Page 809 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
By Hon’ble NCLT New Delhi-II Bench

IN THE NATIONAL COMPANY LAW TRIBUNAL
NEW DELHI BENCH

C.P. (I.B.) No. 302/7/NCLT/ND/2017

Decided On: 25.09.2017

Applicant: Punjab National Bank
VS
Respondent: Carnation Auto India Pvt. Ltd.

Judges/Coram:
Hon'ble Smt. INA Malhotra, Member (J)

Counsels:
For Appellant/Petitioner/Plaintiff: Mr. Sartaj Singh, Learned Advocate

For Respondents/Defendant: Mr. Varsha Banerjee and Kunal Godhwani, Learned Advocates

ORDER

Hon'ble Smt. INA Malhotra, Member (J)

1. This is an application filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity
'the Code') read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority)

Rules, 2016 (for brevity 'the Rules') with a prayer for initiation of Corporate Insolvency resolution
process in respect of Respondent corporate debtor.

2. The applicant Punjab National Bank is a bank constituted under the Banking Companies (Acquisition
and Transfer of Undertakings) Act 1970, having its head office at 7, Bhikaji Cama Place, New Delhi and

inter-alia a branch office at Large Corporate Branch, Tolstoy Marg, New Delhi-110001.

3. The respondent M/s. Carnation Auto India Pvt. Ltd. is a company registered under Companies Act

1956 having its registered office at 11/3, 2nd Floor, Park Road Diamond 5, East Patel Nagar, Near
Corporation Bank ATM, New Delhi-110008 and was incorporated on 03.01.2008.

4. It is the case of the applicant that the respondent Corporate Debtor approached the Applicant Bank for
sanction of Term Loan of Rs. 170.00 Crore (Rupee One Hundred Seventy Crore Only) and pursuant to
such request applicant bank sanctioned Term Loan of Rs. 170.00 Crore (Rupee One Hundred Seventy

Crore only) to the respondent Corporate Debtor. The relevant sanction letter dated 26.05.2009 of the

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