Punjab National Bank (PNB), a financial creditor, filed a petition under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s SVOGL Oil Gas and Energy Limited (Corporate Debtor). The Corporate Debtor was previously undergoing winding-up proceedings initiated by another financial creditor, Citicorp International Limited, before the Delhi High Court since 2013, and an official liquidator was appointed in 2017. The Delhi High Court transferred the winding-up matter to the NCLT in 2023, noting that the winding-up had not reached an irreversible stage and some assets had been sold. PNB, along with other banks, had extended significant credit facilities to the Corporate Debtor since 2006, which later became a Non-Performing Asset

Punjab National Bank (PNB), a financial creditor, filed a petition under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s SVOGL Oil Gas and Energy Limited (Corporate Debtor). The Corporate Debtor was previously undergoing winding-up proceedings initiated by another financial creditor, Citicorp International Limited, before the Delhi High Court since 2013, and an official liquidator was appointed in 2017. The Delhi High Court transferred the winding-up matter to the NCLT in 2023, noting that the winding-up had not reached an irreversible stage and some assets had been sold. PNB, along with other banks, had extended significant credit facilities to the Corporate Debtor since 2006, which later became a Non-Performing Asset