Canara Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Shrivallabh Pittie Research and Training Private Limited, the Corporate Debtor. The Corporate Debtor had provided a corporate guarantee for credit facilities availed by M/s Shrivallabh Pittie Industries Ltd. (Principal Borrower). The Principal Borrower defaulted, leading to the invocation of the corporate guarantee and a claimed default amount of Rs. 119,64,40,125.82. The Corporate Debtor raised objections regarding limitation, premature filing due to ongoing CIRP of the Principal Borrower, risk of double recovery, and non-service of the application to IBBI.
Canara Bank (Financial Creditor) filed an application (C.P. (IB) No.1224/MB/2025) under Section 7 of the IBC on 05.11.2025.
The application seeks to initiate CIRP against M/s Shrivallabh Pittie Research and Training Private Limited (Corporate Debtor).
The Corporate Debtor acted as a Corporate Guarantor for M/s Shrivallabh Pittie Industries Ltd. (Principal Borrower).
The application was affirmed by Mr. Dheerendra Kumar Chaudhary, authorized signatory of Canara Bank.
The total amount claimed in default by Canara Bank is Rs. 119,64,40,125.82 as of 31.08.2025.
The Principal Borrower defaulted in repayment on 30.03.2022, and its accounts were classified as NPA on 28.06.2022.
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A Term Loan facility of Rs. 275 Crores was…
A Deed of Corporate…
Canara Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Shrivallabh Pittie Research and Training Private Limited, the Corporate Debtor. The Corporate Debtor had provided a corporate guarantee for credit facilities availed by M/s Shrivallabh Pittie Industries Ltd. (Principal Borrower). The Principal Borrower defaulted, leading to the invocation of the corporate guarantee and a claimed default amount of Rs. 119,64,40,125.82. The Corporate Debtor raised objections regarding limitation, premature filing due to ongoing CIRP of the Principal Borrower, risk of double recovery, and non-service of the application to IBBI.
Canara Bank (Financial Creditor) filed an application (C.P. (IB) No.1224/MB/2025) under Section 7 of the IBC on 05.11.2025.
The application seeks to initiate CIRP against M/s Shrivallabh Pittie Research and Training Private Limited (Corporate Debtor).
The Corporate Debtor acted as a Corporate Guarantor for M/s Shrivallabh Pittie Industries Ltd. (Principal Borrower).
The application was affirmed by Mr. Dheerendra Kumar Chaudhary, authorized signatory of Canara Bank.
The total amount claimed in default by Canara Bank is Rs. 119,64,40,125.82 as of 31.08.2025.
The Principal Borrower defaulted in repayment on 30.03.2022, and its accounts were classified as NPA on 28.06.2022.
…A Term Loan facility of Rs. 275 Crores was…
A Deed of Corporate…