Union Bank of India filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Panduranga Energy System Private Limited, citing default on financial debt.
The Corporate Debtor, Panduranga Energy System Private Limited, was incorporated on 20.01.2010.
The Corporate Debtor approached the Financial Creditor, Union Bank of India, in 2010 for credit facilities to implement a power project.
The Financial Creditor sanctioned various term loans, bank guarantees, and trade credits to the Corporate Debtor.
The Corporate Debtor's project faced delays and cost escalations, leading to restructuring efforts and additional loan facilities.
The Corporate Debtor's loan account was classified as Non-Performing Asset (NPA) on 30.04.2014.
The Financial Creditor initiated recovery proceedings under the SARFAESI Act, 2002.
…Sign in to view the parties.
Panduranga Energy…
Corporate Debtor…
Union Bank of India filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Panduranga Energy System Private Limited, citing default on financial debt.
The Corporate Debtor, Panduranga Energy System Private Limited, was incorporated on 20.01.2010.
The Corporate Debtor approached the Financial Creditor, Union Bank of India, in 2010 for credit facilities to implement a power project.
The Financial Creditor sanctioned various term loans, bank guarantees, and trade credits to the Corporate Debtor.
The Corporate Debtor's project faced delays and cost escalations, leading to restructuring efforts and additional loan facilities.
The Corporate Debtor's loan account was classified as Non-Performing Asset (NPA) on 30.04.2014.
The Financial Creditor initiated recovery proceedings under the SARFAESI Act, 2002.
…Panduranga Energy…
Corporate Debtor…