The Mumbai Bench of the National Company Law Tribunal has admitted ICICI Banks plea to initiate corporate insolvency resolution process against Unimark Remedies Ltd to recover an outstanding loan of about Rs 149 crore.
Corporate insolvency resolution process (CIRP) is the process of resolution of insolvency of a corporate debtor (other than a financial service provider) under the Insolvency and Bankruptcy Code (IBC). Once admitted, CIRP will commence on the date of admission (insolvency commencement date) and has to be completed within 180 days from this date.
ICICI Bank has sought CIRP against Unimark Remedies Ltd (corporate debtor) on the ground that it had committed default from December 31, 2015 onwards in repayment of various facil…
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