ICICI Bank Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nakshatra Brands Limited, the corporate debtor, due to a default in repayment of a working capital loan. The petitioner had extended various credit facilities to the corporate debtor and its amalgamated entity, Asmi Jewellery India Limited, over several years. The corporate debtor failed to honor its obligations despite a recall notice issued by the applicant, leading to the account being classified as a non-performing asset.
ICICI Bank Limited extended working capital loan facilities to Nakshatra Brands Limited and Asmi Jewellery India Limited. Asmi was later amalgamated with Nakshatra Brands Limited. The total amount claimed to be in default was ₹134,15,55,256.22 as of 30.09.2018. The facilities were secured by various instruments, including deeds of hypothecation, personal guarantees, and undertakings. The petitioner sanctioned the initial facility by way of a Credit Arrangement Letter dated 02.12.2005, with an overall limit of ₹10.60 Crores. The working capital facility was later reduced and then enhanced at the request of the Corporate Debtor. A Principal Working Capital Consortium Agreement was entered into on 11.01.2013, with a working capital facility aggregating to ₹285.00 Crores.
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Nakshatra Brands Limited incorporated as a…
Petitioner sanctioned facility by way of a…
ICICI Bank Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nakshatra Brands Limited, the corporate debtor, due to a default in repayment of a working capital loan. The petitioner had extended various credit facilities to the corporate debtor and its amalgamated entity, Asmi Jewellery India Limited, over several years. The corporate debtor failed to honor its obligations despite a recall notice issued by the applicant, leading to the account being classified as a non-performing asset.
ICICI Bank Limited extended working capital loan facilities to Nakshatra Brands Limited and Asmi Jewellery India Limited. Asmi was later amalgamated with Nakshatra Brands Limited. The total amount claimed to be in default was ₹134,15,55,256.22 as of 30.09.2018. The facilities were secured by various instruments, including deeds of hypothecation, personal guarantees, and undertakings. The petitioner sanctioned the initial facility by way of a Credit Arrangement Letter dated 02.12.2005, with an overall limit of ₹10.60 Crores. The working capital facility was later reduced and then enhanced at the request of the Corporate Debtor. A Principal Working Capital Consortium Agreement was entered into on 11.01.2013, with a working capital facility aggregating to ₹285.00 Crores.
…Nakshatra Brands Limited incorporated as a…
Petitioner sanctioned facility by way of a…