# ICICI Bank Limited vs. Anuj Textiles Private Limited

> NCLT judgment dated 2 Dec 2025. Citation: TCN-2025-NCLT-01808. ICICI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 2 Dec 2025
- **Citation:** TCN-2025-NCLT-01808
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/icici-bank-limited-vs-anuj-textiles-private-limited-e323c176

## Summary

### Background

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.

## Facts

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A SARFAESI notice issued in 2019 was withdrawn, and a fresh notice dated July 4, 2022, demanded Rs. 49.92 crore.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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## Issues and analysis

### Issue 1: Whether the present …

**Ratio:** As per Article 137 of the Schedule to the Limitation Act, 1963, the limitation period

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**Reasoning:** The initial period of limitation would have expired on 29.11.2021. However, the Hon'ble

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**Interpretation:** A written acknowledgment of debt, including proposals for one-time settlement

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**Application:** The OTS proposal dated 11.07.2021 was made within three years from the date of

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## Parties

- **Judges:** BIDISHA BA…; Cmde Siddharth…
- **Appellants:** ICICI Bank…
- **Respondents:** Anuj Textiles…
- **Other parties:** Insolvency and…; Limitatio…; +5 more
- **Advocates:** Rishav Ba…; Prerna…; +2 more

## Timeline

- **2015-12-23 — Credit Limit…**: The Corporate Debtor availed a…
- **2017-03-21 — Credit Limit…**: The credit limit was…

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