The New Delhi Bench of the National Company Law Tribunal (NCLT) admitted a Section 7 petition filed by Punjab National Bank against M/s Shriram Skill and Education Ltd., initiating the corporate insolvency resolution process (CIRP) over a financial debt of ₹147.31 crore.
The present application was filed by Mr Pawan Singh Yadav, Chief Manager of Punjab National Bank (Financial Creditor), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking initiation of CIRP against M/s Shriram Skill and Education Ltd. (Corporate Debtor) for default of ₹1,47,31,49,400.91 as on 31.12.2024.
The Financial Creditor, a bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970, had extended…