ICICI Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s. OPTO Circuits (India) Limited due to a default of INR 1,078,559,340.96. The default stemmed from non-fund based working capital facilities availed by Opto Circuits, including Stand by Letter of Credit (SBLC) facilities. ICICI Bank had provided these facilities, including guarantees for obligations of Jolt Acquisition Company (JAC) or Cardiac Science Corporation (CSC). The validity of these facilities was extended and amended over time. The Respondent failed to repay the amounts due, leading to the invocation of the US Bank SBLC and subsequent remittance by ICICI Bank. Despite repeated reminders, Opto Circuits failed to make payments, leading to the issuance of a notice of default.
…ICICI Bank Limited, incorporated on January 5, 1994, filed a petition against OPTO Circuits (India) Limited, incorporated on June 8, 1992, under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to a default of INR 1,078,559,340.96. OPTO Circuits had availed non-fund based working capital facilities, including Stand by Letter of Credit (SBLC) facilities, from ICICI Bank. These facilities were intended to provide financial guarantees for obligations of Jolt Acquisition Company (JAC) or Cardiac Science Corporation (CSC). A Facility Agreement was entered on May 18, 2011. The validity of the SBLC was extended and amended over time. OPTO Circuits failed to repay the amounts due, leading to the invocation of the US Bank SBLC. ICICI Bank remitted INR 651,413,028 to
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ICICI Bank Limited was…
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ICICI Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s. OPTO Circuits (India) Limited due to a default of INR 1,078,559,340.96. The default stemmed from non-fund based working capital facilities availed by Opto Circuits, including Stand by Letter of Credit (SBLC) facilities. ICICI Bank had provided these facilities, including guarantees for obligations of Jolt Acquisition Company (JAC) or Cardiac Science Corporation (CSC). The validity of these facilities was extended and amended over time. The Respondent failed to repay the amounts due, leading to the invocation of the US Bank SBLC and subsequent remittance by ICICI Bank. Despite repeated reminders, Opto Circuits failed to make payments, leading to the issuance of a notice of default.
…ICICI Bank Limited, incorporated on January 5, 1994, filed a petition against OPTO Circuits (India) Limited, incorporated on June 8, 1992, under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to a default of INR 1,078,559,340.96. OPTO Circuits had availed non-fund based working capital facilities, including Stand by Letter of Credit (SBLC) facilities, from ICICI Bank. These facilities were intended to provide financial guarantees for obligations of Jolt Acquisition Company (JAC) or Cardiac Science Corporation (CSC). A Facility Agreement was entered on May 18, 2011. The validity of the SBLC was extended and amended over time. OPTO Circuits failed to repay the amounts due, leading to the invocation of the US Bank SBLC. ICICI Bank remitted INR 651,413,028 to
…ICICI Bank Limited was…
OPTO Circuits…