Bank of India, a Financial Creditor, filed an application under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shri Karvir Nivasini Mahalaxmi Ispat Private Limited, the Corporate Debtor. The application, filed on 13.01.2026, claimed a default of Rs. 23,66,42,307.14 as of 02.12.2025, with the date of default being 17.09.2024 and the account classified as NPA on 15.12.2024. The Corporate Debtor disputed the debt, default date, NPA classification, and the authority of the applicant to file the petition, also arguing that it was a solvent MSME deserving a chance for revival and that the petition was a recovery mechanism.
Bank of India, as Financial Creditor, filed C.P. (IB) No. 43/MB/2026 on 13.01.2026 under Section 7 of the IBC against Shri Karvir Nivasini Mahalaxmi Ispat Private Limited, the Corporate Debtor.
The application sought to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.
The application was affirmed by Mr. Umesh Dataram Mane, an authorised signatory of Bank of India.
The amount claimed to be in default by Bank of India is Rs. 23,66,42,307.14 as of 02.12.2025.
The stated date of default is 17.09.2024, and the date of NPA classification is 15.12.2024.
Bank of India had sanctioned various credit facilities, including a Cash Credit Facility (enhanced to Rs. 15 Crores) and a GECL facility (Rs. 1.50 Crores), which were renewed periodically.
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Bank of India sanctioned a Cash Credit…
A Guaranteed Emergency…
Bank of India, a Financial Creditor, filed an application under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shri Karvir Nivasini Mahalaxmi Ispat Private Limited, the Corporate Debtor. The application, filed on 13.01.2026, claimed a default of Rs. 23,66,42,307.14 as of 02.12.2025, with the date of default being 17.09.2024 and the account classified as NPA on 15.12.2024. The Corporate Debtor disputed the debt, default date, NPA classification, and the authority of the applicant to file the petition, also arguing that it was a solvent MSME deserving a chance for revival and that the petition was a recovery mechanism.
Bank of India, as Financial Creditor, filed C.P. (IB) No. 43/MB/2026 on 13.01.2026 under Section 7 of the IBC against Shri Karvir Nivasini Mahalaxmi Ispat Private Limited, the Corporate Debtor.
The application sought to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.
The application was affirmed by Mr. Umesh Dataram Mane, an authorised signatory of Bank of India.
The amount claimed to be in default by Bank of India is Rs. 23,66,42,307.14 as of 02.12.2025.
The stated date of default is 17.09.2024, and the date of NPA classification is 15.12.2024.
Bank of India had sanctioned various credit facilities, including a Cash Credit Facility (enhanced to Rs. 15 Crores) and a GECL facility (Rs. 1.50 Crores), which were renewed periodically.
…Bank of India sanctioned a Cash Credit…
A Guaranteed Emergency…