Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Binani Industries Limited, the Corporate Debtor, due to outstanding financial debt.
Punjab National Bank (PNB) advanced a loan of Rs. 220 crores to BIL Infratech Limited, a subsidiary of Binani Industries Limited (Corporate Debtor).
The Corporate Debtor provided a letter of comfort to PNB on January 6, 2012, favouring the Financial Creditor.
PNB enhanced the fund-based limit to Rs. 10,00,00,000 and non-fund-based limit to Rs. 100,00,00,000, which were subsequently enhanced to Rs. 20,00,00,000 and Rs. 200,00,00,000 respectively.
The Corporate Debtor furnished a letter of undertaking in favour of the Financial Creditor on August 8, 2013, February 14, 2014, and April 17, 2016.
BIL Infratech Limited acknowledged its liability to PNB through a revival letter dated February 22, 2017.
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Corporate Debtor…
Corporate Debtor…
Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Binani Industries Limited, the Corporate Debtor, due to outstanding financial debt.
Punjab National Bank (PNB) advanced a loan of Rs. 220 crores to BIL Infratech Limited, a subsidiary of Binani Industries Limited (Corporate Debtor).
The Corporate Debtor provided a letter of comfort to PNB on January 6, 2012, favouring the Financial Creditor.
PNB enhanced the fund-based limit to Rs. 10,00,00,000 and non-fund-based limit to Rs. 100,00,00,000, which were subsequently enhanced to Rs. 20,00,00,000 and Rs. 200,00,00,000 respectively.
The Corporate Debtor furnished a letter of undertaking in favour of the Financial Creditor on August 8, 2013, February 14, 2014, and April 17, 2016.
BIL Infratech Limited acknowledged its liability to PNB through a revival letter dated February 22, 2017.
…Corporate Debtor…
Corporate Debtor…