ICICI Bank Ltd. originally filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against M/s Shivangi Agro India Private Limited (Corporate Debtor) for a default of Rs. 26,82,49,225.22/- on a cash credit facility. The date of default was 01.11.2023. Subsequently, the debt was assigned to Phoenix ARC Pvt. Ltd., which was substituted as the Financial Creditor. The Corporate Debtor failed to appear or file a reply despite multiple opportunities, leading to ex-parte proceedings.
The original application was filed by ICICI Bank Ltd. on 29.06.2024 under Section 7 of the IBC against M/s Shivangi Agro India Private Limited.
The total amount of default was Rs. 26,82,49,225.22/- as of 02.06.2024, with the date of default being 01.11.2023.
M/s Shivangi Agro India Private Limited availed a cash credit facility of Rs. 25 crores from ICICI Bank Ltd. via a credit arrangement letter dated 08.07.2021 and a facility agreement dated 09.07.2021.
The credit facilities were initially for 12 months and extended till 18.06.2023 via a Renewal Credit Arrangement Letter dated 27.01.2023.
The Corporate Debtor failed to repay outstanding amounts, leading to its account being classified as a Non-Performing Asset (NPA) on 20.11.2023.
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ICICI Bank Ltd. extended a cash credit facility…
The Corporate Debtor signed and executed a…
ICICI Bank Ltd. originally filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against M/s Shivangi Agro India Private Limited (Corporate Debtor) for a default of Rs. 26,82,49,225.22/- on a cash credit facility. The date of default was 01.11.2023. Subsequently, the debt was assigned to Phoenix ARC Pvt. Ltd., which was substituted as the Financial Creditor. The Corporate Debtor failed to appear or file a reply despite multiple opportunities, leading to ex-parte proceedings.
The original application was filed by ICICI Bank Ltd. on 29.06.2024 under Section 7 of the IBC against M/s Shivangi Agro India Private Limited.
The total amount of default was Rs. 26,82,49,225.22/- as of 02.06.2024, with the date of default being 01.11.2023.
M/s Shivangi Agro India Private Limited availed a cash credit facility of Rs. 25 crores from ICICI Bank Ltd. via a credit arrangement letter dated 08.07.2021 and a facility agreement dated 09.07.2021.
The credit facilities were initially for 12 months and extended till 18.06.2023 via a Renewal Credit Arrangement Letter dated 27.01.2023.
The Corporate Debtor failed to repay outstanding amounts, leading to its account being classified as a Non-Performing Asset (NPA) on 20.11.2023.
…ICICI Bank Ltd. extended a cash credit facility…
The Corporate Debtor signed and executed a…