State Bank of India, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Sri Venkata Sivaparvathi Spinning Mills Private Limited, the corporate debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The petition, bearing no. CP(IB)/11/7/AMR/2026, was filed on March 4, 2026, seeking to recover a default amount of Rs.57,15,17,200/-, with the date of default being September 1, 2024. The corporate debtor had availed various credit facilities from a consortium led by the State Bank of India, which subsequently classified the loan account as a Non-Performing Asset (NPA) on November 29, 2024. Despite legal notices and an application before the Debt Recovery Tribunal (DRT), the debt remained unpaid.

State Bank of India, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Sri Venkata Sivaparvathi Spinning Mills Private Limited, the corporate debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The petition, bearing no. CP(IB)/11/7/AMR/2026, was filed on March 4, 2026, seeking to recover a default amount of Rs.57,15,17,200/-, with the date of default being September 1, 2024. The corporate debtor had availed various credit facilities from a consortium led by the State Bank of India, which subsequently classified the loan account as a Non-Performing Asset (NPA) on November 29, 2024. Despite legal notices and an application before the Debt Recovery Tribunal (DRT), the debt remained unpaid.