ICICI BANK Vs. WESTERN INDIA SHIPYARD LTD

JUDGEMENT

(1.) Icici Bank Ltd. (hereinafter called 'ICICI") has sought the Corporate Insolvency Resolution Process of Western India Shipyard Ltd.. (hereinafter called the 'Corporate Debtor') on the ground, that the Corporate Debtor committed default on 1.5.2016 onwards in repayment of various facilities granted to the Corporate Debtor to the extent of Rs.74,14,39,489.86, under Section 7 of Insolvency and Bankruptcy Code, 2016 (hereafter called the 'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

(2.) The Counsel for the Corporate Debtor candidly admitted that as claimed by ICICI in this Petition, the debt is due and there is a default also.

(3.) The Petition reveals that the following are the facilities sanctioned by the Petitioner to the Corporate Debtor.