Punjab National Bank, as a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Aban Offshore Limited, the corporate debtor, due to loan default. The petitioner claimed that the corporate debtor had defaulted on its loan obligations, leading to the account being classified as NPA.
Punjab National Bank (PNB) sanctioned a loan to Aban Offshore Limited.
Aban Offshore Limited defaulted on the loan, and the account was classified as NPA on 02.05.2017.
As of 15.08.2024, the outstanding amount was Rs. 1062,86,03,208.45.
PNB filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP).
Aban Offshore Limited submitted various OTS (One Time Settlement) proposals to PNB, which were not accepted.
PNB initiated SARFAESI proceedings and took possession of the corporate debtor's land property.
Headway Resolution and Insolvency Services Private Limited was initially appointed as the IRP.
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Loan account of Aban…
The outstandin…
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Punjab National Bank, as a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Aban Offshore Limited, the corporate debtor, due to loan default. The petitioner claimed that the corporate debtor had defaulted on its loan obligations, leading to the account being classified as NPA.
Punjab National Bank (PNB) sanctioned a loan to Aban Offshore Limited.
Aban Offshore Limited defaulted on the loan, and the account was classified as NPA on 02.05.2017.
As of 15.08.2024, the outstanding amount was Rs. 1062,86,03,208.45.
PNB filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP).
Aban Offshore Limited submitted various OTS (One Time Settlement) proposals to PNB, which were not accepted.
PNB initiated SARFAESI proceedings and took possession of the corporate debtor's land property.
Headway Resolution and Insolvency Services Private Limited was initially appointed as the IRP.
…Loan account of Aban…
The outstandin…
Sign in to view related legal provisions.