 "IBC, insolvency")
The Chennai Bench of the National Company Law Tribunal (NCLT) has ordered the initiation of Corporate Insolvency Resolution Process (CIRP) against Chennai-based Marg Ltd on a petition filed by ICICI Bank Ltd.
According to the order copy, Marg defaulted in repaying an outstanding amount of Rs 71.69 crore due and payable on April 24, 2018. ICICI Bank had sanctioned a rupee term loan facility of Rs 165 crore on the execution of a Credit Arrangement letter (CAL) in December 2009 to enable the corporate debtor to finance up to 50 per cent contribution in the business plan of establishing Karaikal Port
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