As a first of its kind, the NCLT (Mumbai) has, on 17 January 2017, passed an order in the matter of ICICI Bank Limited v Innoventive Industries Limited (Innoventive Order) inter alia admitting the application under the Code filed by ICICI Bank for initiating the corporate insolvency resolution process (CIR Process). An application was filed by ICICI Bank stating that the corporate debtor i.e. Innoventive Industries Limited (Innoventive) had availed a term loan facility, a working capital facility and an external commercial borrowing and had defaulted in repayment of these amounts. Accordingly, they sought initiation of the CIR Process under provisions of the Code.