Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Shree Uttam Food Products Private Limited, citing a default of Rs. 23,91,36,802/- as of January 31, 2024, with the date of default being January 4, 2020.
Punjab National Bank filed a Section 7 IBC petition against M/s Shree Uttam Food Products Private Limited.
The claimed default amount was Rs. 23,91,36,802/- as of January 31, 2024, with the date of default being January 4, 2020.
The respondent argued the application was time-barred and questioned the validity of the General Power of Attorney.
The applicant argued the application was within the limitation period due to the Supreme Court's COVID-19 extension.
The applicant nominated Mr. Kuldeep Tank as the Interim Resolution Professional (IRP).
The Corporate Debtor is engaged in the operation of integrated cold chain facilities cum fruits and vegetables processing unit.
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Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Shree Uttam Food Products Private Limited, citing a default of Rs. 23,91,36,802/- as of January 31, 2024, with the date of default being January 4, 2020.
Punjab National Bank filed a Section 7 IBC petition against M/s Shree Uttam Food Products Private Limited.
The claimed default amount was Rs. 23,91,36,802/- as of January 31, 2024, with the date of default being January 4, 2020.
The respondent argued the application was time-barred and questioned the validity of the General Power of Attorney.
The applicant argued the application was within the limitation period due to the Supreme Court's COVID-19 extension.
The applicant nominated Mr. Kuldeep Tank as the Interim Resolution Professional (IRP).
The Corporate Debtor is engaged in the operation of integrated cold chain facilities cum fruits and vegetables processing unit.
…The account of the…
The Applicant issued…