Punjab National Bank initiated insolvency proceedings against Bhabani Prasad Mukherjee, the personal guarantor to a loan availed by Purulia Metal Casting Pvt. Ltd. The corporate debtor defaulted on its loan repayments, leading the bank to invoke the personal guarantee. The resolution professional was appointed, and a public announcement was made.
Punjab National Bank extended credit facilities to Purulia Metal Casting Pvt. Ltd.
Bhabani Prasad Mukherjee provided a personal guarantee to secure the loan granted to Purulia Metal Casting Pvt. Ltd.
Purulia Metal Casting Pvt. Ltd. defaulted on its loan repayments, leading to the account being classified as NPA.
Punjab National Bank invoked the personal guarantee of Bhabani Prasad Mukherjee.
Bhabani Prasad Mukherjee failed to pay the outstanding dues despite the invocation of the personal guarantee.
An application was filed under Section 95 of the IBC, 2016 to initiate the Insolvency Resolution Process against Bhabani Prasad Mukherjee.
The tribunal admitted the application and appointed a resolution professional.
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Loan account of the…
Financial Creditor…
Punjab National Bank initiated insolvency proceedings against Bhabani Prasad Mukherjee, the personal guarantor to a loan availed by Purulia Metal Casting Pvt. Ltd. The corporate debtor defaulted on its loan repayments, leading the bank to invoke the personal guarantee. The resolution professional was appointed, and a public announcement was made.
Punjab National Bank extended credit facilities to Purulia Metal Casting Pvt. Ltd.
Bhabani Prasad Mukherjee provided a personal guarantee to secure the loan granted to Purulia Metal Casting Pvt. Ltd.
Purulia Metal Casting Pvt. Ltd. defaulted on its loan repayments, leading to the account being classified as NPA.
Punjab National Bank invoked the personal guarantee of Bhabani Prasad Mukherjee.
Bhabani Prasad Mukherjee failed to pay the outstanding dues despite the invocation of the personal guarantee.
An application was filed under Section 95 of the IBC, 2016 to initiate the Insolvency Resolution Process against Bhabani Prasad Mukherjee.
The tribunal admitted the application and appointed a resolution professional.
…Loan account of the…
Financial Creditor…