The case involves a petition filed by Edelweiss Asset Reconstruction Company Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Winsome Yarns Ltd., the Corporate Debtor. The Corporate Debtor originally availed loan and cash credit facilities from Punjab National Bank, which later assigned the debt and securities to Edelweiss Asset Reconstruction Company Limited. The account of the Corporate Debtor was declared a Non-Performing Asset (NPA) on 17.04.2014. Several notices were issued under the SARFAESI Act, 2002. The Financial Creditor filed the petition based on a default of Rs. 2,37,49,54,804.29/- with the date of default being 17.01.2014, later considered

The case involves a petition filed by Edelweiss Asset Reconstruction Company Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Winsome Yarns Ltd., the Corporate Debtor. The Corporate Debtor originally availed loan and cash credit facilities from Punjab National Bank, which later assigned the debt and securities to Edelweiss Asset Reconstruction Company Limited. The account of the Corporate Debtor was declared a Non-Performing Asset (NPA) on 17.04.2014. Several notices were issued under the SARFAESI Act, 2002. The Financial Creditor filed the petition based on a default of Rs. 2,37,49,54,804.29/- with the date of default being 17.01.2014, later considered