State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Mangalagiri Textile Mills Private Limited under Section 7 of the IBC. Mr. Immaneni Eswara Rao was appointed as the Interim Resolution Professional (IRP) and subsequently the Resolution Professional (RP). The Committee of Creditors (CoC), with SBI as its sole member, evaluated resolution plans. The only compliant plan, submitted by the suspended director Dr. Goli Nagasaina Rao, ultimately became non-responsive due to the failure to submit a Performance Bank Guarantee (PBG) despite multiple extensions. The Corporate Debtor has been non-functional and non-operational since December 2021.
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Mangalagiri Textile Mills Private Limited under Section 7 of the IBC, 2016.
The Adjudicating Authority admitted the Corporate Debtor into CIRP on 25.07.2024 and appointed Mr. Immaneni Eswara Rao as the Interim Resolution Professional (IRP).
The IRP published a public notice on 31.07.2024, inviting claims from creditors by 14.08.2024.
The Committee of Creditors (CoC) was constituted with State Bank of India (SBI) as the sole member, and its constitution was taken on record on 29.08.2024.
SBI's revised claim of Rs. 26,54,08,841/- was collated by the Resolution Professional (RP) on 12.09.2025.
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Adjudicating Authority admitted the Corporate…
The IRP published a public notice in…
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Mangalagiri Textile Mills Private Limited under Section 7 of the IBC. Mr. Immaneni Eswara Rao was appointed as the Interim Resolution Professional (IRP) and subsequently the Resolution Professional (RP). The Committee of Creditors (CoC), with SBI as its sole member, evaluated resolution plans. The only compliant plan, submitted by the suspended director Dr. Goli Nagasaina Rao, ultimately became non-responsive due to the failure to submit a Performance Bank Guarantee (PBG) despite multiple extensions. The Corporate Debtor has been non-functional and non-operational since December 2021.
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Mangalagiri Textile Mills Private Limited under Section 7 of the IBC, 2016.
The Adjudicating Authority admitted the Corporate Debtor into CIRP on 25.07.2024 and appointed Mr. Immaneni Eswara Rao as the Interim Resolution Professional (IRP).
The IRP published a public notice on 31.07.2024, inviting claims from creditors by 14.08.2024.
The Committee of Creditors (CoC) was constituted with State Bank of India (SBI) as the sole member, and its constitution was taken on record on 29.08.2024.
SBI's revised claim of Rs. 26,54,08,841/- was collated by the Resolution Professional (RP) on 12.09.2025.
…Adjudicating Authority admitted the Corporate…
The IRP published a public notice in…