It is not clear from your narration as to whether the company in which your wife was working has become NPA and as such ICICI has applied foreclosure norms on your wife, or on the company.
Secondly, was your wife's company a corporate guarantor or applicant or in any way connected with the sanction of the loan amount to your wife.
Thirdly, does the amount of Rs 147000/- represent any penal charges on your wife or on the company.
Fourthly, as your wife's loan account been normal or has it attained any status of NPA etc.
The above inputs will help in taking a decision as to your course of action.