Punjab National Bank Vs. Rishi Ganga Power Corporation Limited [CP (IB) No. 102/Chd/Pb/2017] - Synopsis
Team SoOLEGAL 27 Jan 2021

In this case, Punjab National Bank Vs. Rishi Ganga Power Corporation Limited [CP (IB) No. 102/Chd/Pb/2017], the respondent company had been incorporated for the construction of hydro power project on Rishi Ganga river. For this reason, the respondent company had applied for a loan from the petitioner bank. It is further reported that the corporate debtor needed sufficient funds and made a proposal for a term loan to extend the company. The corporate debtor had applied for new finances and had applied for additional term loans, and the total facilities have been expanded. As the project had not been concluded and development had not begun and the repayment of the loan was due, the respondent company had made a request for the restructuring of the total loan to the petitioner bank. The appeal of the respondent company was considered by the petitioner Bank and the current term loan was restructured and the repayment timeline had adjusted and a new FITL was approved. It is reported that, in order to secure a range of term loans and FITL facilities approved by the Financial Borrower, numerous immovable assets were equitably mortgaged with the Bank. However, the accounts of the respondent company were irregular and the accounts were listed as Non Performance Asset. A demand notice was issued by the petitioner bank to the respondent company, demanding the total amount with the interest. It is also reported that the financial borrower had withheld the sanctioning a further loan to the corporate debtor for the disposal of debris at the site of the plant.  There was a cloud burst at the project site that contributed to a massive tragedy for the company's project. This proposal was entirely covered, and the lawsuit was filed, and they are expected to be insured.
By seeing a complete petition the National Company Law Tribunal had admitted the said petition. 


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