S.K. Mohapatra, Member - (1.) This is an application filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') with a prayer for initiation of Corporate Insolvency resolution process in respect of Respondent corporate debtor.
(2.) The applicant Punjab National Bank is a bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, having its head office at 7, Bhikaji Cama Place, New Delhi and inter-alia a branch office at Large Corporate Branch, Tolstoy Marg, New Delhi-110001.
(3.) The respondent M/s. Carnation Auto India Pvt. Ltd. is a company registered under Companies Act 1956 having its registered office at 11/3, 2nd Floor, Park Road Diamond 5, East Patel Nagar, Near Corporation Bank ATM, New Delhi-110008 and was incorporated on 03.01.2008.;