ICICI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Anuj Textiles Private Limited.
The Corporate Debtor availed a credit limit of Rs.297 million on December 23, 2015, which was subsequently enhanced and renewed.
The account was classified as NPA on November 30, 2018.
A SARFAESI notice issued in 2019 was withdrawn, and a fresh notice dated July 4, 2022, demanded Rs. 49.92 crore.
The Corporate Debtor challenged the proceedings before DRT-III, Kolkata and proposed a One Time Settlement (OTS) of Rs. 8.38 crore on July 11, 2021.
The Financial Creditor invoked Personal and Corporate Guarantees via multiple Guarantee Invocation letters dated September 26, 2019.
The Corporate Debtor issued representation/objection to the notice issued under Section 13(2) of SARFAESI Act on August 31, 2022.
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The Corporate Debtor…
The credit li…
ICICI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Anuj Textiles Private Limited.
The Corporate Debtor availed a credit limit of Rs.297 million on December 23, 2015, which was subsequently enhanced and renewed.
The account was classified as NPA on November 30, 2018.
A SARFAESI notice issued in 2019 was withdrawn, and a fresh notice dated July 4, 2022, demanded Rs. 49.92 crore.
The Corporate Debtor challenged the proceedings before DRT-III, Kolkata and proposed a One Time Settlement (OTS) of Rs. 8.38 crore on July 11, 2021.
The Financial Creditor invoked Personal and Corporate Guarantees via multiple Guarantee Invocation letters dated September 26, 2019.
The Corporate Debtor issued representation/objection to the notice issued under Section 13(2) of SARFAESI Act on August 31, 2022.
…The Corporate Debtor…
The credit li…