ICICI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the 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, enhanced to ₹300 million on March 21, 2017, and renewed on June 19, 2018.
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A SARFAESI notice issued in 2019 was withdrawn, and a fresh notice dated July 4, 2022, demanded Rs. 49.92 crore.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 debtor challenged the proceedings before DRT-III, Kolkata (SA No. 82/2023).
The Corporate Debtor proposed a One Time Settlement of Rs. 8.38 crore on July 11, 2021.
The Financial Creditor issued a Demand Notice Under Sec 13(2) of SARFAESI Act dated October 31, 2019.
The Borrower/Corporate Debtor issued representation/objection to the notice issued under Section 13(2) on August 31, 2022.
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ICICI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the 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, enhanced to ₹300 million on March 21, 2017, and renewed on June 19, 2018.
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A SARFAESI notice issued in 2019 was withdrawn, and a fresh notice dated July 4, 2022, demanded Rs. 49.92 crore.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 debtor challenged the proceedings before DRT-III, Kolkata (SA No. 82/2023).
The Corporate Debtor proposed a One Time Settlement of Rs. 8.38 crore on July 11, 2021.
The Financial Creditor issued a Demand Notice Under Sec 13(2) of SARFAESI Act dated October 31, 2019.
The Borrower/Corporate Debtor issued representation/objection to the notice issued under Section 13(2) on August 31, 2022.
…The Corporate Debtor…
The credit li…
Sign in to view related legal provisions.