CIRP application u/s. 7 of IBC admitted as debt and default established

Punjab National Bank Vs Bhagwati Rice Mills Private Limited (NCLT Allahabad) NCLT Allahabad held that financial creditor duly established existence of financial debt and default thereon on the part of the Corporate Debtor i.e. Bhagwati Rice Mills Pvt. Ltd. hence application filed u/s. 7 for initiation of Corporate Insolvency Resolution Process admitted. Facts- This Application has been filed on 15.01.2025 by Punjab National Bank as the Applicant/Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy Rules 2016 against M...