued on 01.10.2016. The total outstanding amount as of 31.03.2019 was Rs. 14,42,07,115/-. The Respondent argued that the Applicant Bank had also filed a Section 7 application against the
…Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against M/S Tirupati Balaji Enterprises Pvt. Ltd., acting as a Corporate Guarantor. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default in loan repayment. The Corporate Debtor, M/s Guman Furnitures and Services Private Limited, had availed a loan facility of Rs. 10,00,00,000 from PNB, with Tirupati Balaji Enterprises providing a guarantee and mortgaging its property. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 30.09.2016, leading PNB to issue a recall notice on 01.10.2016. As of 31.03.2019, the total outstanding amount was Rs. 14,42,07,115. PNB had also initiated CIRP against
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The Corporate Guarantor, M/s Tirupati Balaji…
The loan account of the…
Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Tirupati Balaji Enterprises Pvt. Ltd., the Corporate Guarantor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in repayment of outstanding amounts. The Corporate Debtor had availed a loan facility of Rs. 10,00,00,000/- from the Financial Creditor, with the Corporate Guarantor providing a guarantee and mortgaging its property. The loan account was classified as a Non-Performing Asset (NPA) on 30.09.2016, and a recall notice was issued on 01.10.2016. The total outstanding amount as of 31.03.2019 was Rs. 14,42,07,115/-. The Respondent argued that the Applicant Bank had also filed a Section 7 application against the
…Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against M/S Tirupati Balaji Enterprises Pvt. Ltd., acting as a Corporate Guarantor. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default in loan repayment. The Corporate Debtor, M/s Guman Furnitures and Services Private Limited, had availed a loan facility of Rs. 10,00,00,000 from PNB, with Tirupati Balaji Enterprises providing a guarantee and mortgaging its property. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 30.09.2016, leading PNB to issue a recall notice on 01.10.2016. As of 31.03.2019, the total outstanding amount was Rs. 14,42,07,115. PNB had also initiated CIRP against
…The Corporate Guarantor, M/s Tirupati Balaji…
The loan account of the…