CIRP against Damara Gold P. Ltd. initiated as debt and default of financial debt proved

Punjab National Bank Vs Damara Gold Private Limited (NCLT Mumbai) NCLT Mumbai held that the Corporate Debtor [Damara Gold Private Limited] has committed a default in repaying the financial debt to the Financial Creditor [M/s. Punjab National Bank]. Accordingly, application u/s. 7 of IBC for initiation of CIRP admitted. Facts- This is an Application filed by the M/s. Punjab National Bank (Financial Creditor) against Damara Gold Private Limited. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate the Corporate Insolvency Resolution Process (...