PUNJAB NATIONAL BANK Vs. CHARBHUJA INDUSTRIES PVT LTD

JUDGEMENT

(1.) It is a Company Petition filed u/s. 7 of the Insolvency and Bankruptcy Code, 2016, by the Financial Creditor, viz. Punjab National Bank against the Corporate Debtor, viz. Charbhuja Industries Pvt. Ltd., for initiation of Insolvency Resolution Process for the Corporate Debtor Company has failed to repay the debt outstanding against the Corporate Debtor.

(2.) The case of the Petitioner is that at request of the Corporate Debtor, this Financial Creditor agreed to provide loan facility to the Corporate Debtor, in pursuance of it, the applicant Bank entered into Second Supplemental Joint Deed of Hypothecation on 27.1.2012 along with other Banks, viz. State Bank of India Consortium, accordingly the facilities have been granted as follows:

(3.) The total amount disbursed to this Corporate Debtor has come to Rs. 14.50crores. When the debtor Company failed to repay the loan as per the terms agreed, this debt has become NPA on 18.11.2015 thereby the outstanding to be paid by the Corporate Debtor as on 27.12.2016 is Rs. 20,68,35,759 plus interest from 27.12.2016 till the date of realization.