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) claimed a total amount of Rs. 39,19,52,518.04/- as outstanding.
The date of default was mentioned as 30.06.2023.
PNB had sanctioned a term loan and fund-based working capital to Damara Gold Private Limited.
Bank Guarantees issued by PNB were invoked by the beneficiaries for a total amount of Rs. 54,34,00,000/-.
The account of Damara Gold Private Limited was classified as NPA on 30.06.2023.
Damara Gold Private Limited disputed the date of default and the NPA classification.
Damara Gold Private Limited claimed that the charges, processing fees, and commissions levied by PNB were in excess of the prescribed charges by the RBI.
…Sign in to view the parties.
Financial Creditor…
Corporate Debtor executed Hypothecation…
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) claimed a total amount of Rs. 39,19,52,518.04/- as outstanding.
The date of default was mentioned as 30.06.2023.
PNB had sanctioned a term loan and fund-based working capital to Damara Gold Private Limited.
Bank Guarantees issued by PNB were invoked by the beneficiaries for a total amount of Rs. 54,34,00,000/-.
The account of Damara Gold Private Limited was classified as NPA on 30.06.2023.
Damara Gold Private Limited disputed the date of default and the NPA classification.
Damara Gold Private Limited claimed that the charges, processing fees, and commissions levied by PNB were in excess of the prescribed charges by the RBI.
…Financial Creditor…
Corporate Debtor executed Hypothecation…