Punjab National Bank (PNB), a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s SVOGL Oil Gas and Energy Limited (Corporate Debtor/CD). The CD was already undergoing winding-up proceedings initiated by another Financial Creditor, Citicorp International Limited, in 2013 under the Companies Act, 1956. The Delhi High Court had admitted the CD to winding up on July 28, 2017, and appointed an Official Liquidator. Subsequently, the High Court transferred the winding-up matter to the National Company Law Tribunal (NCLT) on July 25, 2023, noting that the winding-up had not reached an advanced or irreversible stage.
Punjab National Bank (PNB) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s SVOGL Oil Gas and Energy Limited (Corporate Debtor/CD).
The CD was formerly known as Shiv-Vani Oil & Gas Exploration Services Ltd. and is a listed Public Company.
Citicorp International Limited, another Financial Creditor, had filed a petition (Company Petition No. 446/2013) under Section 434, (e), (f) of the Companies Act, 1956, to initiate winding up proceedings against the CD in 2013.
The Delhi High Court admitted the CD to winding up on July 28, 2017, and appointed an Official Liquidator, who took possession of the CD's assets.
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The Corporate Debtor, through its directors…
Punjab National Bank sanctioned a term loan,…
Punjab National Bank (PNB), a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s SVOGL Oil Gas and Energy Limited (Corporate Debtor/CD). The CD was already undergoing winding-up proceedings initiated by another Financial Creditor, Citicorp International Limited, in 2013 under the Companies Act, 1956. The Delhi High Court had admitted the CD to winding up on July 28, 2017, and appointed an Official Liquidator. Subsequently, the High Court transferred the winding-up matter to the National Company Law Tribunal (NCLT) on July 25, 2023, noting that the winding-up had not reached an advanced or irreversible stage.
Punjab National Bank (PNB) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s SVOGL Oil Gas and Energy Limited (Corporate Debtor/CD).
The CD was formerly known as Shiv-Vani Oil & Gas Exploration Services Ltd. and is a listed Public Company.
Citicorp International Limited, another Financial Creditor, had filed a petition (Company Petition No. 446/2013) under Section 434, (e), (f) of the Companies Act, 1956, to initiate winding up proceedings against the CD in 2013.
The Delhi High Court admitted the CD to winding up on July 28, 2017, and appointed an Official Liquidator, who took possession of the CD's assets.
…The Corporate Debtor, through its directors…
Punjab National Bank sanctioned a term loan,…