Intelligence note
Admitted to insolvency on 10 Mar 2026 by the Chandigarh bench, on a petition by Punjab and Sind Bank (a financial creditor). The admission order states the default at Rs 6.50 Cr, dating from 27 Jan 2022 - 4.1 years before admission. The process was withdrawn on 20 Aug 2026, 163 days after admission (median for withdrawn cases: 91 days).
Case details
CIN
U17115PB1997PTC019571
Incorporated
1997
Registered State
Punjab
NCLT Bench
Chandigarh
Petition
CP(IB) No.320/Chd/Pb/2024
Initiated by
FC — Punjab and Sind Bank
Date of Default (per admission order)
27 Jan 2022
Amount in Default (per admission order)
Rs 6.50 Cr
Commencement
10 Mar 2026
Outcome Date
20 Aug 2026
NCLT Chandigarh: median 622 days admission → verdict · 37% of concluded matters ended in plan approval (n=210, full record) · all benches →
Recent movement
10 Mar 2026
CIRP commenced
Insolvency proceedings began · NCLT Chandigarh
20 Aug 2026
Withdrawn
CIRP withdrawn — typically settlement with the applicant
Case timeline
10 Mar 2026
CIRP commenced
Insolvency proceedings began · NCLT Chandigarh
20 Aug 2026
Withdrawn
CIRP withdrawn — typically settlement with the applicant
5 months elapsed · admission → resolution
Company
Type
Private · Company limited by shares
Listing
Unlisted
Incorporated
12 Mar 1997
Authorised capital
Rs 2.00 Cr
Paid-up capital
Rs 1.50 Cr
Industry (MCA)
Manufacturing (Textiles)
ROC
ROC Chandigarh
Company status
Under CIRP
Registered address
VILLAGE BURJ MUHARFAZILKA ROAD ABOHAR,PUNJAB,Punjab,152116-India
Claims filing history
Operational creditors ↓
2 ↓
Other stakeholders ↓
Secured FC — class of creditors ↓
Secured financial creditors ↓
FC — class of creditors (homebuyer-type) ↓
Unsecured financial creditors ↓
v1 · latest
as on 31 Mar 2026 · filed by Sandeep Kumar Chitkara
Sources, basis and disclaimers → ·
report an error
Key parties
IRP at commencement
Sandeep Kumar Chitkara → · Mar 2026
CIRP initiated by
Punjab and Sind Bank FC
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