NCLT admits insolvency petition against PBA Infrastructure over Canara Bank default
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
NCLT Mumbai admitted Canara Bank's petition under Section 7 of IBC against PBA Infrastructure, initiating the Corporate Insolvency Resolution Process. Default amount is Rs 1,126.41 crore (principal Rs 142.52 crore plus interest), with date of default cited as 28 March 2012. Vijay Pitambar Lulla appointed as Interim Resolution Professional. Company management will now be handled by the IRP under IBC provisions. PBA Infrastructure intends to appeal the order at NCLAT.
Severely negative. Insolvency process begins and management control shifts to the IRP. Equity faces high risk of dilution or wipeout. Appeal pending at NCLAT.