Canara Bank, as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against PBA Infrastructure Limited, the Corporate Debtor. The application was based on an alleged default in repayment of a financial debt amounting to INR 1126,41,34,714. The date of default was stated as March 28, 2012, following the failure of a Corporate Debt Restructuring (CDR) package. The Corporate Debtor had been availing banking facilities since 1974, and a Working Capital Consortium Agreement was executed in 2003, with subsequent credit facilities and security arrangements. Despite a CDR package approved in 2012, the Corporate Debtor failed to comply with its conditions,

Canara Bank, as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against PBA Infrastructure Limited, the Corporate Debtor. The application was based on an alleged default in repayment of a financial debt amounting to INR 1126,41,34,714. The date of default was stated as March 28, 2012, following the failure of a Corporate Debt Restructuring (CDR) package. The Corporate Debtor had been availing banking facilities since 1974, and a Working Capital Consortium Agreement was executed in 2003, with subsequent credit facilities and security arrangements. Despite a CDR package approved in 2012, the Corporate Debtor failed to comply with its conditions,