ICICI Bank serves notice to IFCI

 As per the terms of the bridge loan, the repayment was to made by way of deposit of instalments by specified assisted concerns of the IFCI in designated accounts with ICICI Bank.

 IFCI added that the company had in terms of an inter-se agreement between the term lenders, held security documents on behalf of ICICI Bank in a number of accounts and has filed joint applications for recovery of loans from defaulting borrowers on behalf of ICICI Bank also.