Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Damara Gold Private Limited, seeking appointment of an Interim Resolution Professional (IRP) and initiation of a moratorium.
Punjab National Bank (PNB) filed an application under Section 7 of the IBC against Damara Gold Private Limited.
The Financial Creditor (PNB) sanctioned a term loan and non-fund based bank guarantees to the Corporate Debtor (Damara Gold Private Limited).
The Corporate Debtor defaulted in making payments, leading to the account being classified as NPA on 30.06.2023.
The Financial Creditor claimed a total amount of Rs. 39,19,52,518.04/- as of 31.07.2024.
The Corporate Debtor disputed the date of default, NPA classification, and the levying of charges by the Financial Creditor.
The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act on 10.08.2023.
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Financial Creditor sanctioned the Term Loan…
The account of the Corporate Debtor was…
Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Damara Gold Private Limited, seeking appointment of an Interim Resolution Professional (IRP) and initiation of a moratorium.
Punjab National Bank (PNB) filed an application under Section 7 of the IBC against Damara Gold Private Limited.
The Financial Creditor (PNB) sanctioned a term loan and non-fund based bank guarantees to the Corporate Debtor (Damara Gold Private Limited).
The Corporate Debtor defaulted in making payments, leading to the account being classified as NPA on 30.06.2023.
The Financial Creditor claimed a total amount of Rs. 39,19,52,518.04/- as of 31.07.2024.
The Corporate Debtor disputed the date of default, NPA classification, and the levying of charges by the Financial Creditor.
The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act on 10.08.2023.
…Financial Creditor sanctioned the Term Loan…
The account of the Corporate Debtor was…