Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Binani Industries Limited, the Corporate Debtor, due to outstanding financial debt.
Punjab National Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 to initiate CIRP against Binani Industries Limited.
The Financial Creditor had advanced a loan amount of Rs. 220 crores to BIL Infratech Limited, a wholly-owned subsidiary of Binani Industries Limited.
Binani Industries Limited provided a letter of comfort favoring the Financial Creditor on January 6, 2012.
The Corporate Debtor confirmed the correctness of the debit balance with the Financial Creditor for an amount of Rs. 28,96,43,505.44 in Cash Credit Account and bank guarantee for an amount of Rs. 32,77,88,154 outstanding as on 31st August 2019.
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The Corporate Debtor…
BIL Infratech Limited executed a revival letter…
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Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Binani Industries Limited, the Corporate Debtor, due to outstanding financial debt.
Punjab National Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 to initiate CIRP against Binani Industries Limited.
The Financial Creditor had advanced a loan amount of Rs. 220 crores to BIL Infratech Limited, a wholly-owned subsidiary of Binani Industries Limited.
Binani Industries Limited provided a letter of comfort favoring the Financial Creditor on January 6, 2012.
The Corporate Debtor confirmed the correctness of the debit balance with the Financial Creditor for an amount of Rs. 28,96,43,505.44 in Cash Credit Account and bank guarantee for an amount of Rs. 32,77,88,154 outstanding as on 31st August 2019.
…The Corporate Debtor…
BIL Infratech Limited executed a revival letter…
Sign in to view related legal provisions.