Key Quantitative Figures

  • Default amount: ₹75,93,98,670.05 (Seventy-Five Crore Ninety-Three Lakh Ninety-Eight Thousand Six Hundred Seventy and Five Paise only)
  • Initial CIRP cost deposit: ₹3,00,000 (Three Lakh Rupees) to be deposited by financial creditor
  • Principal borrower's original consortium facilities: ₹410 Crores (₹160 Crores Term Loan + ₹250 Crores Working Capital)
  • Financial creditor's exposure: ₹30 Crores Working Capital facilities plus ₹5.93 Crores (GECL) and ₹3.17 Crores (GECL 2.0 Extension)

Dates of Action

  • Application filing date: March 09, 2026
  • NCLT order date: September 03, 2026
  • Company disclosure date: September 04, 2026
  • Date of default: March 13, 2023
  • Recall notice date: March 03, 2023
  • Recall notice delivery date: March 06, 2023
  • Principal borrower NPA classification date: August 11, 2022
  • Principal borrower CIRP admission date: October 10, 2023
  • IRP authorization validity: Until June 30, 2027

Parties Involved

Financial Creditor: Canara Bank Limited (PAN: AAACU6160G)

Corporate Debtor: Shrivallabh Pittie Enterprises Private Limited (CIN: U52100MH2013PTC242864)

Principal Borrower: Shrivallabh Pittie South West Industries Limited (formerly Platinum Textiles Limited)

Interim Resolution Professional: Mr. Sunil Kumar Kabra (Registration No. IBBI/IPA-001/IP-P-01011/2017-18/11662)

Parent Company: SVP Global Textiles Limited (formerly SVP Global Ventures Limited, CIN: L17290MH1982PLC026358)

Legal Representatives: Adv. Mr. Bharat Siddhapura, Adv. Mr. Roshan Gaud, Adv. Mr. Tejas Singh

NCLT Bench: Hon'ble Shri Nilesh Sharma (Member Judicial), Hon'ble Shri Sameer Kakar (Member Technical)

Purpose and Background

The application was filed by Canara Bank as financial creditor under Section 7 of IBC alleging default by the corporate debtor who had executed corporate guarantees dated March 07, 2022, and March 22, 2022, guaranteeing due repayment of credit facilities availed by the principal borrower from consortium lenders.

Financial and Operational Impact

The Hon'ble NCLT has explicitly stated that the amount claimed in the application has not been crystallized at this stage and shall be verified and collated by the IRP in accordance with IBC provisions. The moratorium prohibits institution or continuation of suits, transfer of assets, enforcement of security interest, and recovery of property from the corporate debtor.

Capital Structure Impact

Management of the corporate debtor shall vest in the IRP during the CIRP period in accordance with Section 17 and Section 25 of IBC. The officers and managers of the corporate debtor are directed to provide all assistance to the IRP.

Additional Directions

  • Public announcement of CIRP to be made immediately as per Section 13 of IBC
  • IRP to submit quarterly progress reports to NCLT
  • Copy of order to be sent to Registrar of Companies, Mumbai Maharashtra
  • IRP to issue notice of admission upon all statutory authorities
  • Copy of order to be forwarded to IBBI for record
  • Registry to communicate order to all parties by Speed Post, email, and WhatsApp

Legal Proceedings Context

The principal borrower's account was classified as NPA on August 11, 2022, and recovery proceedings were initiated before Hon'ble DRT, Delhi (OA No. 474 of 2023). CIRP against principal borrower was admitted on October 10, 2023, on application filed by Indian Overseas Bank.