Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Bansal Diamonds Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP).
The application was filed on 20.03.2020 under Section 7 of the IBC, 2016.
M/s Bansal Diamonds Private Limited is indebted to Punjab National Bank for Rs. 96,59,24,446 as on 15.03.2020.
The Corporate Debtor's account was classified as NPA on 30.06.2014.
The applicant bank issued a demand notice under Section 13(2) of the SARFAESI Act 2002 dated 07.07.2014 for an amount of Rs. 38.06 crore.
The Corporate Debtor acknowledged its debt towards the Financial Creditor in its balance sheet for the financial year 2018-19.
The Financial Creditor filed a certificate along with a Bank Statement under Section 2A of the Bankers' Books Evidence Act 1891.
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The present Application…
The account was…
Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Bansal Diamonds Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP).
The application was filed on 20.03.2020 under Section 7 of the IBC, 2016.
M/s Bansal Diamonds Private Limited is indebted to Punjab National Bank for Rs. 96,59,24,446 as on 15.03.2020.
The Corporate Debtor's account was classified as NPA on 30.06.2014.
The applicant bank issued a demand notice under Section 13(2) of the SARFAESI Act 2002 dated 07.07.2014 for an amount of Rs. 38.06 crore.
The Corporate Debtor acknowledged its debt towards the Financial Creditor in its balance sheet for the financial year 2018-19.
The Financial Creditor filed a certificate along with a Bank Statement under Section 2A of the Bankers' Books Evidence Act 1891.
The present Application…
The account was…