NCLT admits Insolvency Proceedings Over Loan Default and NPA Classification

Punjab National Bank Vs Amyra Foods Private Limited (NCLT Chandigarh)

The National Company Law Tribunal (NCLT), Chandigarh Bench, heard an application filed by Punjab National Bank (the Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Amyra Foods Private Limited (the Corporate Debtor) for default amounting to ₹35,19,53,795 as of 22.02.2021. The default date was recorded as 31.03.2018.

The Corporate Debtor, incorporated in March 2016, was engaged in trading and

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