The case has been registered by the Central Bureau of Investigation (CBI) on a complaint from the SBI on behalf of the 14-bank consortium, they said.
It is apprehended that the Directors of the KGPL, Bhoopesh Kumar Jain, and his wife Neeta Jain may have fled the country.
"We have grilled CMD Simran Kaur Mann of the Simbhaoli Sugars Ltd today (Tuesday)," a Central Bureau of Investigation (CBI) official said here.
The questioning came a day after the CBI arrested four people -- two employees and an auditor of Nirav Modi's group of companies, and a director of Gitanjali Group of Companies.
The ex-parte NCLT order was passed on a petition filed under various sections of the Companies Act 2013 by the Union Corporate Affairs Ministry last week before the Mumbai bench of the NCLT, the ministry said.
"PNB fraud has already affected trade financing. No bank is now prepared to extend letters of understanding. The ability of a company to raise money through LoUs from abroad has been affected badly," a senior official from a state-run bank said.
As per report, an FIR has been registered against company's directors Shivaji Panja, Kaustuv Ray, Vinay Bafna, vice-president (Finance) Debnath Pal, and unknown bank officials.
Simbhaoli Sugars Limited is one of the largest sugar mills in the country. Gurpal Singh is the son-in-law of the Punjab chief minister.
According to CBI officials, the Hapur-based Simbhaoli Sugars Ltd in 2011 fraudulently diverted funds received as loans for sugarcane farmers and self help groups.
Speaking on the scam for the second time this week, he said employees conniving with fraudsters is worrisome. Also worrisome is that no red flag was raised. Regulators should have a "third eye" open to detect and check such frauds.
"I will face my destiny and I know I have done nothing wrong and ultimately the truth shall prevail," Choksi said in a letter to his employees, released by his lawyer Sanjay Abbot.
The central probe agency today also froze shares of Rs 13.86 crore value from a company belonging to Nirav Modi, alongwith 176 steel almirahs and 60 plastic containers containing imported watches.
Rajesh Jindal, who was holding the charge of Mumbai-based PNB's Brady House branch between August 2009 and May 2011, was arrested on Tuesday night after daylong questioning in Mumbai.
Jolted by the Rs 11,400-crore fraud case, the Punjab National Bank (PNB) went into damage control today, transferring 18,000 of its employees.
The agency also conducted searches at multiple locations in Uttar Pradesh, including in Unnao and Kanpur, to gather evidence in the case.
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