ICICI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Prime Movers Auto Associates Private Limited, citing default on credit facilities.
Prime Movers Auto Associates Private Limited availed credit facilities from ICICI Bank Limited starting June 3, 2014.
The credit facilities included Cash Credit, WCDL, and Bank Guarantee, with the total sanctioned limit reaching Rs. 222.5 million by August 19, 2023.
ECLGS facilities were sanctioned on August 14, 2020 (WCTL-1 for 233.6 million) and June 17, 2022 (WCTL-2 for ₹15.4 million).
The account of Prime Movers Auto Associates Private Limited was classified as NPA on October 29, 2024.
ICICI Bank issued a Loan Recall Notice on December 4, 2024, and invoked personal and corporate guarantees on December 20, 2024.
Outstanding dues as of March 2, 2025, amounted to ₹214.4 million.
…Sign in to view the parties.
Prime Movers Auto Associates Private Limited…
ECLGS facilities were…
ICICI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Prime Movers Auto Associates Private Limited, citing default on credit facilities.
Prime Movers Auto Associates Private Limited availed credit facilities from ICICI Bank Limited starting June 3, 2014.
The credit facilities included Cash Credit, WCDL, and Bank Guarantee, with the total sanctioned limit reaching Rs. 222.5 million by August 19, 2023.
ECLGS facilities were sanctioned on August 14, 2020 (WCTL-1 for 233.6 million) and June 17, 2022 (WCTL-2 for ₹15.4 million).
The account of Prime Movers Auto Associates Private Limited was classified as NPA on October 29, 2024.
ICICI Bank issued a Loan Recall Notice on December 4, 2024, and invoked personal and corporate guarantees on December 20, 2024.
Outstanding dues as of March 2, 2025, amounted to ₹214.4 million.
…Prime Movers Auto Associates Private Limited…
ECLGS facilities were…