ICICI Bank Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Matrix Gas and Renewables Limited for initiation of Corporate Insolvency Resolution Process (CIRP) due to default in repayment of financial debt.
ICICI Bank Limited sanctioned working capital facilities to Matrix Gas and Renewables Limited vide Credit Arrangement Letter dated 30.03.2023 for an aggregate amount of Rs.30,00,00,000, which was accepted by the Corporate Debtor.
The Corporate Debtor executed the Working Capital Facility Agreement dated 07.04.2023 along with Deed of Hypothecation, Deeds of Personal Guarantee and other transaction documents in favour of the Applicant.
The sanctioned limits and terms of the financial debt were revised from time to time and enhanced to Rs.50,00,00,000/- through Amendatory and Renewal Credit Arrangement Letters.
The overdraft account of the Corporate Debtor was marked 'Out of Order' on 18.04.2025, followed by failure to meet payment obligations under the sanctioned facilities.
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ICICI Bank Limited sanctioned working capital…
The Corporate Debtor…
ICICI Bank Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Matrix Gas and Renewables Limited for initiation of Corporate Insolvency Resolution Process (CIRP) due to default in repayment of financial debt.
ICICI Bank Limited sanctioned working capital facilities to Matrix Gas and Renewables Limited vide Credit Arrangement Letter dated 30.03.2023 for an aggregate amount of Rs.30,00,00,000, which was accepted by the Corporate Debtor.
The Corporate Debtor executed the Working Capital Facility Agreement dated 07.04.2023 along with Deed of Hypothecation, Deeds of Personal Guarantee and other transaction documents in favour of the Applicant.
The sanctioned limits and terms of the financial debt were revised from time to time and enhanced to Rs.50,00,00,000/- through Amendatory and Renewal Credit Arrangement Letters.
The overdraft account of the Corporate Debtor was marked 'Out of Order' on 18.04.2025, followed by failure to meet payment obligations under the sanctioned facilities.
…ICICI Bank Limited sanctioned working capital…
The Corporate Debtor…