The case pertains to an application filed by ICICI Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against K. V. Aromatics Private Limited, the Corporate Debtor. ICICI Bank, the Financial Creditor, had sanctioned working capital and other financial facilities amounting to Rs 40 Crores to the Corporate Debtor. These facilities included Export Packing Credit Facility (EPC), Cash Credit Facility (CC), and Packaging Credit in Foreign Currency Facility (PCFC). The facilities were later amended/renewed/modified, reducing the working capital to Rs. 30 crores. The Corporate Debtor failed to repay the facility despite reminders, leading to the account being classified as a
…ICICI Bank Limited sanctioned working capital and financial facilities of Rs 40 Crores to K. V. Aromatics Private Limited. These facilities included Export Packing Credit Facility (EPC), Cash Credit Facility (CC), and Packaging Credit in Foreign Currency Facility (PCFC). The facilities were amended/renewed/modified over time, eventually reducing the working capital to Rs. 30 crores. K. V. Aromatics Private Limited failed to repay the facilities, leading ICICI Bank to classify the account as a Non-Performing Asset (NPA) on 20.10.2019, in accordance with RBI guidelines. A recall notice was issued on 18.12.2019, demanding payment of Rs. 15,32,31,107/- as on 06.02.2020, including interest and other charges. Despite repeated notices, K. V. Aromatics Private Limited failed
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The case pertains to an application filed by ICICI Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against K. V. Aromatics Private Limited, the Corporate Debtor. ICICI Bank, the Financial Creditor, had sanctioned working capital and other financial facilities amounting to Rs 40 Crores to the Corporate Debtor. These facilities included Export Packing Credit Facility (EPC), Cash Credit Facility (CC), and Packaging Credit in Foreign Currency Facility (PCFC). The facilities were later amended/renewed/modified, reducing the working capital to Rs. 30 crores. The Corporate Debtor failed to repay the facility despite reminders, leading to the account being classified as a
…ICICI Bank Limited sanctioned working capital and financial facilities of Rs 40 Crores to K. V. Aromatics Private Limited. These facilities included Export Packing Credit Facility (EPC), Cash Credit Facility (CC), and Packaging Credit in Foreign Currency Facility (PCFC). The facilities were amended/renewed/modified over time, eventually reducing the working capital to Rs. 30 crores. K. V. Aromatics Private Limited failed to repay the facilities, leading ICICI Bank to classify the account as a Non-Performing Asset (NPA) on 20.10.2019, in accordance with RBI guidelines. A recall notice was issued on 18.12.2019, demanding payment of Rs. 15,32,31,107/- as on 06.02.2020, including interest and other charges. Despite repeated notices, K. V. Aromatics Private Limited failed
…Credit Arrangement…
Facilities…