PBA Infrastructure Ltd Faces Corporate Insolvency Resolution Process

PBA Infrastructure Ltd has been admitted into Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT), Mumbai Bench. The order was passed following an application filed by Canara Bank, the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to default in payment of loan and interest. The NCLT has appointed Pitambar Lulla as the Interim Resolution Professional (IRP). The company intends to file an appeal against this order before the National Company Law Appellate Tribunal (NCLAT).