ICICI Bank begins recovery proceedings against Oriental Trimex for dues

ICICI Bank on Thursday informed the exchanges that it has initiated recovery proceedings against Oriental Trimex for its longstanding dues of ₹6.88 crore, and asked investors to take note of the same. In December 2012, ICICI Bank had classified loans to Oriental Trimex as a non-performing asset due to default in repayment of outstanding dues. ICICI Bank filed a recovery suit before the Debt Recovery Tribunal on August 16, 2013, against the company and its guarantors Rajesh Punia and Savita Punia. The bank also filed a winding up petition before the Delhi High Court on March 11, 2014. Shares of ICICI Bank ended down 1.2 per cent down at ₹254.55 on the NSE, while those of Oriental Trimex ended down 5 per cent at ₹10.69 on the BSE.