# ICICI Bank Limited vs. M/S Ossify Industries Private Limited

> NCLT judgment dated 2026-09-17. Citation: TCN-2026-NCLT-01021. ICICI Bank Limited (Financial Creditor) filed an application under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 17 Sept 2026
- **Citation:** TCN-2026-NCLT-01021
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/icici-bank-limited-vs-ms-ossify-industries-private-limited-lwd0b

## Summary

### Background

ICICI Bank Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Ossify Industries Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default amount of Rs. 4,26,91,440.30/- with interest, stating the date of default as 02.01.2024. The Corporate Debtor contested the application, arguing that the date of default was incorrect, credit facilities were subsisting and renewed, and payments had been made, rendering the NeSL record unreliable.

## Facts

An application was filed on 02.10.2024 under Section 7 of the IBC by ICICI Bank Limited against M/s Ossify Industries Private Limited.

ICICI Bank Limited is a banking company incorporated on 05.01.1994.

M/s Ossify Industries Private Limited was incorporated on 08.09.2016.

The registered office of the Corporate Debtor is at H008, Site C, Surajpur Industrial Area, Greater Noida, U.P-20308.

The Financial Creditor stated the amount in default is Rs. 4,26,91,440.30/- along with future interest @22% and other expenses.

The Date of Default is mentioned as 02.01.2024.

ARCK Resolution Professional LLP, through Mr. Anil Kohli, was proposed as the Interim Resolution Professional.

…

## Issues and analysis

### Issue 1: Whether the application filed under Section 7 of the IBC is within the prescribed period of …

**Ratio:** The application is within the prescribed

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**Reasoning:** The date of default is 02.01.2024, and the application was filed on 02.10.2024, which

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**Interpretation:** Section 7 applications under the IBC must be filed within three years from the

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**Application:** The application satisfies the limitation requirement as the filing date is

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## Parties

- **Judges:** Sh. Praveen…; Sh. Ashish…
- **Appellants:** ICICI Bank…
- **Respondents:** M/S Ossify…
- **Other parties:** Committee of…; Sandeep…; +6 more
- **Advocates:** Sh. Sanjeev…; Sh. Anjaneya…; +1 more

## Timeline

- **2016-09-08 — Corporate Debtor…**: M/s Ossify Industries Private…
- **2021-09-24 — Credit Facility…**: Deed of Hypothecation, Deed of Guarantee, Credit Arrangement Letter, and Facility…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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